Kaveesh Passari — Investments Associate, Marcus & Millichap
COMMERCIAL REAL ESTATE ACQUISITIONS · SAN FRANCISCO PENINSULA

A clearer way to buy
commercial real estate
on the Peninsula.

I help technology operators and private investors turn a general interest in commercial real estate into a defined acquisition strategy — establishing the right buy box, screening opportunities against your actual objectives, underwriting the risks, and pursuing properties that deserve your capital.

Build My Acquisition Profile →See the acquisition process ↓
A confidential five-minute questionnaire. No obligation and no indiscriminate deal emails.
$4.2TTech-Sector Equity Exposure
5–9%Current Cap Rate Range
27.5yrDepreciation Schedule
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The Thesis

Most financial advisors will tell you to diversify your portfolio.
Very few will show you how to own the building.

The institutions that built generational wealth didn't do it through index funds. They did it through direct ownership of productive physical assets — properties that generate income, appreciate in value, and provide structural tax advantages unavailable in any paper instrument.

68%
of ultra-high-net-worth portfolios include direct commercial real estate holdings
Knight Frank Wealth Report · 2024
3.4×
average equity multiple on well-positioned commercial acquisitions held 7+ years
NCREIF Property Index · Historical Avg.
$0
in deferred capital gains tax on a properly structured 1031 exchange reinvestment
IRC § 1031 · Consult your tax advisor
The Exposure

Your net worth lives
in a ticker symbol.
That's the risk.

You've spent a decade accumulating equity in a single company — sometimes two. The vesting schedules worked. The IPO happened. The bonus was real. Now you're holding concentrated wealth in a volatile, single-name position.

The market doesn't care how long it took to earn it.

  • RSUsVested, taxed, and sitting in a brokerage account — losing real value to inflation and market sentiment.
  • VolatilityYour net worth swings with market mood, not business fundamentals you control or understand.
  • ConcentrationOne company. One sector. One bad quarter between you and a material change in your financial picture.
The Alternative

Income-producing real estate answers all three — simultaneously.

Commercial property generates monthly cash flow, appreciates independently of equity markets, and creates structural tax advantages that compound wealth across decades.

PROPERTY$MonthlyIncome%TaxShield↑Appre-ciation⇄1031Exchange
The Peninsula Acquisition Desk

A structured process from
investment idea to completed acquisition.

A disciplined five-stage framework designed for buyers who want to make better decisions, not simply see more listings.

01

Define the mandate

Translate your objectives into a working acquisition profile: geography, property type, price range, equity, financing, return requirements, timing, operational involvement, and risk tolerance.

Buy Box
02

Map the market

Identify relevant listed properties, ownership situations, recent transactions, local development activity, and potential opportunities that match the mandate.

Market Research
03

Screen opportunities

Evaluate pricing, income, tenancy, lease events, replacement cost, financing, physical condition, zoning, and downside exposure before committing significant time.

Opportunity Screening
04

Underwrite the decision

Compare base, upside, and downside cases. Examine the impact of leverage, vacancy, capital expenditures, rent assumptions, hold periods, and alternative exit values.

Underwriting
05

Execute the acquisition

Coordinate the offer process, negotiations, financing introductions, diligence, market information, and transaction execution with the appropriate Marcus & Millichap professionals and outside advisors.

Transaction Execution
Build My Acquisition Profile →
Your Point of Contact

Kaveesh Passari

Commercial Real Estate Salesperson · Marcus & Millichap · Palo Alto

Kaveesh Passari is a commercial real estate salesperson with Marcus & Millichap in Palo Alto, focused on investment and owner-user opportunities throughout the San Francisco Peninsula.

A computer science graduate from San José State University, Kaveesh brings a technical and research-oriented approach to property sourcing, market analysis, underwriting, and client communication. He works within the Marcus & Millichap platform and brings senior transaction professionals into assignments when their experience or specialization benefits the client.

His objective is straightforward: help buyers establish better acquisition criteria, understand the risks behind the numbers, and execute with greater clarity.

Palo Alto · Peninsula · San Francisco Bay Area
Investment and owner-user acquisitions
Retail · Industrial · Office / R&D · Mixed-Use · Land
Licensed California DRE Salesperson
408-209-3280 · kaveesh.passari@marcusmillichap.com
Start My Acquisition Profile →
Deal Network
SF Bay
SoCal
Seattle
New York
Chicago
Dallas
Miami
Denver
420k req/s
380k req/s
290k req/s
185k req/s
156k req/s
134k req/s
$200B+in closed transactions annually · Marcus & Millichap
Current Market Intelligence

We are in a window.
Liquidity wins.

Interest rate normalization has compressed buyer competition and expanded cap rates to levels not seen since 2012. Institutional capital is repositioning into commercial real estate at scale.

Investors with liquid capital and no financing contingencies hold negotiating leverage that typically belongs only to the institutions. That window closes when rates do.

Industrial Vacancy <4%NNN Demand ElevatedRate RecalibrationMotivated Sellers1031 Volume Rising
Peak · 2021Today · 2026
6.0%Avg Cap Rate
$249Avg Price / SF
16.7×NOI Multiple
Showing: Today's Market
Industrial Cap Rate (Avg.)5.8%▲ +80bps YoY
Multi-Family Cap Rate5.2%▲ +65bps YoY
NNN Retail (Investment Grade)6.1%▲ +90bps YoY
Avg. Price/SF vs. Peak−12%▼ From Peak
1031 Exchange Activity+23%▲ YTD Volume
What I Advise On

Asset classes matched
to your capital profile.

