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Listed by John Sayage • Compass, DRE#02068974
$ 1,999,000
Est. payment /mo
New
228 State ST San Mateo, CA 94401
3 Beds
3 Baths
4,556 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 4,556 sqft
Price per Sqft $438
MLS Listing ID ML82060377
Bedrooms 3
Full Baths 3
Year Built 1926
Lot Size 7,500 Sqft
Property Sub-Type Five or More Units
Property Description
Excellent five-unit investment opportunity ideally located between Downtown San Mateo and Downtown Burlingame, offering convenient access to shopping, dining, Caltrain, major transportation routes, and Peninsula employment centers. The property features two one-bedroom units, one two-bedroom unit, and two studios, with current annual rents of approximately $122,580. Several units are rented below current market levels, creating significant long-term upside through future rent growth and thoughtful renovations. Renovated market rents are projected at approximately $181,800 annually, highlighting the property's compelling value-add potential. A rare opportunity to acquire a well-located Peninsula multifamily asset with strong in-place income, below-market rents, and meaningful future upside.
Location
State CA
County San Mateo
Area Eastern Addition/Downtown Area
Zoning RM0000
Interior
Heating Floor Furnace , Wall Furnace
Cooling None
Exterior
Parking Features Assigned Spaces
Utilities Available Public Utilities
Roof Type Rolled Composition
Building
Foundation Concrete Perimeter, Crawl Space
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 032-151-050
Security Features None
Special Listing Condition Not Applicable
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