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1775 Marco Polo Way 40 Unit Apartment Building $16,980,000 ($424,500/Unit) 5.59% Cap Rate Burlingame, CA 94010
Investment Highlights
- Extensive Capital Improvements
- Attractive Burlingame Location
- ADU Potential
Executive Summary
Marcus & Millichap is pleased to present 1775 Marco Polo Way, a well-maintained and recently upgraded 40-unit multifamily property situated on a sprawling 0.9-acre lot in the highly desirable city of Burlingame, California.
The property features a diverse unit mix that caters to a wide range of tenants:
• 12 Studios
• 24 One-Bedroom/One-Bathroom Units
• 4 Two-Bedroom/Two-Bathroom Units
VALUE-ADD OPPORTUNITY
All 40 units have received minor improvements, leaving ample room to upgrade
finishes, f ixtures, and layouts to contemporary standards. This repositioning strategy
allows a buyer to capture significant rental upside in a supply-constrained Burlingame
market, driving stronger cash flow and long-term value.
CURRENT OCCUPANCY WITH IMMEDIATE UPSIDE
Currently 26 of 40 units are occupied, leaving 14 vacant units primed for renovation and
re-leasing at premium rates. This built-in vacancy provides the new owner immediate
value-add execution, enabling quick rent growth and accelerated stabilization in
Burlingame’s high-demand rental market.
EXTENSIVE CAPITAL IMPROVEMENTS
The current owner has invested heavily in significant upgrades, enhancing the property’s
overall condition and reducing deferred maintenance.
The property features a diverse unit mix that caters to a wide range of tenants:
• 12 Studios
• 24 One-Bedroom/One-Bathroom Units
• 4 Two-Bedroom/Two-Bathroom Units
VALUE-ADD OPPORTUNITY
All 40 units have received minor improvements, leaving ample room to upgrade
finishes, f ixtures, and layouts to contemporary standards. This repositioning strategy
allows a buyer to capture significant rental upside in a supply-constrained Burlingame
market, driving stronger cash flow and long-term value.
CURRENT OCCUPANCY WITH IMMEDIATE UPSIDE
Currently 26 of 40 units are occupied, leaving 14 vacant units primed for renovation and
re-leasing at premium rates. This built-in vacancy provides the new owner immediate
value-add execution, enabling quick rent growth and accelerated stabilization in
Burlingame’s high-demand rental market.
EXTENSIVE CAPITAL IMPROVEMENTS
The current owner has invested heavily in significant upgrades, enhancing the property’s
overall condition and reducing deferred maintenance.
Property Facts
| Price | $16,980,000 | Property Subtype | Apartment |
| Price Per Unit | $424,500 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.59% | Lot Size | 0.90 AC |
| Gross Rent Multiplier | 15.2 | Building Size | 23,075 SF |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1957/2022 |
| Zoning | TW | ||
| Price | $16,980,000 |
| Price Per Unit | $424,500 |
| Sale Type | Investment |
| Cap Rate | 5.59% |
| Gross Rent Multiplier | 15.2 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.90 AC |
| Building Size | 23,075 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1957/2022 |
| Zoning | TW |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- High Speed Internet Access
- Refrigerator
- Tub/Shower
- Smoke Free
Site Amenities
- Courtyard
- Laundry Facilities
- Pool
- Smoke Free
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 600 |
| Studios | 12 | - | 450 |
| 2+1 | 4 | - | 800 |
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Walk Score®
Very Walkable (80)
Property Taxes
| Parcel Number | 025-142-020 | Improvements Assessment | $3,788,512 |
| Land Assessment | $10,824,321 | Total Assessment | $14,612,833 |
Property Taxes
Parcel Number
025-142-020
Land Assessment
$10,824,321
Improvements Assessment
$3,788,512
Total Assessment
$14,612,833
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1775 Marco Polo Way
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