Burlingame Multifamily Investment
For Sale
$3,695,000
2 Arundel Road, Burlingame, CA 94010
Six-unit multifamily property in a desirable Burlingame location.
Property Size7,182 SF
Price / SF$514.48
Days on Market413
Property Features for 2 Arundel Road
General Information
Standard status
Active
Size
7,182 SF
Property subtype
Commercial
Amenities
Attached Garage
Carpet Flooring
Composition Roof
Gas Central Forced Air Heat Heating
Laminate Flooring
Level
Shingle Roof
Stone Flooring
Vinyl / Linoleum Flooring
Building Details
Year Built
1959
Listing Agency:
COLDWELL BANKER REALTY
(650) 596-5400
Listed By:
VIC AENLLE,CCIM
Source:
Corcoran
Added: Jul 14, 2025
Changed: Aug 10
Last Checked: Aug 29 at 7:35AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
Located in Burlingame, California, 2 Arundel Road is a multifamily property featuring six units. The building has a total area of approximately 7,182 square feet and is situated on a lot of approximately 6,205 square feet. The unit mix includes four 1-bedroom/1-bathroom units and two 2-bedroom/1-bathroom units. The property includes six dedicated garage spaces and on-site laundry facilities. Gas and electric utilities are separately metered. The landscaping is designed for low maintenance.
Key Highlights
- Prime location in Burlingame, a highly desirable Bay Area rental market.
- Strong current income with significant pro‑forma rent upside potential.
- Desirable unit mix of (4) 1‑bed/1‑bath and (2) 2‑bed/1‑bath units.
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
$195,473
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
5.29%
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%
$3,909,460
$3.9M
Cap Rate 7%
$2,792,471
$2.8M
Cap Rate 9%
$2,171,922
$2.2M
Market Conditions
NOI Build-Up for 7,182 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
$374.9K $52.20/SF
− Vacancy
−$19.5K −$2.71/SF
EGI
$355.4K $49.49/SF
− OpEx
−$159.9K −$22.27/SF
NOI
$195.5K $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%
$3,909,460
Cap Rate 7%
$2,792,471
Cap Rate 9%
$2,171,922
Alternative Uses
Best Use
Apartment 5plus
$2.79M
$2.44M – $3.26M
NOI $195,473 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.70M
$4.99M – $6.66M
NOI $399,332 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,091
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 - Six-unit multifamily property in a desirable Burlingame location.
Where is this apartment building located?
The property is located at 2 Arundel Road Burlingame, CA.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: Prime location in Burlingame, a highly desirable Bay Area rental market.; Strong current income with significant pro‑forma rent upside potential.; Desirable unit mix of (4) 1‑bed/1‑bath and (2) 2‑bed/1‑bath units.
