Two-Tenant Tudor Mixed-Use
New
For Sale
$2,895,000
311-315 Primrose Road, Burlingame, CA 94010
Fully leased property with retail-oriented space below and a law office occupying the upper floor.
Property Size2,536 SF
Lot Size0.04 Acres
Price / SF$1,141
Days on Market3
Property Features for 311-315 Primrose Road
General Information
Standard status
Active
Size
2,536 SF
Lot size
0.04 Acres
Property subtype
Commercial/Industrial
Zoning
BAC
Occupancy
100%
Additional Details
Office Units
2
Building Details
Year Built
1932
Buildings
1
Stories
2
Building Size
2,536 SF
Construction
English Tudor
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Gregory Terry · License #00957651
(650) 678-1110
Source:
Exitrealty
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 4 at 2:32PM
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 Compass
Investment Insights
Based on property information with market context.
This 2,536-square-foot mixed-use building presents a two-floor configuration with a 1,613-square-foot parcel. The ground floor and basement are occupied by Halo Blow Dry Bar, while the second floor is used as a law office. Tudor-style architecture and ongoing maintenance and enhancements contribute to the property’s established physical character. Built in 1932, the building is fully leased to two tenants.
The property is located at 311-315 Primrose Road in Downtown Burlingame, steps from Burlingame Avenue and surrounded by shops and other commercial venues. The site carries BAC (Burlingame Ave Commercial) zoning, supporting its downtown commercial setting.
The property is located at 311-315 Primrose Road in Downtown Burlingame, steps from Burlingame Avenue and surrounded by shops and other commercial venues. The site carries BAC (Burlingame Ave Commercial) zoning, supporting its downtown commercial setting.
Key Highlights
- 2,536 SF building on a 1,613 SF parcel
- Two tenants occupy two floors
- Ground floor and basement leased to Halo Blow Dry Bar
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
$81,922
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
2.83%
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%
$1,638,440
$1.6M
Cap Rate 7%
$1,170,314
$1.2M
Cap Rate 9%
$910,244
$910.2K
Market Conditions
NOI Build-Up for 2,536 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
$174.1K $68.64/SF
− Vacancy
−$43.0K −$16.95/SF
EGI
$131.1K $51.69/SF
− OpEx
−$49.2K −$19.38/SF
NOI
$81.9K $32.30/SF
Area
San Mateo County, CA
Vacancy
24.70%
Lease Rate
$68.64 /SF/Yr
Expense Ratio
37.50%
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%
$1,638,440
Cap Rate 7%
$1,170,314
Cap Rate 9%
$910,244
Alternative Uses
Best Use
Mixed Use
$1.17M
$1.02M – $1.37M
NOI $81,922 @ 7.0% cap · market cap 2.83%
Second Best
Office B
$1.16M
$1.02M – $1.35M
NOI $81,223 @ 7.0% cap · market cap 2.81%
Theoretical Best
Warehouse
$2.01M
$1.76M – $2.35M
NOI $141,006 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,404
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased property with retail-oriented space below and a law office occupying the upper floor.
Where is this mixed-use property located?
The property is located at 311-315 Primrose Road Burlingame, CA.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: 2,536 SF building on a 1,613 SF parcel; Two tenants occupy two floors; Ground floor and basement leased to Halo Blow Dry Bar
