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    338 University Ave Palo Alto, CA 94301

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    338 University Ave Palo Alto, CA 94301

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    • Retail properties & Spaces

    Property Details for 338 University Ave

    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    338 University Avenue in Palo Alto, California, presents a unique opportunity for restaurant entrepreneurs. This established location, situated in the heart of Santa Clara County, boasts a prime position on University Avenue, ensuring high visibility and significant foot and vehicle traffic. The property offers multiple spaces available for lease, ranging from 2,100 to 2,820 square feet, providing flexibility for various restaurant concepts and sizes. The building has a rich history as a restaurant, providing a solid foundation for a new tenant. The address is 338 University Avenue, Palo Alto, CA 94301. This is a direct lease opportunity, allowing for complete customization and branding to suit the new tenant's vision. The property's location within a vibrant and bustling area guarantees a steady stream of potential customers, making it an ideal investment for those seeking a thriving restaurant business in a highly desirable location. The property type is classified as a restaurant with retail subtype and multiple tenancy. The property is ready for immediate occupancy and offers a chance to establish a successful restaurant in a well-established commercial area. This is a rare opportunity to secure a prominent space in a high-traffic area of Palo Alto.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Palo Alto
    County
    Santa Clara
    State
    California
    Longitude
    -122.161
    Latitude
    37.4465

    Comparable in this City

    • Value Estimation by Request
      10,658 SF

      63-67 Encina Ave

      Retail properties & Spaces • 10,658 SF
      63-67 Encina Ave, Palo Alto, CA 94301
      View Details
    • Value Estimation by Request
      0.17 Acres

      116 University Ave

      Restaurants • 0.17 Acres
      116 University Ave, Palo Alto, CA 94301
      View Details
    • Value Estimation
      $1,030,000
      5,250 SF

      379 University Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,250 SF
      379 University Ave, Palo Alto, CA 94301-1717
      View Details
    • Value Estimation
      $1,030,000
      4,800 SF

      174 University Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,800 SF
      174 University Ave, Palo Alto, CA 94301-1631
      View Details
    • Value Estimation
      $3,070,000
      15,030 SF

      340 University Ave

      RETAIL STORES (PERSONAL SERVICES) • 15,030 SF
      340 University Ave, Palo Alto, CA 94301-1715
      View Details
    • Value Estimation
      $955,000
      4,400 SF

      532 Bryant St

      RETAIL STORES (PERSONAL SERVICES) • 4,400 SF
      532 Bryant St, Palo Alto, CA 94301-1703
      View Details

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    338 University Ave
    Palo Alto, CA 94301
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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