2701 Middlefield RdPalo Alto, CA 94306

Property Details for 2701 Middlefield Rd

Year built

1954

Construction

TILT-UP CONCRETE

Lot size

0.23 AC

Property size (Sq ft)

12,040 SF

Zone code

C2

Property type

Retail properties

Property subtype

Retail space

APN

127-34-034

APU

12734034

Description

This exceptional investment opportunity presents a 12,040 square foot CVS Pharmacy located at 2701 Middlefield Road, Palo Alto, CA 94306. The property sits on a 30,050 square foot lot (APN: 127-34-035 & 127-34-034) and benefits from a corporate-backed, triple-net (NNN) lease with CVS Pharmacy, commencing May 16, 1997, and expiring February 28, 2029, leaving approximately 4.3 years remaining. The property boasts 100% occupancy and generates a strong net operating income (NOI) of $474,980. Situated in a prime Midtown Palo Alto location, this single-building retail property enjoys high visibility due to its position on Middlefield Road, a major thoroughfare with over 27,000 vehicles passing daily. The surrounding area features a dense concentration of retail businesses, including a Safeway, Walgreens, and other national and local businesses, creating a thriving commercial environment. The property's proximity to Hoover Park and major employers like Google, Intuit, and Stanford University further enhances its appeal. Palo Alto's affluent demographic profile, with a median household income significantly exceeding the national average and a highly educated population, ensures strong consumer demand. The property is zoned for neighborhood commercial use. This presents a compelling investment opportunity in a stable and high-growth market.

• CAP approach

  CAP return

  Valuation

  6%

  $10,993,912

  6.5%

  $10,148,227

  7%

  $9,423,353

• Comparable approach

  Method

  Valuation

  Relative Method

  $14,694,292

  Geo Method

  $8,462,353

• Alternative Use

  Use

  Valuation

  Residential

  $8,560,409

  Hospitality

  $7,841,288

  Educational

  $6,523,860

  Medical

  $6,748,226

  Retail

  $10,148,227

Location Insight

City

Palo Alto

County

Santa Clara

State

California

Latitude

37.4337

Longitude

-122.129

CBSA code

41940

CBSA name

SAN JOSE-SUNNYVALE-SANTA CLARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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