Embed Size (px)
Citation preview
Disclaimer: The distributor of this communication is performing acts for which a real estate license is required. The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.
18-1049 / 18-10
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
MATTHEW THOMSON
Senior Managing Director 650.515.6555
[email protected] CA RE License #01471708
STEVE ZIRELLI
Senior Managing Director 650.224.3118
[email protected] CA RE License #01929245
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
21123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
TABLE OF CONTENTS
Property Details and Financing ...................................................................................3
Property Overview ........................................................................................................ 4-5
Operations Summary ........................................................................................................6
Rent Roll Summary ............................................................................................................7
Property Overview .............................................................................................................8
Rent Roll ..................................................................................................................................9
Proforma Operating Statement ................................................................................. 10
Interior Upgrades .......................................................................................................... 11-13
Exterior Photos .............................................................................................................14-15
Broadway Avenue Amenities Map ............................................................................ 16
Companies Near Burlingame .......................................................................................17
Renovated Burlingame Avenue Amenities ........................................................... 18
Burlington Photos ...................................................................................................... 19-20
Local Burlingame Biotech & High-Tech Employers ...........................................21
Nearby Burlingame - Bay Area Overview ............................................................ 22
Area, Local, Parcel, & Aerial View Maps ......................................................... 23-26
Sales Comparables and Map ............................................................................... 27-30
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PROPERTY DETAILSAddress 1123 Chula Vista Avenue
Burlingame, CAPrice $3,895,000Down Payment $3,895,000Units 8Price/Unit $486,875Rentable Square Feet 4,144Price/Sq Ft $939.91Year Built 1957Land Area (Sq Ft) 5,750Current Cap Rate 2.37%Market Cap Rate 4.84%Current GRM 25.31Market GRM 15.76
PROPOSED FINANCINGLoan Amount $0.0Interest Rate 3.90%Amortization 30Debt Service $0 Details 5-year fixedWith First Republic - LTV TBD.
* RATES AND LENDER UNDERWRITING CAN CHANGE DAILY. BUYER SHOULD CONSULT ITS LENDER FOR AVAILABLE FINANCING.
PAGE
31123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
PROPERTY DETAILS AND FINANCING
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
41123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
PROPERTY OVERVIEW
Investment Overview
1123 Chula Vista Avenue offers an investor
the unique opportunity to acquire an
apartment building in an “A+” downtown
Burlingame location with tremendous
upside potential in one of the most sought
after submarkets in the country.
Chula Vista consists of 8 large Studio units
ideal for the young professional working
in Silicon Valley. Two of the eight units
have been fully renovated and achieved
top of the market rent with high end tenant
profiles. The property presents a significant
add-value opportunity for a new owner.
The six un-renovated units have drastically
low rents. Current owners have proven
the concept for upgrading unit interiors
and establishing excellent rental income.
The building also benefits from brand new
exterior paint, dual pane windows and
landscaping.
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
51123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
PROPERTY OVERVIEW
Investment Highlights
● Irreplacable Downtown Burlingame location off Broadway Avenue
● Unit Mix: 8 Large Studios (Ideal For Young Tech & Software Professionals)
● Two Units Fully Renovated Achieving Excellent Rents Showing Proof of Concept For New Owner
● 6 Units Offer Ideal Value-Add Opportunity
● Brand New Exterior Paint, Dual Pane Windows & Landscaping
● 4.84% Stabilized Cap Rate Achievable Within First 6 Months of Ownership
● Burlingame Avenue Has Undergone a Major $16 Million Dollar Renovation 1 Mile From Subject Property
● Close Proximity (1 block) to Broadway Caltrain / 1 mile from Burlingame Caltrain
● Strategically positioned Near Corner of Broadway Avenue Walking Distance to High End Shopping, Dining & Cultural amenities
● Facebook Just Signed New Lease at Burlingame Point for 787,000 SF
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
61123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
OPERATIONS SUMMARY
OPERATIONS SUMMARY CURRENT MARKET
Scheduled Gross Rent $153,900 $247,200
Vacancy 2.00% ($3,078) 2.00% ($4,944)
Effective Gross Rent $150,822 $242,256
Other income $960 $960
Total Income $151,782 $248,016
Operating Expenses $11,257 $11,257
Non-Operating Expenses $48,226 $48,226
Total Expenses $59,483 $59,483
Net Operating Income $92,299 $188,533
Debt Service $0 $0
Net Cash Flow 2.37% $92,299 4.84% $188,533
Principal Reduction $0 $0
Total Return 2.37% $92,299 4.84% $188,533
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
71123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
RENT ROLL SUMMARY
RENT ROLL S SUMMARY
UNIT # TYPE CURRENT RENT MARKET RENT
1 Studio w/ Private Deck $1,520 $2,950
1 Studio w/ Private Yard $1,320 $2,950
6 Studios $1,210 - $2,540 $2,450
Total $12,825 20,600
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
CONSTRUCTIONFoundation Concrete PerimeterExterior Walls StuccoRoof PitchPatio/Balcony Some UnitsLaundry Facilities YesPool/Spa No
ATTRIBUTESUnits 8Gross Building Square Feet 4,144Land Area (SqFt) 5,750Year Built 1957Parking Carport
PROPERTY DETAILSAddress 1123 Chula Vista Avenue
Burlingame, CACounty San MateoAPN 026-192-040County Use Multi Family
NOTE: TOTAL GROSS SF BASED ON SAN MATEO COUNTY RECORDS - TO BE CONFIRMED BY BUYER.
