663 La Grande Drive
Sunnyvale, CA 94087
Sq. Feet 6,050
The subject property located at 1129 Capuchino Avenue in Burlingame, California was built in 1970 and consists of six units on a 6,750-square foot lot with 5,370 square feet of living space. The asset offers an investor a great unit mix of one one-bedroom/one-bath unit, four two-bedroom/one-bath units and one three-bedroom/two-bath unit.
The property is located half a block from the downtown Broadway strip and is in close proximity to employment hubs via highways 101 and 280. The building offers an on-site laundry facility with an owned washer and dryer for an additional $1,200 per year in gross income. The building's exterior is composed of brick and stucco with wood frame construction on a concrete perimeter foundation. The roof was replaced in 2008 and is in exceptional condition. The property offers four tuck-under parking stalls with two private garages and extra exterior storage space. Additionally, the area's low land availability should yield high rent growth and appreciation throughout 2013 and beyond. Another add-value opportunity for an investor would entail increasing tenant responsibilities and raising rents. This would greatly increase the properties net operating income and further value of the asset.
Cap Rate: 4.12% NOI: $86,529 Livable Sq. Ft: 5,370
Built in 1970 6 units Lot Sq. Ft: 6,750