11-Unit Apartment
For Sale
$6,500,000
Pending
1437 Floribunda Avenue, Burlingame, CA 94010
Fully occupied multifamily asset with six one-bedroom and five two-bedroom residences near Burlingame Avenue.
Property Size10,712 SF
Days on Market361
Property Features for 1437 Floribunda Avenue
General Information
Standard status
Pending
Size
10,712 SF
Total Parking Spaces
11
Property subtype
5+ Units / Five or More Units
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA, 5 x 2BR/1BA
Multifamily Units
11
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,470
Amenities
https://www.tourfactory.com/3214005
11
Building Details
Year Built
1961
Buildings
1
Listing Agency:
Alain Pinel Realtors
(650) 814-0277
Listed By:
Ken Constantino · License #00992653
(650) 814-0277
Source:
Compass
Added: Sep 4, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:36AM
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 Alain Pinel Realtors
Investment Insights
Based on property information with market context.
Located at 1437 Floribunda Avenue in Burlingame, this 11-unit apartment property was built in 1961 and includes six one-bedroom, one-bathroom units plus five two-bedroom, one-bathroom units. The building has received multiple upgrades and improvements during the past 25 years and is reported at 100% occupancy.
The property is three blocks north of Burlingame Avenue’s commercial district, with Caltrain, parks, schools, shopping, and other daily conveniences within walking distance. Its Burlingame setting provides access to employment centers in San Francisco, Silicon Valley, and the Peninsula. The current owners have managed the building for more than 50 years.
The property is three blocks north of Burlingame Avenue’s commercial district, with Caltrain, parks, schools, shopping, and other daily conveniences within walking distance. Its Burlingame setting provides access to employment centers in San Francisco, Silicon Valley, and the Peninsula. The current owners have managed the building for more than 50 years.
Key Highlights
- 11‑unit apartment building constructed in 1961
- Unit mix includes 6 one‑bedroom and 5 two‑bedroom apartments
- 100% occupancy across the property
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
$291,549
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
4.49%
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%
$5,830,980
$5.8M
Cap Rate 7%
$4,164,986
$4.2M
Cap Rate 9%
$3,239,433
$3.2M
Market Conditions
NOI Build-Up for 10,712 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
$559.2K $52.20/SF
− Vacancy
−$29.1K −$2.71/SF
EGI
$530.1K $49.49/SF
− OpEx
−$238.5K −$22.27/SF
NOI
$291.5K $27.22/SF
Area
San Mateo County, CA
Vacancy
5.20%
Lease Rate
$52.20 /SF/Yr
Expense Ratio
45.00%
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%
$5,830,980
Cap Rate 7%
$4,164,986
Cap Rate 9%
$3,239,433
Alternative Uses
Best Use
Apartment 5plus
$4.16M
$3.64M – $4.86M
NOI $291,549 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$8.51M
$7.45M – $9.93M
NOI $595,607 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,397
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?
Apartment building - Fully occupied multifamily asset with six one-bedroom and five two-bedroom residences near Burlingame Avenue.
Where is this apartment building located?
The property is located at 1437 Floribunda Avenue Burlingame, CA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 11‑unit apartment building constructed in 1961; Unit mix includes 6 one‑bedroom and 5 two‑bedroom apartments; 100% occupancy across the property
