Two-Unit Duplex with Conversion
For Sale
$2,100,000
1041 Paloma Avenue, Burlingame, CA 94010
Separate residences offer flexible living arrangements, private laundry, a backyard, basement storage, and a carport.
Property Size2,652 SF
Lot Size0.16 Acres
Price / SF$791.86
Days on Market62
Property Features for 1041 Paloma Avenue
General Information
Standard status
Active
Size
2,652 SF
Lot size
0.16 Acres
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
private backyard
carport
balcony
basement
washer/dryer
double pane windows
Forced Air
Gas
Washer/Dryer
Public Utilities, Water - Public, Composition
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Compass
(650) 208-5196
Listed By:
Greg Stange
(650) 208-5196
Source:
Kw
Added: Jun 12
Changed: Aug 11
Last Checked: Aug 12 at 12:44PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
Built in 1910, this duplex offers two distinct residences with complementary layouts. The first-floor unit contains three bedrooms, one bathroom, 1,714sf of living space, refinished hardwood floors, high ceilings, spacious closets, updated light fixtures, fresh paint, a basement with washer and dryer, and access to a private backyard with a shade tree. A carport serves the property.
The upper unit provides two bedrooms, one bathroom, 938sf of living space, an open living area, eat-in kitchen, washer and dryer, storage, double-pane windows, and a balcony. The property occupies a 6900sf lot and includes plans to convert the duplex into a 3 Beds, 3 Baths, 3,204sf single-family home. Public water and utilities, forced-air heating, gas service, and composition exterior materials are listed among the property features. The address is near Broadway, shops, cafes, restaurants, downtown Burlingame, 101, and SFO.
The upper unit provides two bedrooms, one bathroom, 938sf of living space, an open living area, eat-in kitchen, washer and dryer, storage, double-pane windows, and a balcony. The property occupies a 6900sf lot and includes plans to convert the duplex into a 3 Beds, 3 Baths, 3,204sf single-family home. Public water and utilities, forced-air heating, gas service, and composition exterior materials are listed among the property features. The address is near Broadway, shops, cafes, restaurants, downtown Burlingame, 101, and SFO.
Key Highlights
- First‑floor unit includes 3 Beds, 1 Bath, and 1,714sf of living space
- Upstairs residence offers 2 Beds, 1 Bath, and 938sf of living space
- Plans included to convert the duplex into a 3 Beds, 3 Baths, 3,204sf single‑family home
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$77,067
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,541,340
$1.5M
Cap Rate 7%
$1,100,957
$1.1M
Cap Rate 9%
$856,300
$856.3K
Market Conditions
NOI Build-Up for 2,652 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$117.7K $44.40/SF
− Vacancy
−$7.7K −$2.89/SF
EGI
$110.1K $41.51/SF
− OpEx
−$33.0K −$12.45/SF
NOI
$77.1K $29.06/SF
Area
San Mateo County, CA
Vacancy
6.50%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,541,340
Cap Rate 7%
$1,100,957
Cap Rate 9%
$856,300
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$963.3K – $1.28M
NOI $77,067 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$1.03M
$902.3K – $1.20M
NOI $72,180 @ 7.0% cap · market cap 3.44%
Theoretical Best
Warehouse
$2.11M
$1.84M – $2.46M
NOI $147,456 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,409
Businesses Nearby
Explore this area
Business Placement
Demographics for 94010, CA
44,045
Population
17,834
Households
2.5
Avg Household Size
42
Median Age
69%
College-Educated
96%
High-School Grad
15.1 sq mi
ZIP Area
2,917
Density / Sq Mi
$191,758
Median Household Income
$101,100
Median Earnings
$2,655
Median Rent
$2,000,001
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences offer flexible living arrangements, private laundry, a backyard, basement storage, and a carport.
Where is this duplex located?
The property is located at 1041 Paloma Avenue Burlingame, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: First‑floor unit includes 3 Beds, 1 Bath, and 1,714sf of living space; Upstairs residence offers 2 Beds, 1 Bath, and 938sf of living space; Plans included to convert the duplex into a 3 Beds, 3 Baths, 3,204sf single‑family home
