228 State ST, San Mateo, CA 94401
- $1,999,000
- 4,556
- SqFt
Listed by John Sayage, 650-346-9480 from Compass
(If provided) CoList: from
- List Price
- $1,999,000
- MLS#
- ML82060377
- Status
- ACTIVE
- Property Type
- Commercial
- Class
- Five or More Units
- Sqft. of Residence
- 4,556
- City
- San Mateo
- Lot Size
- 7,500
- Zip
- 94401
- Sqft. of Residence
- 4,556
- Listing Area
- Eastern Addition/Downtown Area
- Neighborhood
- Northwest Heights
- Year Built
- 1926
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.
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Additional Information
- Cooling System
- None
- Foundation
- Concrete Perimeter, Crawl Space
- Garage Parking
- Assigned Spaces
- Carport
- 4
- Heating System
- Floor Furnace, Wall Furnace
- Living Area
- 4,556
- Lot Size
- 7,500
- Neighborhood
- Eastern Addition/Downtown Area
- Other Utilities
- Public Utilities
- Roof
- Rolled Composition
- Sewer
- Sewer - Public
- Unincorporated Yn
- Yes
- Water
- Public
- Zoning
- RM0000
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