121 Lorton Avenue, Burlingame, CA 94010

This apartment building offers a large, spacious unit mix with six (6) two-bedroom, two-bath units and three (3) one-bedroom, one-bath units. Unit sizes range from 911 to 945 square feet for the 2BR/2BA layouts and 540 to 600 square feet for the 1BR/1BA layouts. The building provides top-to-bottom elevator access; however, the elevator is currently out of order but described as restorable. Parking is supported by carports, and the property has potential to convert nine carports into three ADUs, described as 1BR or 2BR units at approximately 648 square feet each.

Located in downtown Burlingame, the address is described as being one block from Howard Ave, two blocks from Burlingame Ave, and about two blocks from Caltrain Burlingame. The property is identified as R-4-I zoning with a high-density residential designation and an incentive overlay, with an indicated maximum density of 80 units per acre and a described build of 13 units. A Tier 1 height limit of up to 46 feet (up to five stories) is also provided.

For tenant or owner-operator considerations, the current tenant arrangement includes in-unit PG&E paid by tenants. The remarks also note an in-place CAP rate of 3.68% and GRM of 16.6, along with pro-forma market CAP rate of 6.35% and GRM of 11.5. Actual rentable interior space is stated as 7,296 square feet, based on in-unit measurement.