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Downtown Sunnyvale, CA · Mixed-Use Infill · 2026
Sunnyvale
Mixed-Use
S Murphy Ave & W McKinley Ave — a 3.85-acre transit-adjacent block two minutes from the Caltrain station, modeled against real zoning and South Bay cost basis.
Location
Sunnyvale, CA
Program
Mixed-Use Infill
Scale
9 Stories
Return
12.6% IRR
Overview
A high-density mixed-use infill on a 3.85-acre block in downtown Sunnyvale, two minutes from the Caltrain station. The TestFit study tests a 4-level subgrade parking deck (1,601 stalls) against a 9-story above-grade volume.
The program blends 531 residential units, 204K SF of office, and 17K SF of grade retail — a transit-adjacent block that still has to fit a private-capital return profile.
Cost basis benchmarks the South Bay podium-over-subgrade type (hard costs ~$580/GSF, TDC ~$760/GSF) against Class-A Sunnyvale rents to test whether the program pencils.
Residential Units531
Avg Unit Size1,048 SF
Site Area3.85 ac
Parking1,601 stalls
Total Dev. Cost$556M
Projected IRR12.6%
By the Numbers
Development Metrics
Architecture
167,706
Site Area
SF · 3.85 ac
405,502
NRSF
SF net rentable
4.37
FAR
built
100
Height
FT · 9 stories
48%
Coverage
building
1,601
Parking
4 levels subgrade
Program
531
Units
residential
1,048
Avg Unit
SF
194K
Office NRSF
net rentable
17K
Retail NRSF
at grade
72%
Residential
of NRSF
2.63
Parking Ratio
per unit
Program Mix Net Rentable SF · ~754K total
Residential~543K NRSF · 72%
Office194K NRSF · 26%
Retail17K NRSF · 2%
Financial
$556M
TDC
total dev. cost
$759
Cost / GSF
all-in
$1.05M
Cost / Unit
per door
5.0%
Yield on Cost
stabilized
12.6%
Projected IRR
levered
$760
TDC / GSF
w/ soft + fin.
Underwriting
Class-A Rent Assumptions
Residential
$4.75 /SF/mo
Class-A Sunnyvale / San José submarket multifamily.
Office
$5.50 /SF/mo
Silicon Valley Class-A office, transit-adjacent premium.
Retail
$4.00 /SF/mo
Ground-floor retail fronting the SmartCorridor parcel.