1500 Newlands Ave
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1500 Newlands Ave
20 Unit Apartment Building $11,750,000 ($587,500/Unit) 4.50% Cap Rate Burlingame, CA 94010
Executive Summary
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 18 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 Facts
| Price | $11,750,000 | Property Subtype | Apartment |
| Price Per Unit | $587,500 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.50% | Lot Size | 0.35 AC |
| Gross Rent Multiplier | 14.63 | Building Size | 25,767 SF |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1967 |
| Price | $11,750,000 |
| Price Per Unit | $587,500 |
| Sale Type | Investment |
| Cap Rate | 4.50% |
| Gross Rent Multiplier | 14.63 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 25,767 SF |
| No. Stories | 2 |
| Year Built | 1967 |
Unit Amenities
- Balcony
- Heating
- Kitchen
Site Amenities
- Recycling
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Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (81)
PROPERTY TAXES
| Parcel Number | 028-292-300 | Improvements Assessment | $4,641,000 |
| Land Assessment | $5,610,000 | Total Assessment | $10,251,000 |
PROPERTY TAXES
Parcel Number
028-292-300
Land Assessment
$5,610,000
Improvements Assessment
$4,641,000
Total Assessment
$10,251,000
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1500 Newlands Ave
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