121 Lorton AVE, Burlingame, CA 94010
- $4,250,000
- 7,296
- SqFt
- Sold Price
- $4,250,000
- List Price
- $4,750,000
- Closing Date
- Jul 01, 2026
- MLS#
- ML82041936
- Status
- SOLD
- Property Type
- com
- Sqft. of Residence
- 7,296
- Listing Area
- Burlingame Downtown Area
- Year Built
- 1962
Property Description
$200k Reduction! Generational Oppty to Acquire an Irreplaceable Downtown Burlingame Location. Walkscore: 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). First Time on Market in 50+ Years. Excellent Unit Mix: Six (6) 2 BR/2 BA, Three (3) 1 BR/1 BA Units. Potential to Achieve $6+/SF Rents w/ Apartment Home/Condo-Quality Finishes onUnit Turns. Top To Bottom Elevator Access (Out of Order But Can Be Restored). Potential to Convert 9 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). R-4-I Zoning: High Density Residential w/ Incentive Overlay (Less Than 1/2 Mile From CalTrain), Offers Max. Density of 80 Units/Acre (Build 13 Units). R-4-I Tier 1 Height Limit: Up to 46 Ft. (5 Stories). Assemblage Oppty for Larger Project. Low Operating Expense Ratio (29%). Tenants Pay In-Unit PG & E. Potential for Investors to Implement Full RUBS Programs or Monetize Parking. In-Place CAP Rate: 3.68%/GRM: 16.6. Pro-Forma (Market) CAP Rate: 6.35%/11.5 GRM. Actual Rentable Interior SF: 7,296 SF (Based on In-Unit Measurement). Cost Per Actual RentableSF: $651/SF. PLEASE DO NOT DISTURB TENANTS.
Additional Information
- Age
- 64
- Cooling System
- None
- Floor Covering
- Hardwood, Laminate
- Foundation
- Concrete Perimeter and Slab, Wood Frame
- Garage Parking
- Assigned Spaces, Carport
- Heating System
- Central Forced Air - Gas
- Living Area
- 7,296
- County
- San Mateo
- Neighborhood
- Burlingame Downtown Area
- Other Utilities
- Individual Electric Meters, Individual Gas Meters, Public Utilities
- Roof
- Elastomeric, Foam
- Sewer
- Sewer - Public
- Special Features
- Elevator / Lift, Parking
- View
- City
- Zoning
- R-4-I
Mortgage Calculator
Listing courtesy of Don Sung from Colliers Parrish International, Inc.. 650-380-5188
Selling Office: RCIP.
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