PAGE
81123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
PROPERTY OVERVIEW
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
RENT ROLL
UNIT # TYPE CURRENT RENT MARKET RENT
1 Renovated Studio $2,275 $2,450
2 Studio w/ Private Yard $1,520 $2,950
3 Studio w/ Private Deck $1,210 $2,950
4 Studio $1,320 $2,450
5 Studio $1,320 $2,450
6 Renovated Studio $2,540 $2,450
7 Studio w/ Back Balcony $1,320 $2,450
8 Studio w/ Back Balcony $1,320 $2,450
Total $12,825 $20,600
PAGE
91123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
RENT ROLL
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
OPERATIONS CURRENT PRO-FORMA
Scheduled Gross Rent $153,900 $247,200
Vacancy 2.00% ($3,078) 2.00% ($4,944)
Effective Gross Rent $150,822 $242,256
Laundry income (estimate) $960 $960
RUBS income $0 $4,800
Total Income $151,782 $248,016
Repairs & Maintenance ($500/ unit) $4,000 $4,000
Gas & Electric (2018 Actual) $517 $517
Water (2018 Actual) $2,949 $2,949
Sewer (2018 Actual) $1,097 $1,097
Trash (2018 Actual) $2,694 $2,694
Operating Expenses $11,257 $11,257
Real Estate Taxes (1.143%) $44,520 $44,520
Special Assessments $517 $517
Insurance (Mercury Quote) $1,989 $1,989
Capital Reserves ($150/ unit) $1,200 $1,200
Non-Operating Expenses $48,226 $48,226
Total Expenses $59,483 $59,483
% Scheduled Gross Rent 38.65% 24.06%
Expenses/Unit $7,435 $7,435
Expenses/Sq Ft $14.35 $14.35
NET OPERATING INCOME $92,299 $188,533
PAGE
101123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
PROFORMA OPERATING STATEMENT
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
111123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
Two Units Fully Renovated with the Following Upgrades
INTERIOR UPGRADES - GENERAL
New Faux Wood BlindsNew Interior Doors
New Lighting & Ceiling Fans New BaseboardsNew Interior Paint
New LVT Flooring Throughout
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
New BacksplashNew White Shaker Cabinets
New Sink New Stainless Steel AppliancesNew Cabinet Hardware
New Quartz Countertops
PAGE
121123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
INTERIOR UPGRADES - KITCHEN
Two Units Improved with Kitchen Upgrades and an Open Floorplan to Enlarge Kitchen
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
Re-Glazed BathtubNew Mixing Valve
New VanityNew Brush Nickel Shower Rod
New Fiberglass Shower Enclosure
PAGE
131123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
INTERIOR UPGRADES - BATHROOM
Two Units Fully Renovated with the following Bathroom Upgrades
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
141123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
EXTERIOR PHOTOS
Private Deck for Unit 2
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
151123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
EXTERIOR PHOTOS
Carport Parking
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
CAFES, TAVERNS & CASUAL 1 BEHAN’S IRISH PUB
2 BIG JOE’S CAFE
3 CAFE FIGARO
4 LE CROISSANT CAFE
5 ROYAL DONUT CAFE
6 IL PICCOLO CAFFE
7 PRESTON’S CANDY & ICE CREAM
8 SIDEWALK JUICE
9 STARBUCKS
10 SUBWAY
RESTAURANTS11 BONNE SANTE
12 BROADWAY PRIME
13 BROADWAY GRILL
14 THE DUO ENTOURAGE
15 JUBAN YAKINIKU HOUSE
16 MAVERICK JACK’S
17 MIVAN MEDITERRANEAN CUISINE
18 MOKUTANY
19 QUE SERAW SERAW
20 RISTORANTE ROCCA
21 SAHAARA MEDITERRANEAN CUISINE
22 SESAME
23 SHABU HOUSE
24 VILLAGE HOSE PIZZA & GRILL
25 YANGON
26 YOUNG CAN WOK CHINESE
FINANCIAL27 BANK OF AMERICA
28 CHASE BANK
29 FIRST REPUBLIC BANK
30 STERLING BANK & TRUST
31 WELLS FARGO BANK
32 WESTERN UNION
PERSONAL CARE & HEALTH33 ARIA SPA
34 BURLINGAME NAIL CARE
35 COMFORT PRO MASSAGE
36 FOR YOURS EYES ONLY OPTOMETRY
37 HYPE SALON BURLINGAME
38 PILATES PROWORKS
39 SUPERCUTS
40 VICKY NAILS
SHOPPING & SERVICES41 ALL THAT GLITTERS
42 BURLINGAME FARMERS MARKET
43 BURLINGAME LIQUOR
44 CHEVRON
45 FOOTWEAR ETC.
46 GIGI’S BOUTIQUE
47 ON TRACK AUTOMOTIVE
48 REBARTS INTERIORS
49 WALGREENS
50 WEIMAX WINES & SPIRITS
TRANSPORTATION51 BROADWAY CALTRAIN STATION
52 SAMTRANS CALIFORNIA & BROADWAY
53 SAMTRANS EL CAMINO REAL & BROADWAY
16
44
PAGE
161123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
BROADWAY AVENUE AMENITIES MAP
Location Overview
1123 Chula Vista is strategically
positioned near the corner of
Broadway Avenue, walking distance
to several shopping & dining
amenities, cafes, nightlife and
banks highlighted in the adjacent
map. Broadway Cal Train is one
block away. Facebook recently
signed a lease at Burlingame Point
for 787,000 SF. Several major
Silicon Valley employers are in
close proximity and highlighted on
the following page. Studio units in
this location offer a landlord the
opportunity to benefit from high
profile professional tenants working
in the core Bay Area.
