1123 Chula Vista Ave, Burlingame, CA 94010

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.

Location: Burlingame

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  • Business overview

要价

$250,000

面积

3033平方英尺 = 282 平方米

类型

以餐饮,商业厨房,餐馆型式出售

RRC# (住宅地产委员会号码)

3033

月收入

$120,497

月现金流量

$12,867

年收入

$1,445,965

年现金流量

$154,401

租金

$3,827

  • Business Description

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 1123 Chula Vista Ave, Burlingame, CA 94010

 

 

PROPERTY DETAILS

 

Address

1123 Chula Vista Avenue

 

Burlingame, CA

Price

$4,100,000

Down Payment

$4,100,000

Units

8

Price/Unit

$512,500

Rentable Square Feet

4,144

Price/Sq Ft

$989.38

Year Built

1957

Land Area (Sq Ft)

5,750

Current Cap Rate

2.09%

Market Cap Rate

4.42%

Current GRM

27.42

Market GRM

16.59

 
 

PROPOSED FINANCING

Loan Amount

TBD

Interest Rate

4.15%

Amortization

30

Debt Service

TBD

Details

5-year fixed

   
   

 

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.

 

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
  • 4.42% 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

 

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

 

$243,216

Operating Expenses

 

$11,236

 

$11,236

Non-Operating Expenses

 

$50,569

 

$50,569

         

Total Expenses

 

$61,805

 

$61,805

Net Operating Income

 

$89,977

 

$181,411

Debt Service

 

$0

 

$0

Net Cash Flow

2.19%

$89,977

4.42%

$181,411

Principal Reduction

 

$0

 

$0

Total Return

2.19%

$89,977

4.42%

$181,411

         


 

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

 

 

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

 

 

RENT ROLL

UNIT #

TYPE

CURRENT RENT

MARKET RENT

1

Renovated Studio

$2,275

$2,450

2

Studio w/ Private Deck

$1,520

$2,950

3

Studio

$1,210

$2,450

4

Studio

$1,320

$2,450

5

Studio

$1,320

$2,450

6

Renovated Studio

$2,540

$2,450

7

Studio

$1,320

$2,450

8

Studio w/ Private Yard

$1,320

$2,950

Total

 

$12,825

$20,600

 

 

OPERATIONS

Scheduled Gross Rent

Vacancy

Effective Gross Rent

Laundry income (estimate)

RUBS income

Total Income

Repairs & Maintenance ($500/ unit)

Gas & Electric (2018 Annualized)

Water (2018 Annualized)

Sewer (2018 Annualized)

Trash (2018 Annualized)

Operating Expenses

Real Estate Taxes (1.143%)

Special Assessments

Insurance (Mercury Quote)

Capital Reserves ($150/ unit)

Non-Operating Expenses

Total Expenses

% Scheduled Gross Rent

Expenses/Unit

Expenses/Sq Ft

NET OPERATING INCOME

PROFORMA OPERATING STATEMENT

     

PAGE

     

10

 

CURRENT

 

PRO-FORMA

 

$153,900

 

$247,200

2.00%

($3,078)

2.00%

($4,944)

 

$150,822

 

$242,256

 

$960

 

$960

 

$0

 

$4,800

 

$151,782

 

$243,216

 

$4,000

 

$4,000

 

$664

 

$664

 

$3,137

 

$3,137

 

$886

 

$886

 

$2,549

 

$2,549

 

$11,236

 

$11,236

 

$46,863

 

$46,863

 

$517

 

$517

 

$1,989

 

$1,989

 

$1,200

 

$1,200

 

$50,569

 

$50,569

 

$61,805

 

$61,805

 

40.16%

 

25.00%

 

$7,726

 

$7,726

 

$14.91

 

$14.91

 

$89,977

 

$181,411

 

 

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.

Renovated Burlingame Avenue Overview

1123 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..

 

Biotech and High Tech

Companies

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

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

Facebook

Apple

Intuit Inc.

Cisco

SRI International

Microsoft

TE Connectivity

Lockheed Martin

Google

LinkedIn

 

 

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想了解更多信息,请联系BQ Real Group --- Bill Qin 408.800.5988

  • General Info

机构

具体咨询

·       建造年份

1990

目前业主

2014

员工数量

19

出售原因

具体咨询

  • Facilities

座位

45

面积

具体咨询

停车场

街边停车

执照

健康卫生执照,ABC41执照

营业时间

7天营业 早上11点-晚上10点

  • Lease

租金

$3,827

到期日

12/31/2020

每年增长

4%

选项

可协商

押金

具体咨询

  • Financials

月收入

$120,497

月现金流量

$12,867

年收入

$1,445,965

年现金流量

$154,401

工资单

$47,626

  • Financing

Down Payment

具体咨询

Note Balance

具体咨询

Terms of notes

具体咨询

All Cash

具体咨询


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