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.… Read More 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. Read Less
Property listed by Colliers Parrish International, Inc., Don Sung 310-259-7556
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Confirm your time
Fill in your details and we will contact you to confirm a time.
Michael Harby
or message me directly
Find My Dream Home
Put an experts eye on your home search! You’ll receive personalized matches of results delivered direct to you.
Import This Listing
Import Completed
To view your listing, click one of the options below.