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
1
2
3
4
5
6
7
89
10
11
12
13
1415
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33 34
35
3637
38
41
42
43
44
46
46
47
48
49
50
51
52
53
39
40
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
SAN FRANCISCO
SOUTH SAN FRANCISCOSAN MATEO
BURLINGAMEREDWOOD CITY
FOSTER CITY
MENLO PARK
RECENT NEW FACEBOOK LEASE AT BURLINGAME POINT
300 AIRPORT BOULEVARD BURLINGAME, CA
787,000 SF
PAGE
171123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
COMPANIES NEAR BURLINGAME
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
CAFES, TAVERNS & CASUAL 1 ALANA’S CAFE
2 BASKIN-ROBBINS
3 COPENHAGEN BAKERY & CAFE
4 FIVE GUYS
5 LELAND TEA COMPANY
6 THE ORIGINAL ROYAL DONUT
7 PEET’S COFFEE
8 PHILZ COFFEE
9 STARBUCKS
10 STEELHEAD BREWING COMPANY
11 YOGURTLAND
RESTAURANTS12 BLUE LINE PIZZA
13 CREPEVINE
14 FARM & VINE AMERICAN BISTRO
15 IL FORNAIO
16 I PRIVE SUSHI
17 LIMON ROTISSERIE
18 MINGALABA
19 PIZZERIA DELFINA
20 PIZZA MY HEART
21 RASOI RESTAURANT
22 SAKAE SUSHI & GRILL
23 STACKS
24 STELLA ALPINA OSTERIO
25 URBAN BISTRO
FINANCIAL26 BANK OF AMERICA
27 BANK OF THE WEST
28 CHASE BANK
29 CITIBANK
30 UNION BANK
31 WELLS FARGO
PERSONAL CARE & HEALTH32 DRYBAR SALON
33 MASSAGE ENVY
SHOPPING & SERVICES34 ACE HARDWARE
35 APPLE
36 BANANA REPUBLIC
37 BEVMO!
38 BOOKS INC.
39 BURLINGAME CITY HALL
40 BURLINGAME FARMERS MARKET
41 BURLINGAME MAIN LIBRARY
42 FOX MALL
43 GAP
44 KATE SPADE NEW YORK
45 LULU LEMON
46 MOLLIE STONE’S MARKET
47 PAPER SOURCE
48 POTTERY BARN
49 SAFEWAY
50 SUR LA TABLE
51 THE UPS STORE
52 VANS
53 WALGREENS
TRANSPORTATION54 BURLINGAME CALTRAIN STATION
55 SAMTRANS EL CAMINO & BURLINGAME
56 SAMTRANS EL CAMINO REAL & BURLINGAME
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
12
3
4
5
6
7
8
9
10
11
1314
15
16
17
18
19
20
21
22
23
24
25
12
2627
28
29
30
31 32
3334
35
36
37
38
39
40
41
42
4344
45
46
47
48
49
50
51
52
53
54
55
56
PAGE
181123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
RENOVATED BURLINGAME AVENUE AMENITIES MAP
Renovated Burlingame Avenue Overview1123 Chula Vista is strategically located in a high barrier to entry downtown Burlingame
market. Burlingame Avenue has recently undergone a $16 Million Dollar renovation
widening pedestrian friendly sidewalks to 16 feet, planting new trees, installing new
street lights and updating 100-year-old water and sewer lines. Downtown tenants benefit
greatly from a major redevelopment of a brand new 12,000 SF Walgreen’s and 45,600
SF Safeway at the corner of Howard Avenue & El Camino Real. Several major retailers
