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987 Laurel Street, San Carlos, California 94070, San Carlos, 94070 - bed, bath

987 Laurel Street, San Carlos, California 94070 home-pic-0
ACTIVE$1,850,000
987 Laurel Street, San Carlos, California 94070
0Bed
0Bath
1,250Sqft
3,000Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
High-Density Redevelopment Potential: The MU-N-50 zoning allows for up to 50 residential units per net acre, with the description explicitly stating potential for 'several stories and many units' under new state pro-housing laws, making it a prime development opportunity.
Top Cons:
Impending Tenant Vacancy: The current major tenant is not renewing their lease and will vacate by December 2026, leading to a guaranteed loss of income and requiring immediate action for re-tenanting or redevelopment.

Compared to the nearby listings

Price:$1.85M vs avg $1.88M ($-30,000)50%
Size:1,250 sqft vs avg 2,499 sqft50%
Price/sqft:$1.5K vs avg $99550%

More Insights

Built in 1946 (79 years old).
Condition: Built in 1946, this property is explicitly described as an 'older structure' and 'likely a tear-down for high-density redevelopment' in the property analysis. While currently functioning as a commercial office, its value is stated to be based solely on the land and its potential for residential redevelopment. The interior images show basic commercial finishes (drop ceilings, vinyl flooring) typical of an older office building, not suitable for modern residential living without extensive demolition and reconstruction. There are no residential kitchen or bathroom features to assess, reinforcing the idea that the existing structure is not the primary asset for future use.
Year Built
1946
Close
-
List price
$1.85M
Original List price
$2M
Price/Sqft
$1,480
HOA
-
Days on market
-
Sold On
-
MLS number
ML82027747
Home ConditionTear down
Features
ViewNone

About this home

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.

Price History

Date
Event
Price
09/25/20
Sold
$1,600,000
Condition Rating
Tear down
Built in 1946, this property is explicitly described as an 'older structure' and 'likely a tear-down for high-density redevelopment' in the property analysis. While currently functioning as a commercial office, its value is stated to be based solely on the land and its potential for residential redevelopment. The interior images show basic commercial finishes (drop ceilings, vinyl flooring) typical of an older office building, not suitable for modern residential living without extensive demolition and reconstruction. There are no residential kitchen or bathroom features to assess, reinforcing the idea that the existing structure is not the primary asset for future use.
Pros & Cons

Pros

High-Density Redevelopment Potential: The MU-N-50 zoning allows for up to 50 residential units per net acre, with the description explicitly stating potential for 'several stories and many units' under new state pro-housing laws, making it a prime development opportunity.
Versatile Mixed-Use Zoning: The MU-N-50 'Neighborhood Mix' zoning permits a broad array of uses including multi-unit residential, retail, commercial, office, and various services, offering significant flexibility for future use or tenant attraction.
Desirable San Carlos Location: Located in San Carlos, a highly sought-after Bay Area city, enhancing property value and appeal for both commercial and residential development.
Short-Term Income Stream: An existing lease with a major vet chain until December 2026 provides a guaranteed income stream, offering financial stability during initial planning and permitting for future development.
Recent Price Adjustment: The list price has been reduced by $150,000 from the original, potentially offering a more attractive entry point for investors.

Cons

Impending Tenant Vacancy: The current major tenant is not renewing their lease and will vacate by December 2026, leading to a guaranteed loss of income and requiring immediate action for re-tenanting or redevelopment.
Extensive Redevelopment Process Required: Realizing the property's full potential for multi-unit residential or other high-value uses necessitates significant investment in architectural planning, city approvals, and construction, which can be a lengthy and complex undertaking.
Small Lot and Older Structure: The 3000 sqft lot, coupled with a 1946-built structure, suggests the existing building is likely a tear-down for high-density redevelopment, adding to overall project costs and complexity.

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