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1500 Newlands Avenue

$11,750,000

1500 Newlands Avenue, Burlingame, CA 94010

Pending
Last Updated: 01/23/2025

4.38

Cap Rate

25,767 sqft

Building Size

Details:
Cap Rate:    4.38%
Building Size:    25,767 sqft
Lot Area:    15,300 sqft
Class:    A
Units:    20
Year Built:    1967
Floors:    2
Parking Spots:    24
Year Last Renovated:    2024
Baths:    20
Investment Strategy:    Core
Highlights:
  • Average Occupancy Rate: 95.0
  • Gross Income: $ 0.0
  • Age: Over 50 Years Old
  • Lot Size: Under 1/2 Acre
  • Sewer: City
  • Water: City Water
Description:

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.

Map:
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