and restaurants have planted a flag within walking distance to 1123 Chula Vista including
Mollie Stones, Apple, Starbucks, Peet’s Coffee, Broadway Grill, Crepevine, Pottery Barn,
BevMo, Banana Republic, aforementioned Safeway & Walgreen’s and several more
(See Burlingame Downtown Map – Page ). Several major retailers and restaurants have
planted a flag within walking distance to 1123 Chula Vista including Mollie Stone’s, Apple,
Starbucks, Peet’s Coffee, Broadway Grill, Crepevine, Pottery Barn, BevMo, Banana
Republic, aforementioned Safeway & Walgreen’s and several more are highlighted on the
adjacent map. Chula Vista is walking distance to Broadway & Burlingame Cal Train and
provides easy access to highways 101, 280 & 92..
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
191123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
BURLINGTON PHOTOS
Burlingame Avenue Caltrain Station
Burlingame Library City Hall
Broadway Caltrain Station
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
201123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
BURLINGTON PHOTOS
Downtown Burlingame
Broadway Avenue Burlingame Avenue
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
LEGEND
BIOTECH COMPANIES
HIGHTECH COMPANIES
RECENT NEW FACEBOOK LEASE AT BURLINGAME POINT
300 AIRPORT BOULEVARD BURLINGAME, CA
787,000 SF
PAGE
211123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
Biotech and High TechCompanies
in Burlingame
Since 2010, Burlingame’s economy has diversified substantially and it has become an attractive location for biotechnology companies owing to its proximity to South San Francisco, the birthplace of the biotechnology industry. Biotechnology companies with offices in Burlingame include: Breathometer, Cala Health, Cleave Biosciences, Collaborative Drug Discovery, Confidence Clinical Research, Corvus Pharmaceuticals, Igenica Biotherapeutics, Kindred Biosciences, Phoenix Pharmaceuticals, and Vector Labs.
Additionally, multiple high technology firms have established offices in Burlingame due to its location between the booming technology centers of Silicon Valley to the south and San Francisco to the north. Tech companies with Burlingame offices include: Zecco.com, Natsume, Color Genomics, CarWoo, Jobvite, DataStax, Sprint’s M2M Collaboration Center, YouWeb, OpenFeint, CrowdStar, BitGravity, Veebeam, and TellApart
The most recent high tech firm to lease space in Burlingame is FACEBOOK. 787,000SF of office space at 300 Airport Boulevard at Burlingame Point was leased to this high tech giant.
