CVS Pharmacy | Corporate Backed NNN Lease | 2701 Middlefield Rd
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
CVS Pharmacy | Corporate Backed NNN Lease 2701 Middlefield Rd
12,040 SF Retail Building Palo Alto, CA 94306 For Sale
Investment Highlights
- Corporate backed NNN lease
- Centered in the dense retail nook of Midtown, Palo Alto
- Site is a community gathering point, as well as a break stop for commuters
- Signalized intersection on Middlefield Road
- Middlefield Road has a traffic count of 27,000 vehicles per day last reported
Executive Summary
SILICON VALLEY INVESTMENT OPPORTUNITY
Marcus & Millichap is pleased to present 2701 Middlefield Road, a 30,050 SF site currently in use for retail leased by CVS Pharmacy. The site is set in Midtown Palo Alto, near the intersection of Middlefield Road and California Avenue, just three blocks away from Oregon Expressway. The expressway flows directly through Palo Alto from Highway 101 to Interstate 280 making it a main road for both commuters and residents. Last reported, the intersection of Oregon Expressway and Middlefield Road had a traffic count of over 27,000 vehicles per day.
EXCELLENT ACCESS TO AMENITIES
The subject site is centered in the dense retail nook of Midtown Palo Alto. The center contains a Safeway, Walgreen’s, 7-eleven, UPS Store, Round Table Pizza, Baskin Robbins, Wells Fargo, and Chase Bank, among many other local shops, gyms, and eateries. Located near Hoover Park, this site is a perfect community gathering location, as well as a break point for commuters passing through the area.
MAJOR EMPLOYERS
2701 Middlefield Road is a short commute from employment centers in Palo Alto and Mountain View. Major employers in the immediate area include Alphabet (Google), Intuit, Microsoft, Tesla, HP Inc., Varian Medical Systems, LinkedIn, Samsung, Nokia, VMWare, Synopsis, and Stanford University. Silicon Valley continues to be a hub for innovation and captures more than 40% of all venture capital funding for the nation. The region is expected to maintain its dominant position in the formation of new technology companies and creation of tech-related jobs.
EXCEPTIONAL DEMOGRAPHIC PROFILE
The site is located in Palo Alto, one of the most affluent communities in the state of California. Palo Alto had an estimated median household income of $156,739 in 2022, more than double the national median household income of $70,784. The city has a highly-educated workforce, with more than 69% of the population over the age of 25 having a Bachelor’s or graduate degree. Since 2000, the population has grown by 14.5%, and is projected to grow another 3.81% by 2027.
Marcus & Millichap is pleased to present 2701 Middlefield Road, a 30,050 SF site currently in use for retail leased by CVS Pharmacy. The site is set in Midtown Palo Alto, near the intersection of Middlefield Road and California Avenue, just three blocks away from Oregon Expressway. The expressway flows directly through Palo Alto from Highway 101 to Interstate 280 making it a main road for both commuters and residents. Last reported, the intersection of Oregon Expressway and Middlefield Road had a traffic count of over 27,000 vehicles per day.
EXCELLENT ACCESS TO AMENITIES
The subject site is centered in the dense retail nook of Midtown Palo Alto. The center contains a Safeway, Walgreen’s, 7-eleven, UPS Store, Round Table Pizza, Baskin Robbins, Wells Fargo, and Chase Bank, among many other local shops, gyms, and eateries. Located near Hoover Park, this site is a perfect community gathering location, as well as a break point for commuters passing through the area.
MAJOR EMPLOYERS
2701 Middlefield Road is a short commute from employment centers in Palo Alto and Mountain View. Major employers in the immediate area include Alphabet (Google), Intuit, Microsoft, Tesla, HP Inc., Varian Medical Systems, LinkedIn, Samsung, Nokia, VMWare, Synopsis, and Stanford University. Silicon Valley continues to be a hub for innovation and captures more than 40% of all venture capital funding for the nation. The region is expected to maintain its dominant position in the formation of new technology companies and creation of tech-related jobs.
EXCEPTIONAL DEMOGRAPHIC PROFILE
The site is located in Palo Alto, one of the most affluent communities in the state of California. Palo Alto had an estimated median household income of $156,739 in 2022, more than double the national median household income of $70,784. The city has a highly-educated workforce, with more than 69% of the population over the age of 25 having a Bachelor’s or graduate degree. Since 2000, the population has grown by 14.5%, and is projected to grow another 3.81% by 2027.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
12,040 SF
Building Class
B
Year Built
1954
NOI
$474,980
Tenancy
Single
Building Height
1 Story
Building FAR
0.40
Land Acres
0.69 AC
Zoning
C2 - Neighborhood Commercial
Parking
60 Spaces (4.98 Spaces per 1,000 SF Leased)
Frontage
96 FT on Middlefield
Amenities
- Signage
- Signalized Intersection
Walk Score ®
Very Walkable (77)
Bike Score ®
Biker's Paradise (96)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,508,888 | |
| Land Assessment | $262,201 | Total Assessment | $2,771,089 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$262,201
Improvements Assessment
$2,508,888
Total Assessment
$2,771,089
-
David Cutler -
Joshua Johnson -
Kirk Trammell -
Marcus & Millichap
1 of 5
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
CVS Pharmacy | Corporate Backed NNN Lease | 2701 Middlefield Rd
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.