Not every property type fits every investor. I advise across the commercial spectrum and match asset class to income goals, tax situation, and management appetite.

Industrial / Logistics
Warehouses & Distribution

Vacancy rates under 4% nationally. Long-term tenants. Net leases with minimal landlord obligations. The institutional darling of the decade.

5–7%Cap Rate
5–10yrTypical Lease
Net Lease / NNN
Single-Tenant Net Lease

Tenant pays taxes, insurance, maintenance. Predictable, bond-like income from investment-grade tenants. Maximum passivity.

5.5–7.5%Cap Rate
10–20yrTypical Lease
Multi-Family
Apartment Communities

Housing demand is structural, not cyclical. Value-add upside through rent optimization and capital improvement creates durable equity gains.

4.5–6.5%Cap Rate
12 mo.Typical Lease
Mixed-Use
Retail + Residential

Dual income streams from a single asset. Urban and suburban infill locations with strong foot traffic and housing demand convergence.

5–7%Cap Rate
2× streamsIncome Sources
Self-Storage
Storage Facilities

Recession-resilient. Low tenant turnover risk. Operationally lean. Among the highest NOI-to-price ratios in commercial real estate.

6–8.5%Cap Rate
Month-to-Mo.Lease Structure
Office / Medical
Medical & Professional

Healthcare is the most durable office segment. Long leases, sticky tenants, and recalibrated pricing creating selective entry opportunities.

6–8%Cap Rate
5–15yrTypical Lease
Judgment Before Promotion

Every opportunity should survive
a serious attempt to disprove it.

A useful underwriting model does not merely calculate a return. It reveals which assumptions control the outcome—and what happens when those assumptions are wrong.

Illustrative example — not a current offering
LocationEl Camino Real Corridor · San Carlos, CA
Property typeRetail / Professional Office
Building area7,200 SF
Lot area9,000 SF
Occupancy87% (one vacancy)
Asking price$4,450,000
Price per SF$618 / SF
Create My Buy Box →
Who This Is For

Built for buyers with a reason to act—
not merely an interest in browsing listings.

01

Private investors

For buyers seeking direct ownership, portfolio diversification, income, appreciation, or greater control over their real estate exposure.

02

Technology owner-users

For companies comparing the economics of purchasing a facility against continuing to lease office, R&D, flex, or industrial space on the Peninsula.

03

Family offices and acquisition groups

For repeat buyers seeking local market coverage, opportunity screening, underwriting support, and transaction execution.

04

1031 exchange buyers

For investors working within an exchange timeline who need clearly defined replacement-property criteria and an efficient evaluation process.

The service is most useful for buyers who can define an expected purchase timeline and provide a realistic capital or financing range. Early-stage buyers are welcome to join the market-intelligence list until they are ready to transact.

Start with the Capital Plan

A purchase price is not a strategy.

A commercial property's price is only the first number. The buyer must also account for required equity, financing costs, reserves, diligence, closing expenses, near-term capital work, tenant improvements, leasing commissions, and potential operating shortfalls.

$3M – $5M

Smaller owner-user and private investment opportunities

Neighborhood retail, smaller office, flex buildings, and private investment opportunities — depending on location and income profile. Accessible to buyers with $1M–$2M in available equity.

$5M – $10M

Larger owner-user properties and multi-tenant investments

Stronger corridor locations, multi-tenant retail and office, larger industrial buildings, or assets requiring a focused business plan. Equity requirement typically $2M–$4M depending on leverage.

$10M – $25M+

Institutional-quality and complex private-market opportunities

Larger equity requirements, more formal diligence, coordinated execution, and a greater need for experienced transaction professionals. Family offices, acquisition groups, and qualified individual buyers.

Examples are general and illustrative. Property availability, financing, pricing, and required equity vary materially by asset and market conditions.

Commercial real estate advice for people who expect the analysis to be as rigorous as the sales process.

Kaveesh combines a computer science background with on-the-ground commercial real estate work in Palo Alto and the Peninsula. The result is a process built around organized information, scenario analysis, local ownership research, and clear recommendations.

Technology makes research faster. It does not replace judgment, local relationships, physical diligence, or experienced transaction execution.

—Define the criteria before sourcing
—Show the assumptions behind the conclusion
—Surface risks before they become expensive
—Reject weak opportunities without hesitation
Build My Acquisition Profile →
Peninsula Acquisition Profile

Build Your Peninsula Acquisition Profile

Tell me what you are looking for, how you plan to capitalize the purchase, and when you expect to act. I will use your responses to determine whether there is a useful next step. Approximately five minutes.

Step 1 of 5

Your objective

Tell me what is driving this. The clearer the objective, the more useful the process.

What is the primary reason you are considering a commercial property acquisition?
Are you evaluating a specific opportunity?
Frequently Asked Questions

Common questions from serious buyers.

Before you search for the right property

Define what “right” means.

Build a confidential acquisition profile and turn your capital, timing, and objectives into a practical Peninsula commercial real estate strategy.

Build My Acquisition Profile →
Five minutes. No obligation. No indiscriminate deal emails.

The information presented on this website is for general informational purposes only and does not constitute investment, legal, tax, lending, or other professional advice. Property information, financial examples, projections, and market observations are illustrative unless expressly identified otherwise and should not be relied upon without independent verification. No agency or brokerage relationship is created by visiting this website or submitting an inquiry. Representation is subject to a separate written agreement.

Licensed California DRE Salesperson · Marcus & Millichap · Palo Alto, CA · CA DRE #[License No.]