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1023 Chestnut St

10,765 SF 100% Leased Flex Building Redwood City, CA 94063 $6,000,000 ($557/SF) 6.42% Cap Rate

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Executive Summary

Fully leased 10,765 square foot Office/Flex property located in the rapidly developing downtown Redwood City submarket. Property sits on 0.58 acres, providing ample parking to tenants, with overflow parking leased to neighboring business America's Tires.
2024 NOI = $385,141
Building is within 1 mile of three major mixed-use developments that will bring over 1,500 apartment units and 1,000,000 SF of commercial space:
Broadway Plaza (1401 Broadway Ave) - https://www.redwoodcity.org/city-hall/current-projects/development-projects?id=61
518 Residential Units (For Rent)
420,000 sq. ft. Office
26,000 sq. ft. Retail
Elco Yards (1601 El Camino) - https://www.redwoodcity.org/city-hall/current-projects/development-projects?id=91
540 Residential Units (For Rent)
420,653 sq. ft. Research and Development
109,347 sq. ft. Office
28,841 sq. ft. Retail

1205 Veterans Boulevard - https://www.redwoodcity.org/city-hall/current-projects/development-projects?id=136
409 Residential Units (For Rent)
5,600 sq. ft. Retail

1023 Chestnut Street Flyer (2)

Property Facts

Price	$6,000,000	Rentable Building Area	10,765 SF
Price Per SF	$557	No. Stories	1
Sale Type	Investment	Year Built	1948
Cap Rate	6.42%	Parking Ratio	3.44/1,000 SF
Property Type	Flex	Clear Ceiling Height	15 FT
Property Subtype	R&D	No. Drive In / Grade-Level Doors	1
Building Class	B	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Lot Size	0.58 AC

Price	$6,000,000
Price Per SF	$557
Sale Type	Investment
Cap Rate	6.42%
Property Type	Flex
Property Subtype	R&D
Building Class	B
Lot Size	0.58 AC
Rentable Building Area	10,765 SF
No. Stories	1
Year Built	1948
Parking Ratio	3.44/1,000 SF
Clear Ceiling Height	15 FT
No. Drive In / Grade-Level Doors	1
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.