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Listed by Don Sung • Colliers Parrish International, Inc.
$2,995,000
Est. payment /mo
2 Beds
2 Baths
4,883 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 4,883 sqft
Price per Sqft $613
MLS Listing ID ML82022957
Bedrooms 2
Full Baths 2
Year Built 1952
Lot Size 6,154 Sqft
Property Sub-Type Five or More Units
Property Description
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. 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.
Location
State CA
County San Mateo
Area Burlingame Terrace-Easton Addition
Zoning R-3 Medium/High Density Residential
Interior
Heating Gas, Wall Furnace
Cooling None
Laundry Coin Operated
Exterior
Parking Features Assigned Spaces, Carport
Community Features Additional Storage
Utilities Available Public Utilities
Roof Type Other
Building
Foundation Crawl Space
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 026-212-230
Security Features Other
Special Listing Condition Not Applicable
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