121 Lorton Avenue, Burlingame, CA 94010
121 Lorton Avenue, Burlingame, CA 94010
121 Lorton Avenue, Burlingame, CA 94010
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Listed by Don Sung • Colliers Parrish International, Inc.
$4,950,000
Est. payment /mo
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7,296 SqFt
Active

121 Lorton Avenue Burlingame, CA 94010

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Max Manatt

Max Manatt

+1(925) 980-3375

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

Bay East Association of Realtors
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Max Manatt

Max Manatt

Agent | License ID: 01957416

+1(925) 980-3375

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