Renovated Triplex with Air
For Sale
$2,498,800
1116 Chula Vista Ave, Burlingame, CA 94010
Updated three-unit property with air conditioning and professionally managed rental operations.
Property Size2,795 SF
Days on Market91
Property Features for 1116 Chula Vista Ave
General Information
Standard status
Active
Size
2,795 SF
Property subtype
Investment
Lease Term
Call to inquire
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$29,385
Amenities
A/C
Building Details
Building Size
2,795 SF
Year Built
1941
Stories
2
Units
3
Listing Agency:
(650) 382-9937
Listed By:
Nancy Shen
(650) 382-9937
Source:
Elliman
Added: Jun 1
Changed: Aug 30
Last Checked: Aug 30 at 12:54AM
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 Nancy Shen
Investment Insights
Based on property information with market context.
This three-unit apartment property at 1116 Chula Vista Ave includes two 2-bedroom/1-bath residences and one 1-bedroom/1-bath residence. The units have been updated, include air conditioning, and are operated through professional property management. Rental arrangements include short-term Airbnb use and longer-term occupancy. The building was constructed in 1941 and includes a low-maintenance yard.
The property is in downtown Burlingame, with restaurants, Starbucks, grocery stores, banks, fitness centers, childcare facilities, Caltrain, and schools within walking distance. A Walk Score of 77 indicates a very walkable setting, while a Bike Score of 61 reflects a bikeable area. The three-unit configuration provides separate residences within one apartment property, with a mix of two-bedroom and one-bedroom layouts.
The property is in downtown Burlingame, with restaurants, Starbucks, grocery stores, banks, fitness centers, childcare facilities, Caltrain, and schools within walking distance. A Walk Score of 77 indicates a very walkable setting, while a Bike Score of 61 reflects a bikeable area. The three-unit configuration provides separate residences within one apartment property, with a mix of two-bedroom and one-bedroom layouts.
Key Highlights
- Three‑unit apartment property with two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- Updated residences with air conditioning
- Professional property management in place
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
$81,222
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
3.25%
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%
$1,624,440
$1.6M
Cap Rate 7%
$1,160,314
$1.2M
Cap Rate 9%
$902,467
$902.5K
Market Conditions
NOI Build-Up for 2,795 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
$124.1K $44.40/SF
− Vacancy
−$8.1K −$2.89/SF
EGI
$116.0K $41.51/SF
− OpEx
−$34.8K −$12.45/SF
NOI
$81.2K $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%
$1,624,440
Cap Rate 7%
$1,160,314
Cap Rate 9%
$902,467
Alternative Uses
Best Use
Multifamily LT 5
$1.16M
$1.02M – $1.35M
NOI $81,222 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$1.09M
$950.9K – $1.27M
NOI $76,072 @ 7.0% cap · market cap 3.04%
Theoretical Best
Warehouse
$2.22M
$1.94M – $2.59M
NOI $155,407 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,422
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?
Triplex - Updated three-unit property with air conditioning and professionally managed rental operations.
Where is this triplex located?
The property is located at 1116 Chula Vista Ave Burlingame, CA.
What is the asking price?
The asking price for this property is $2,498,800.
What are key features of this property?
This property features: Three‑unit apartment property with two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; Updated residences with air conditioning; Professional property management in place
