121 Lorton AVE, Burlingame, CA 94010 - MLS#ML82025521

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Eric Boyenga

e@boyenga.com +1(408) 506-3942

Listed by Don Sung • Colliers Parrish International, Inc.

$ 4,950,000

Est. payment | -/mo

6 Beds

6 Baths

7,296 SqFt

Save

$ 4,950,000

Est. payment | -/mo

Save

6 Beds

6 Baths

7,296 SqFt

Key Details

Property Type Multi-Family

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 7,296 sqft

Price per Sqft $678

MLS Listing ID ML82025521

Bedrooms 6

Full Baths 6

Year Built 1962

Lot Size 7,500 Sqft

Property Sub-Type Five or More Units

Source MLSListings, Inc.

Property Description

IRREPLACEABLE Downtown Burlingame Location. STEPS TO DOWNTOWN. First Time on Market in 50+ Years. Walk Score: 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). Generational Purchase Opportunity. Excellent Unit Mix: Six (6) 2 BR/2 BA, Three (3) 1 BR/1 BA Units. Dishwashers in All Units. Potential to Add In-Unit Washer & Dryers. Spacious Balconies (Outdoor Living) and Private Storage Rooms. Achieve Luxury Apartment Home/Condo-Quality Finishes @ $6/SF Rents w/ Renovations and Unit Turns. Top To Bottom Elevator Access (Elevator Can Be Restored). Potential to Convert 9 Tucked-Under 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) in Additional Rents. 100-Block of Lorton Ave Offers R-4-I Zoning: High Density Residential w/ Incentive Overlay (Less Than 1/2 Mile From CalTrain). R-4-I Zoning Offers Maximum Density of 80 Units/Acre, Equating to 13 Units. R-4-I Tier 1 Height Limit: Up to 46 Ft. (5 Stories) - No Public Benefits Necessary. Multi-Parcel Assemblage Opportunity for Meaningful, Large-Scale Development. Low Operating Expense Ratio (29%). Ask About Multiple Ways to Increase Cashflow and Higher CAP Rate.

Location

State CA

County San Mateo

Area Burlingame Downtown Area

Zoning R-4-I

Rooms

Kitchen Dishwasher, Oven Range - Electric, Refrigerator

Interior

Heating Central Forced Air - Gas

Cooling Central Forced Air - Gas

Flooring Carpet, Hardwood, Tile

Laundry Coin Operated

Exterior

Parking Features Carport

Utilities Available Individual Electric Meters, Individual Gas Meters, Natural Gas, Public Utilities

Roof Type Foam

Building

Foundation Concrete Perimeter and Slab

Sewer Sewer - Public

Water Public

Others

Tax ID 029-224-110

Special Listing Condition Not Applicable

+1(408) 506-3942

e@boyenga.com

167 S. San Antonio Road, Altos, CA

121 Lorton AVE Burlingame, CA 94010