121 Lorton AVE new Save Request In-Person Tour Request Virtual Tour
Burlingame,CA 94010
Key Details
Property Type Commercial
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 8
Year Built 1962
Lot Size 7,500 Sqft
Property Sub-Type Five or More Units
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
Other Rooms Laundry Room,Storage
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
Community Features Additional Storage,BBQ Area,Elevator
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
Restrictions None
Tax ID 029-224-110
Security Features Other
Special Listing Condition Not Applicable