LOCAL BURLINGAME BIOTECH AND HIGH-TECH EMPLOYERS
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
221123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
NEARBY BURLINGAME - BAY AREA OVERVIEW
Bay Area Overview The San Francisco Bay Area consists of nine counties with a total population nearing 7.5 million residents, making it the 5th largest metropolitan area in the United States. Of the nine counties, Santa Clara County is the most populous with nearly 2 million inhabitants. Bay Area citizens enjoy outstanding weather, world-class universities, various cultural amenities, well-paying jobs, etc. The Bay Area economy has a GDP above $500B ranking it as one of the top economies in the world.
Bay Area Highlights • 7.5 million residents with the highest percentage of graduate and professional
degrees in the nation
• Bay Area economy was ranked 19th largest in the world
• Highest GDP per capita ($74,815) in the United States
• Most Fortune 500 companies in the nation, excluding New York
• Highest density of venture capital firms in the world
• Home to outstanding higher education – Stanford University, University of California at Berkeley, Santa Clara University, San Jose State University
Silicon Valley Major Employers
SAN FRANCISCO
DOWNTOWN SAN JOSE
• Intuit Inc.
• SRI International
• TE Connectivity
• Apple
• Cisco
• Microsoft
• Lockheed Martin
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
231123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
AREA MAP
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
241123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
LOCAL MAP
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
251123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
PARCEL MAP
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PAGE
261123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
AERIAL VIEW
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
312 LORTON AVENUE BURLINGAME, CA
Year Built 1909
Price $4,025,000
Units 8
$/Unit $503,125
Sq Ft 5,652
$/Sq Ft $712.14
Unit Mix(6) 1x1, (1) JR 1x1, (1)Studio
Cap Rate (Current) 1.04%
Cap Rate (Market) 4.28%
GRM (Current) 37.41
GRM (Market) 17.08
COE 10/1/18
DOM 10
COMMENTS:
Closed ABOVE the list price after being on the market 10 days. Significant deferred maintenance and rents are drastically low.
42 ARUNDEL ROAD BURLINGAME, CA
Year Built 1959
Price $3,550,000
Units 6
$/Unit $591,667
Sq Ft 7,182
$/Sq Ft $494.29
Unit Mix (2) 2x1, (4) 1x1
Cap Rate (Current) 2.95%
Cap Rate (Market) n/a
GRM (Current) 24.95
GRM (Market) n/a
COE 6/1/18
DOM 19
COMMENTS:
Significantly inferior location located directly across a gas station on the corner of Peninsula and Arundel close to the 101.
51109 CAPUCHINO AVE
BURLINGAME, CA
Year Built 1969
Price $3,424,800
Units 6
$/Unit $570,800
Sq Ft 5,813
$/Sq Ft $589.16
Unit Mix(1) 3x2, (4) 2x1, (1) 1x1
Cap Rate (Current) n/a
Cap Rate (Market) n/a
GRM (Current) n/a
GRM (Market) n/a
COE 5/1/18
DOM Off-Market
COMMENTS:
Sold off-market. No rental income information available at time of sale.
11136 EL CAMINO REAL
BURLINGAME, CA
Year Built 1928
Price $3,165,000
Units 5
$/Unit $633,000
Sq Ft 4,978
$/Sq Ft $0.00
Unit Mix(2) 2x1, (2) 1x1, (1) Studio
Cap Rate (Current) 2.71%
Cap Rate (Market) 4.23%
GRM (Current) 23.08
GRM (Market) 17.35
COE IN CONTRACT
DOM Off-Market
COMMENTS:
Currently in contract contingent free at a significantly higher price point than Subject Property. Inferior location on the El Camino Real.
21155 BAYSWATER AVE
BURLINGAME, CA
Year Built 1979
Price $3,600,000
Units 6
$/Unit $600,000
Sq Ft 9,527
$/Sq Ft $377.87
Unit Mix (4) 2x1, (2) 1x1
Cap Rate (Current) 2.68%
Cap Rate (Market) n/a
GRM (Current) 24.23
GRM (Market) n/a
COE IN CONTRACT
DOM Off-Market
COMMENTS:
Currently in contract contingent free at a significantly higher price point than Subject Property. Solid location.
PAGE
271123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
SALES COMPARABLES
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
8849 BERMUDA DRIVE
SAN MATEO, CA
Year Built 1959
Price $3,325,000
Units 6
$/Unit $554,167
Sq Ft 7,185
$/Sq Ft $462.77
Unit Mix(1) 3x2, (1) 3x1, (4) 2x1
Cap Rate (Current) 3.00%
Cap Rate (Market) 4.00%
GRM (Current) 17.32
GRM (Market) 14.70
COE 9/1/17
DOM 0
COMMENTS:
Clean building but not fully renovated. Located near 92 and 101 interchange. This property represents a sales comparable for a purchase of 735 or 739 Amphlett as an individual 6 unit building.
