111 Lorton Ave - Apartments FOR SALE


Burlingame, CA 94010- Downtown Burlingame
$3,495,000 USD
650-619-9129
111 Lorton Ave, Burlingame, CA for Sale
$3,495,000 USD
Apartments - FOR SALE
1/6
null | 3.04% Cap Rate

111 Lorton Ave
Burlingame, CA 94010
Downtown Burlingame


HIGHLIGHTS

  • 111 Lorton Ave is a tremendous value added opportunity in an A+ location just 1 block from Burlingame Ave and in the heart of downtown Burlingame.
  • Strong Development Potential. R-4 Zoning allows for High Density Residential multi-unit dwellings or residential care facilities for Seniors.
  • Current Rents are far below Potential market rents.

OVERVIEW

Prime downtown Burlingame location, 2 blocks from Burlingame Ave, close to train station and transportation. Many system upgrades and improvements done to the building. New roof, double pane windows, upgraded electrical panel, waste lines and copper plumbing lines installed. Building on the market for the first time since 1985. Great upside potential, Current Annual Gross income = $185,000. Range of studio apartment rents =$1,495.00 to $1,895.00/mo. Range of 1 Bedroom apartment rents = $1,600.00 to $2,295.00/mo. Offers subject to inspection.

FOR SALE DETAILS

PRICE

$3,495,000 USD

PRICE/SF

$468 USD /SF

# OF UNITS

8

PRICE/UNIT

$436,875

CAP RATE

3.04%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,501 SF

ZONING

R40000

APN/PARCEL ID

029-224-130

ASK ABOUT THIS PROPERTY

Norman GoldauSwitzer Goldau & AssociatesMore Info
650-619-9129

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Norman GoldauSwitzer Goldau & AssociatesMore Info
650-619-9129

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