1500 Newlands Ave, Burlingame, CA 94010
20 Unit Apartment Building | $12,750,000 ($637,500/Unit) | 4.02% Cap Rate | Burlingame, CA 94010
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $12,750,000
- Property Type
-
Multifamily
- Square Feet
- 25,767 SF
Listing Contacts
Kevin Caravelli
Verified Profile
Steven Caravelli
Verified Profile
- Property Info
Property Overview
1500 Newlands Avenue is a well-constructed elevatored 20-unit apartment with secured parking for 24 cars and 21 storage lockers. It features a mix of (6) Two-Bedroom/1 Bathroom and (14) One-Bedroom/1 Bathroom units, all have a private patio or balcony. Current ownership has implemented a renovation program for 17 out of 20 units, giving a clear and proven plan for considerable rental upside upon turnover. Renovated units feature an in-unit washer/dryer, hardwood flooring, and recessed lighting. Renovated kitchens feature modern stainless steel appliances, granite countertops, tile backsplash, and shaker cabinetry. Bathrooms have sleek tiling with high-end shower heads and faucets. The building recently had new exterior and interior painting, brand new water-efficient landscaping, a new sewer main, and a security camera system put throughout.
This is a rare opportunity for investors to acquire an efficiently operated trophy property in a low-density A+ Location, on a prominent corner, just 3 short blocks from Burlingame Avenue.
This is a rare opportunity for investors to acquire an efficiently operated trophy property in a low-density A+ Location, on a prominent corner, just 3 short blocks from Burlingame Avenue.
Property Details
- Class
- C
- Year Built/Renovated
- 1967/2024
- Stories
- 2
- Lot Size (sq. ft)
- 15,246 SF
- Units
- 20
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