9141 ARROYO COURT
SAN MATEO, CA
Year Built 1950
Price $3,325,000
Units 6
$/Unit $554,167
Sq Ft 7,603
$/Sq Ft $437.33
Unit Mix (2) 2x1, (4) 1x1
Cap Rate (Current) n/a
Cap Rate (Market) n/a
GRM (Current) n/a
GRM (Market) n/a
COE 10/1/17
DOM 0
COMMENTS:
Sold off-market. No rental income information at time of sale available.
61312 EL CAMINO REAL
BURLINGAME, CA
Year Built 1986
Price $3,675,000
Units 6
$/Unit $612,500
Sq Ft 8,147
$/Sq Ft $451.09
Unit Mix (4) 2x2, (2) 1x1
Cap Rate (Current) 3.56%
Cap Rate (Market) 4.04%
GRM (Current) 18.42
GRM (Market) 16.20
COE 7/1/17
DOM 21
COMMENTS:
Inferior location on the El Camino.
71405 BELLEVUE AVE
BURLINGAME, CA
Year Built 1928
Price $4,450,000
Units 8
$/Unit $556,250
Sq Ft 7,663
$/Sq Ft $580.71
Unit Mix (4) 1x1, (4) Studio
Cap Rate (Current) 3.83%
Cap Rate (Market) n/a
GRM (Current) 16.79
GRM (Market) n/a
COE 6/1/17
DOM 14
COMMENTS:
Similar downtown location. Sold $250,000 above List Price.
PAGE
281123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
SALES COMPARABLES
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
PROPERTY PRICE UNITS $/UNIT SQ FT $/SQ FT CAP RATE GRM COE
SUBJECT PROPERTY 1123 Chula Vista Avenue
Burlingame $3,895,000 8 $486,875 5,750 $939.91 2.37% 25.31 N/A
1 1136 El Camino Real Burlingame $3,165,000 5 $633,000 4,978 $635.80 2.71% 23.08 IN CONTRACT
2 1155 Bayswater Avenue Burlingame $3,600,000 6 $600,000 9,527 $377.87 2.68% 24.23 IN CONTRACT
3 12 Lorton Avenue Burlingame $4,025,000 8 $503,125 5,652 $712.14 1.04% 37.41 10/1/18
4 2 Arundel Road Burlingame $3,550,000 6 $591,667 7,182 $494.29 2.95% 24.95 6/1/18
5 1109 Capuchino Avenue Burlingame $3,424,800 6 $570,800 5,813 $589.16 n/a n/a 5/1/18
6 1312 El Camino Real Burlingame $3,675,000 6 $612,500 8,147 $451.09 3.56% 18.42 7/1/17
7 1405 Bellevue Avenue Burlingame $4,450,000 8 $556,250 7,663 $580.71 3.83% 16.79 6/1/17
8 849 Bermuda Drive San Mateo $3,325,000 6 $554,167 7,185 $462.77 3.00% 17.32 9/1/17
9 141 Arroyo Court San Mateo $3,325,000 6 $554,167 7,603 $437.33 n/a n/a 10/1/17
PAGE
291123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
SALES COMPARABLES SUMMARY
MATTHEW THOMSON 650.515.6555
STEVE ZIRELLI 650.224.3118
312 LORTON AVENUE BURLINGAME, CA
42 ARUNDEL ROAD BURLINGAME, CA
51109 CAPUCHINO AVE
BURLINGAME, CA
61312 EL CAMINO REAL
BURLINGAME, CA
71405 BELLEVUE AVE
BURLINGAME, CA
8849 BERMUDA DRIVE
SAN MATEO, CA
9141 ARROYO COURT
SAN MATEO, CA
11136 EL CAMINO REAL
BURLINGAME, CA
21155 BAYSWATER AVE
BURLINGAME, CA
PAGE
301123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
18-1049 / 18-10
SALES COMPARABLE MAP
2
1
3
4
5
6
8
1123 CHULA VISTA AVENUEB U R L I N G A M E | C A L I F O R N I A
7
9
