Renovated Four-Unit Apartment
For Sale
$2,480,000
909 Rollins Rd, Burlingame, CA 94010
Each residence offers a two-bedroom, one-bathroom layout with recent renovations.
Property Size3,336 SF
Lot Size0.12 Acres
Price / SF$743.41
Days on Market701
Property Features for 909 Rollins Rd
General Information
Standard status
Active
Size
3,336 SF
Lot size
0.12 Acres
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,010
Building Details
Buildings
1
Listing Agency:
Jeffrey Pang & Company, Inc.
(415) 244-5670
Listed By:
July Win
(415) 244-5670
Source:
Exprealty
Added: Sep 30, 2024
Changed: Aug 30
Last Checked: Aug 30 at 11:24PM
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 Jeffrey Pang & Company, Inc.
Investment Insights
Based on property information with market context.
Located at 909 Rollins Rd in Burlingame, this four-unit apartment property contains 3,336 square feet on a 5,250-square-foot lot. Each apartment is configured with two bedrooms and one bathroom, and the units have undergone recent renovations. Apartment 4 is renovated and ready for occupancy, while the other three apartments are leased.
The property is near Caltrain, public transportation, freeway access, shops, and restaurants. Burlingame Broadway and Burlingame Ave. are a short drive away. Residents are responsible for their own utilities, while ownership covers water, garbage, and electricity for the common areas.
The property is near Caltrain, public transportation, freeway access, shops, and restaurants. Burlingame Broadway and Burlingame Ave. are a short drive away. Residents are responsible for their own utilities, while ownership covers water, garbage, and electricity for the common areas.
Key Highlights
- Four‑unit apartment building with 3,336 square feet on a 5,250‑square‑foot lot
- Each unit includes 2 bedrooms and 1 bathroom
- 3 units are currently leased; Apt #4 is renovated and ready to be rented
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
$96,943
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
3.91%
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%
$1,938,860
$1.9M
Cap Rate 7%
$1,384,900
$1.4M
Cap Rate 9%
$1,077,144
$1.1M
Market Conditions
NOI Build-Up for 3,336 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
$148.1K $44.40/SF
− Vacancy
−$9.6K −$2.89/SF
EGI
$138.5K $41.51/SF
− OpEx
−$41.5K −$12.45/SF
NOI
$96.9K $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%
$1,938,860
Cap Rate 7%
$1,384,900
Cap Rate 9%
$1,077,144
Alternative Uses
Best Use
Multifamily LT 5
$1.38M
$1.21M – $1.62M
NOI $96,943 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$1.30M
$1.13M – $1.51M
NOI $90,796 @ 7.0% cap · market cap 3.66%
Theoretical Best
Warehouse
$2.65M
$2.32M – $3.09M
NOI $185,488 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,845
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?
Quadplex - Each residence offers a two-bedroom, one-bathroom layout with recent renovations.
Where is this quadplex located?
The property is located at 909 Rollins Rd Burlingame, CA.
What is the asking price?
The asking price for this property is $2,480,000.
What are key features of this property?
This property features: Four‑unit apartment building with 3,336 square feet on a 5,250‑square‑foot lot; Each unit includes 2 bedrooms and 1 bathroom; 3 units are currently leased; Apt #4 is renovated and ready to be rented
