987 Laurel Street, San Carlos, California 94070, San Carlos, 94070 - 0 bed, 0 bath
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San Carlos, California 94070
Analysis of 987 Laurel Street, San Carlos, California 94070 is currently available with a list price of $1,400,000. The property maintains a Tear down Condition Rating (10/100), reflecting significant deferred maintenance. This property is best suited for experienced investors or developers prepared for substantial renovation work. Located in a high-demand neighborhood within the San Carlos Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Property is land value only, full reconstruction required.
Built in 1946, this 78-year-old structure is being marketed primarily for its land value and redevelopment potential. The listing emphasizes high-density zoning (MU-N-50) and the potential for a multi-story residential project. The current interior is a specialized medical office with dated finishes, and the building's small footprint (1,250 sqft) on a 3,000 sqft lot makes it a prime candidate for demolition to achieve its highest and best use.
The MU-N-50 zoning allows for up to 50 units per net acre, and with current state pro-housing laws, there is significant upside for a multi-story residential or mixed-use redevelopment.
The property supports a broad spectrum of uses including medical, professional office, retail, and residential, offering an investor or owner-user exceptional flexibility.
Leased to a major veterinary chain through 12/31/2026, the property provides a guaranteed income stream while the buyer navigates the entitlement and planning process.
With 213 days on market and multiple price reductions from the original $2M list price, the property has faced challenges in finding a buyer at previous valuation levels.
The current anchor tenant is not renewing their lease, which creates a looming vacancy risk and necessitates a clear redevelopment or re-tenanting strategy by early 2027.
This is a medical office building that is leased to a major Vet chain through 12/31/2026. They are not renewing because they are consolidating to another much larger location. This building offers a broad array of permissible uses including residential. The Regional Housing Needs Assessment puts this land at 2 residential units. However, if redeveloped with an architect and the city with both city and new state pro-housing laws, a buyer could potentially get several stories and many units, TBD. Zoning: MU-N-50: Neighborhood Mix: retail, commercial, and office uses, as well as residential development of up to fifty (50) units per net acre. Permissible uses: Multi unit residential, family childcare small and large, Residential care - limited, community assembly(minor use permit), cultural (MUP), day care, instructional, schools (CUP), social service (CUP), pet grooming(*5), bank and financial services (mup), business services (9*), restaurant (cup), convenience store (cup), food prep, business and professional office, medical office (9*), personal service. Please speak with a city planner and an architect to confirm whether your use is permissible.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 1,185 | - |
| Lot Size | 3,000 | - |
| Price | $1.40M | $1.06M |
| Price per sq ft | $1.2K | $530 |
| Built year | 1946 | 0 |
| HOA | $0 | $0 |
| Days on market | 248 | 0 |
Jun 23, 2026
$1,400,000
$1,650,000
-15% Price Drop
Initial Listing
Jun 17, 2026
$1,650,000
$1,850,000
-11% Price Drop
Initial Listing
May 18, 2026
$1,850,000
$1,800,000
+3% Price Increase
Initial Listing
Dec 22, 2025
$1,800,000
$1,850,000
-3% Price Drop
Initial Listing
Nov 27, 2025
$1,850,000
$2,000,000
-7% Price Drop
Initial Listing
Nov 16, 2025
$2,000,000
Initial Listing
Sep 25, 2020
$1,600,000
Public Record