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1023 Chestnut St

10,765 SF 100% Leased Light Industrial Building Redwood City, CA 94063 £4,795,920 (£446/SF) 5.47% Net Initial Yield

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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.
2025 Projected NOI with new tax basis: $328,050
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

Property Facts

Price	£4,795,920	Rentable Building Area	10,765 SF
Price Per SF	£446	Number of Floors	1
Sale Type	Investment	Year Built	1948
Net Initial Yield	5.47%	Parking Ratio	3.44/1,000 SF
Property Type	Light Industrial	Clear Ceiling Height	15 ft
Property Subtype	R&D	Level Access 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	£4,795,920
Price Per SF	£446
Sale Type	Investment
Net Initial Yield	5.47%
Property Type	Light Industrial
Property Subtype	R&D
Building Class	B
Lot Size	0.58 AC
Rentable Building Area	10,765 SF
Number of Floors	1
Year Built	1948
Parking Ratio	3.44/1,000 SF
Clear Ceiling Height	15 ft
Level Access 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.