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Listed by Don Sung • Colliers Parrish International, Inc.
$ 4,950,000
Est. payment /mo
Active
121 Lorton Avenue Burlingame, CA 94010
7,296 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,296 sqft
Price per Sqft $678
MLS Listing ID ML82041936
HOA Y/N No
Year Built 1962
Lot Size 7,500 Sqft
Property Sub-Type Other
Source Datashare MLSListings
Property Description
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) - No Public Benefits Necessary. Multi-Parcel Assemblage Oppty for Large-Scale Development. 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: 3.49%/GRM: 17. Pro-Forma (Market) CAP Rate: 6.05%/12 GRM. Actual Rentable Interior SF: 7,296 SF (Based on In-Unit Measurement). Cost Per Actual RentableSF: $679/SF. PLEASE DO NOT DISTURB TENANTS.
Location
State CA
County San Mateo
Interior
Heating Forced Air
Cooling None
Flooring Hardwood, Laminate
Fireplace No
Appliance Dishwasher, Refrigerator
Exterior
View City Lights
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