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Wilson Leung

wilson@theownteam.com +1(650) 280-8888

Listed by Don Sung • Colliers Parrish International, Inc., DRE#01935797

$ 2,995,000

Est. payment | -/mo

2 Beds

2 Baths

4,883 SqFt

Save

$ 2,995,000

Est. payment | -/mo

Save

2 Beds

2 Baths

4,883 SqFt

Key Details

Property Type Commercial Multi-Residential (5 units)

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 4,883 sqft

Price per Sqft $613

MLS Listing ID ML82043505

Bedrooms 2

Full Baths 2

Year Built 1952

Lot Size 6,154 Sqft

Property Sub-Type Five or More Units

Property Description

Rarely Available, A+ Broadway Burlingame Location. Walk to Broadway Shops and Cal-Train Station. Walk Score: 89, Bike Score: 81. Spacious 1 Bedroom / 1 Bath Units w/ Desirable Floorplans - Offering Possibility to Convert to 2 Bedroom / 1 Bath Floorplans to Increase NOI & Cap Rate. Low Operating Expense Ratio (30%). Individual Water Heaters (1 for Each Unit). Potential to Add Dishwashers and In-Unit Washer & Dryers. R-3 Zoning: Parcel Offers Medium/High Density Residential Development Potential in the Future. Capital Improvements Include: Plumbing and Electrical, Dual-Pane Windows, New Roofs, New Water Heaters, and More. Potential to Convert 6 Covered Carports (w/ 7' 6" ceiling) to 2 ADU's (1 BR/1 BA Units w/ +/- 600 SF Each). Consistently Strong Rents Driven by Convenient Location and Low-Supply Constraints. Strong Rental Demand. Easy Access to El Camino Real, 101, 280, and Major Silicon Valley Employers. Current CAP Rate (In-Place Rents): 3.75% / GRM (In-Place Rents): 17.6. Pro-Forma CAP Rate (Market Rents): 4.70% / GRM (In-Place Rents): 15. Reasonable Cost/SF: $613/SF. Please DO NOT DISTURB Tenants. Thank you!

Location

State CA

County San Mateo

Area Burlingame Terrace-Easton Addition

Zoning R-3

Rooms

Other Rooms Storage

Kitchen Countertop - Granite, Countertop - Stone, Oven Range, Refrigerator

Interior

Heating Wall Furnace

Cooling None

Flooring Carpet, Hardwood

Laundry Coin Operated

Exterior

Exterior Feature Low Maintenance

Parking Features Assigned Spaces, Carport

Community Features Additional Storage

Utilities Available Public Utilities

Roof Type Foam

Building

Lot Description Grade - Level

Foundation Crawl Space

Sewer Sewer - Public

Water Public

Others

Restrictions None

Tax ID 026-212-230

Security Features None

Special Listing Condition Not Applicable

Nearby School & Business

+1(650) 280-8888

wilson@theownteam.com

1651 El Camino Real, Millbrae, CA 94030, United States

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1140 El Camino Real Burlingame, CA 94010