Investment highlight
- Rare opportunity to acquire a 76-unit apartment community located on two contiguous parcels situated two blocks from Downtown Burlingame.
- Attractive Community Amenities – Offers residents attractive community amenities including laundry facilities, picnic area and private parking.
- Exceptional Value-Add Opportunity – Purchaser has the opportunity to achieve significant rental premiums through interior and exterior renovations.
- The subject property is situated on two adjacent parcels of land totaling nearly 1 acre offering buyers the opportunity for development potential.
executive summary
1239 Oak Grove Ave & 1404 Floribunda Ave are comprised of 76-units located on adjacent lots situated two blocks from Downtown Burlingame, CA.
Situated on two parcels of land totaling nearly 1 acre, the subject properties were originally constructed in 1958 and have a combined gross building area of approximately 55,082 square feet, offering tenants beautifully designed one-bedroom and studio floor plans. Tenants and residents also enjoy access to attractive community amenities including laundry facilities, picnic area and private parking.
1239 Oak Grove Ave & 1404 Floribunda Ave offer tenants and residents close proximity to both Downtown Burlingame (2 blocks) and the Broadway Business District (1.2 miles). Both districts feature a growing variety of locally owned businesses, shops, and boutiques, along with many restaurants and cafes.
The subject properties are located nearby many of the nation’s top employers including Google, Facebook, Stanford, Box Inc., Visa, Sony as well as many others. In addition, the subject property offers renters convenient access to nearby transportation corridors with U.S. Route 101, Interstate 280, and the San Mateo-Hayward Bridge.
The investment appeal of this asset is driven by Burlingame’s strong employment fundamentals and low vacancy levels. With a world-class location in the heart of the Peninsula, 1239 Oak Grove Ave & 1404 Floribunda Ave present an attractive choice for investors due to its close proximity to major employers, transportation corridors, and access to shopping, dining, and entertainment options.
property facts
| Price | $30,400,000 | Number of Properties | 2 |
| Price / SF | $551.90 / SF | Individually For Sale | 0 |
| Cap Rate | 3.39% | Total Building Size | 55,082 SF |
| Sale Type | Investment | Total Land Area | 1.44 AC |
| Status | Active |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| Floribunda Apartments 1404 Floribunda Ave, Burlingame, CA | Multifamily | 27,894 SF | 1958 | – |
| 1239 Oak Grove Ave, Burlingame, CA | Multifamily | 27,188 SF | 1959 | – |
