121 Lorton AVE, Burlingame, CA 94010
121 Lorton AVE, Burlingame, CA 94010
121 Lorton AVE, Burlingame, CA 94010
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Steven Gary

Steven Gary

+1(408) 644-3287
Listed by Don Sung • Colliers Parrish International, Inc., DRE#01935797
$4,750,000
Est. payment /mo
3 Beds
3 Baths
7,296 SqFt
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UPDATED:

Key Details

Property Type Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 7,296 sqft

Price per Sqft $651

MLS Listing ID ML82041936

Bedrooms 3

Full Baths 3

Year Built 1962

Lot Size 7,500 Sqft

Property Sub-Type Five or More Units

Property Description

$200k Reduction! Generational Oppty to Acquire an Irreplaceable Downtown Burlingame Location. Walkscore: 97. Howard Ave (1 Blk), Burlingame Ave (2 Blks), Caltrain Burlingame (2 Blks). VERY Large, SPACIOUS Units: 2 BR/2 BA (911 SF to 945 SF), 1 BR/1 BA (540 SF to 600 SF). First Time on Market in 50+ Years. Excellent Unit Mix: Six (6) 2 BR/2 BA, Three (3) 1 BR/1 BA Units. Potential to Achieve $6+/SF Rents w/ Apartment Home/Condo-Quality Finishes onUnit Turns. Top To Bottom Elevator Access (Out of Order But Can Be Restored). Potential to Convert 9 Carports to 3 ADU's (1 BR or 2 BR Units @ +/- 648 SF Each). 3 Additional ADU's Equate to $118,000 ($9,900/Month). R-4-I Zoning: High Density Residential w/ Incentive Overlay (Less Than 1/2 Mile From CalTrain), Offers Max. Density of 80 Units/Acre (Build 13 Units). R-4-I Tier 1 Height Limit: Up to 46 Ft. (5 Stories). Assemblage Oppty for Larger Project. Low Operating Expense Ratio (29%). Tenants Pay In-Unit PG & E. Potential for Investors to Implement Full RUBS Programs or Monetize Parking. In-Place CAP Rate: 3.68%/GRM: 16.6. Pro-Forma (Market) CAP Rate: 6.35%/11.5 GRM. Actual Rentable Interior SF: 7,296 SF (Based on In-Unit Measurement). Cost Per Actual RentableSF: $651/SF. PLEASE DO NOT DISTURB TENANTS.

Location

State CA

County San Mateo

Area Burlingame Downtown Area

Zoning R-4-I

Rooms

Kitchen Dishwasher, Oven Range, Refrigerator

Interior

Heating Central Forced Air - Gas

Cooling None

Flooring Hardwood, Laminate

Exterior

Exterior Feature Balcony / Patio, Low Maintenance, Porch - Enclosed

Parking Features Assigned Spaces, Carport

Community Features Additional Storage, Elevator

Utilities Available Individual Electric Meters, Individual Gas Meters, Public Utilities

View City

Roof Type Elastomeric,Foam

Building

Foundation Concrete Perimeter and Slab, Wood Frame

Sewer Sewer - Public

Water Public

Others

Restrictions Pets - Allowed

Tax ID 029-224-110

Security Features None

Special Listing Condition Not Applicable

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Steven Gary

Steven Gary

+1(408) 644-3287

Realtor | License ID: 01895061

Realtor License ID: 01895061

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121 Lorton AVE

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