1140 El Camino Real - Apartments FOR SALE


Burlingame, CA 94010- Burlingame Terrace
$2,995,000 USD
650-380-5188
1140 El Camino Real, Burlingame, CA for Sale
$2,995,000 USD
Apartments - FOR SALE
1/60
null | 3.74% Cap Rate

1140 El Camino Real
Burlingame, CA 94010
Burlingame Terrace


HIGHLIGHTS

  • Very Rare Opportunity to Acquire 6 High-Quality Units. Steps Away From Broadway Burlingame. Walk to Broadway Shops, Restaurants and Cal-Train Station
  • Very Large, Oversized Units w/ Excellent Unit Mix: Six (6) 2 Bedroom/1 Bath, Three (3) 1 Bedroom/1 Bath
  • Low Operating Costs (30%) w/ Minimal Management Responsibilities

OVERVIEW

First Time on Market in 13 Years. Rarely Available A+ Location. Walk to Broadway Shops and Cal-Train Station. Walk Score: 90, Bike Score: 81. Easy to Lease & Manage. Tremendous Rental Upside. 6-Units w/ Strong Historical Tenancy, Low Turnover and Little to No Vacancy. 6 Spacious 1 BR/1 BA Units w/ Desirable Floorplans. Low Operating Expense Ratio (30%). Tenants Pay In-Unit PG & E and Reimburse Owner for Water. Potential to Implement Full RUBS Program. Potential to Add Dishwashers and In-Unit Washer & Dryers, Conduct Minor In-Unit Upgrades to Achieve Higher Market Rent and Higher CAP Rate. R-3 Zoning: Offers Medium/High Density Residential. Excellent Long-Term Development/Assemblage Potential. Front of Property Offers 3 Easy to Access, Uncovered Parking Spaces. Adjacent Properties (Chase Bank & USPS) Offer Temporary Overflow Parking for Visitors. Potential to Convert 6 Covered Carports to 2 ADU's (1 BR/1 BA Units w/ +/- 600 SF Each) on Ground Floor. 2 Additional Ground Floor ADU's Offer $600,000 ($5,000/Month). Cap. Ex. Include: Plumbing and Electrical, Dual-Pane Windows, New Roofs, New Water Heaters, and More. Strong Rents Driven by Convenient Location and Low-Supply Constraints. Consistently Strong Rental Demand. Proven Track-Record of Reliable Incoming Generation. Please DO NOT DISTURB TENANTS.

FOR SALE DETAILS

PRICE

$2,995,000 USD

PRICE/SF

$613 USD /SF

# OF UNITS

6

PRICE/UNIT

$499,167

CAP RATE

3.74%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

6 Easy to Manage Apts: A+ Burlingame Location

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1952

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,142 SF

ZONING

R-3

APN/PARCEL ID

026-212-230

ASK ABOUT THIS PROPERTY

Don SungColliersMore Info
650-380-5188

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Don SungColliersMore Info
650-380-5188

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.