Real Estate and Transit-Oriented Development

The Peninsula Corridor Joint Powers Board (Caltrain) owns property along the railroad right of way between San Francisco and San Jose, including many properties at Caltrain stations. The Caltrain Real Estate and Transit Oriented Development (TOD) team is responsible for management and oversight of Caltrain’s property holdings, including commercial leasing, TOD efforts and other real estate activities.

Use the tabs below to learn more about key areas of work.

Transit-Oriented Development

Caltrain advances transit-oriented development (TOD) to create vibrant, walkable communities centered around its stations. By integrating housing, jobs, and services with high-quality transit, TOD supports increased ridership, reduces reliance on driving, and helps meet regional climate goals.

Caltrain works in partnership with cities, developers, and public agencies to plan and deliver development on and adjacent to Caltrain-owned property. These efforts are guided by Caltrain’s TOD Policy and focus on maximizing public benefit while supporting long-term system sustainability.

In advancing TOD, Caltrain seeks to achieve the following overarching goals:

  • Sustainable Transportation: Promote Caltrain ridership and sustainable transportation modes.
  • Value Creation: Create value for the JPB, consistent with the JPB’s overall business strategy, which can be reinvested into the railroad’s core mission of providing rail transportation service.
  • Equity: Provide an appropriate balance of land uses, equity in access, and other benefits that align with the priorities of the local community.
  • Complete Communities: Establish station areas as complete communities in partnership with other stakeholders.

Caltrain’s TOD Program is guided by the Transit-Oriented Development Policy.

 

Leasing Opportunities

Caltrain offers properties for lease at and near stations along the rail corridor. Opportunities may include retail kiosks, parking, food trucks, farmers markets, and other short- or long-term uses. Availability varies by location and timing.

For additional information or leasing inquiries, please contact leasing@caltrain.com. 

Available Properties

The properties below represent a selection of current or recent leasing opportunities. Additional opportunities may be available.  

Station

Address

Description

Diridon Station

65 Cahill Street, San Jose 95110

Cafe/kiosk space currently available. Approximately 284 square feet, with an additional 477 square feet of basement storage.

Sunnyvale Station

121 W. Evelyn Ave., Sunnyvale 94086  

Former ticket booth with bathroom and storage area currently available. Approximately 200 square feet.

Policies & Real Estate Fees

Caltrain’s real estate activities are guided by adopted policies and fee structures that ensure consistent, transparent, and effective management of public assets. 

Property Conveyance Policy 

This policy establishes the framework for leasing, licensing, and use of JPB property, including processes, agreement types, and requirements to ensure fair value. The policy also includes a fee schedule for property access agreements. 

Property Conveyance Policy

Fee Schedule 

Fee

FY2026

FY2027

FY2028

FY2029

FY2030

Right of Entry Permit and License Agreement

Processing Fee

$2,700

$2,781

$2,864

$2,950

$3,039

Annual Fee (≤2,000 SF)

$5,500

$5,665

$5,835

$6,010

$6,190

Annual Fee (>2,000 SF)

Fair market value (not less than $5,500)

Special Licenses

Longitudinal Fiber Fees

Fair market value per strand per lineal foot

Special Use Permit

Processing Fee

$1,600

$1,648

$1,697

$1,748

$1,801

Permit Fee

Fair market value

Lease Agreement

Monthly Rent

Fair market rent, but not less than $500 per Month

*Fair Market Values and rents are determined by staff at the time of the agreement.

Transit-Oriented Development (TOD) Policy

This policy guides development on and adjacent to Caltrain property to support ridership, housing, and sustainable, transit-oriented communities. The policy establishes Caltrain’s goals, strategic objectives, and key requirements for TOD, including land use, housing (with an emphasis on affordability), site design, station access, and coordination with transit operations. 

Transit-Oriented Development Policy

Rail Corridor Use Policy (RCUP)

The RCUP provides the framework and criteria for evaluating whether proposed uses of Caltrain property are compatible with current and future rail operations. RCUP review is typically the first step for proposed uses longer than six months and helps determine whether a project can proceed to further review. 

Rail Corridor Use Policy

 

How To Access Caltrain Property

The information below provides an overview of the most common agreement types and example uses. 

  • Special Use Permit: Authorizes short-term, non-construction use of JPB property. Facilities or equipment may not be installed or left on the property at the end of the use. 
  • Right of Entry (ROE): Authorizes temporary access to JPB property for work activities including inspection, surveying, or maintenance work. No facility or improvements may remain on the property following completion.
  • License Agreement: Authorizes a third party to install, operate, and maintain semi-permanent facilities or equipment on JPB property subject to relocation or removal conditions. It may be used in conjunction with a Right of Entry agreement for access to maintain licensed improvements. 
  • Lease Agreement: Authorizes longer-term, revenue-generating use of JPB property, which may or may not include improvements. A lease agreement provides ongoing occupancy rights for a defined term and requires Fair Market Rent. 

Property Access Agreement

Facility Left  
on Property

Typical Duration1

Typical or  
Example Uses

Special Use Permit

No

1 day

Non-recurring or occasional special events, community activities  

Right of Entry (ROE) 

No

1 day to 3 months 

Third-party utility inspections and service, surveys, construction access, maintenance, vegetation control 

License Agreement

Yes (Semi-Permanent) 

1 year to 5 years 

Construction of third-party infrastructure such as utilities, pipelines, electrical, fiber optic cables and telecom  

Lease Agreement

Yes (During Term)   

1 year to 10 years 

Commercial uses including recurring activities (e.g., farmers’ markets), parking, storage, kiosks 

1 Durations shown in the table are illustrative and may vary for agreements.  

For additional information, including fees and requirements, please refer to The Peninsula Corridor Joint Powers Board Property Conveyance Policy and Associated Fees. 

For inquiries regarding lease agreements, please contact leasing@caltrain.com. For all other third-party agreement inquiries, please contact 3pp@samtrans.com