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Listing Summary
Listing
#424023977
$12,750,000 (LP)
1500 Newlands Ave, Burlingame, CA 94010*
Active
(04/13/24)
SqFt:
25767*
Lot Size SqFt:
15300*
Area/District
:
900460
Yr
:
1967
*
Total Parking Spaces:
24
Remarks
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 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.
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Remarks
Agent and Office Information
Agent
Kevin S Caravelli
Primary:415-229-1288 Secondary:707-217-2819 Lic: 01988049
Office
Coldwell Banker Commercial Realty
Phone: 415-474-1750 Office Lic.: 01908304
Price, Dates and Commissions
Commission to Buyer Office
Commission to Buyer Office
1.5
Unit Information
# Of Buildings
0
# Of Units Leased
19
# Of Units Month to Month
0
# Of Units Total
20
# Of Units Vacant
1
# of 1 Bedroom Units
14
# of 2 Bedroom Units
6
# of 3 Bedroom Units
0
# of 4 Bedroom Units
0
# of Studio Units
0
# Commercial Units
0
Units Furnished
All Units
Unit 1 Bedrooms
0
Unit 1 Full Baths
0
Unit 1 Partial Baths
0
Unit 1 Rent
$
0
Unit 1 Approx SqFt
0
Unit 1 # of Rooms
0
Unit 2 Bedrooms
0
Unit 2 Full Baths
0
Unit 2 Partial Baths
0
Unit 2 Rent
$
0
Unit 2 Approx SqFt
0
Unit 2 # of Rooms
0
Elevation Units
Feet
Unit 3 Bedrooms
0
Unit 3 Full Baths
0
Unit 3 Rent
$
0
Unit 3 Approx SqFt
0
Unit 3 # of Rooms
0
Unit 3 Partial Baths
0
Unit 4 Bedrooms
0
Unit 4 Full Baths
0
Unit 4 Partial Baths
0
Unit 4 Rent
$
0
Unit 4 Approx SqFt
0
Unit 4 # of Rooms
0
# Of Furnished Units
0
Total # Owner Occupied
0
# of 1 Bedrooms Occupied
13
# of 2 Bedrooms Occupied
6
# of 3 Bedrooms Occupied
0
# of 4 Bedrooms Occupied
0
# Studios Occupied
0
Studio Annual Occupancy
0
%
Unit Income and Expense
Gross Scheduled Income
$
795191
Gross Rent Multiplier
16.03
Net Operating Income
$
536807
Monthly Income
$
0
Income Includes
Laundry, Manager's Unit, Parking
Operating Expense
$
258384
Total Deposit
$
0
Total # Leasable
0
Utilities Expense
$
33611
Other Expense
$
28892
Tax Annual Amount
$
145771
Monthly Expenses
$
0
Lease Deposit
$
0
Financial Information
City Transfer Tax Rate
0.00
County Transfer Tax Rate
0.00
Possession
Subject To Tenant Rights
Property Information
Subtype Description
Apartments
Approx SqFt
25,767*
SqFt Source
Assessor Auto-Fill
Price / SqFt
494.82
Lot Sq Ft
(
approx
)
15,300*
Lot Acres
(
approx
)
0.3512
Lot Size Source
(Assessor Auto-Fill)
# of Rooms
66
Year Built
1967*
Year Built Source
Assessor Auto-Fill
Levels
Two
Special Listing Conditions
None
Property Location
County
San Mateo
Cross Street
El Camino Real
Area/District
Burlingame Park
Subdistrict
Interior Information
Construction Information
Parking Information
Total Parking Spaces
24
# Underground
0
# of Guest Space(s)
0
Tandem Parking Spaces
0
Independent Parking Spaces
0
Parking Features
Garage Door Opener, Underground Parking
Lot and Outdoor Information
Lot Features
Landscape Front
Association Information
Association
No
School Information
Green Information
Other Listing Information
Listing Service
Full Service