228 State Street, San Mateo, CA 94401
- $1,999,000
- List Price
- $1,999,000
- Status
- ACTIVE
- MLS#
- ML82060377
- Year Built
- 1926
- Lot Size
- 7,500
- Acres
- 0.17
- Days on Market
- 15
- Property Type
- Commercial
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
- Taxes
- $22,989
- Heat
- Floor Furnace, Wall Furnace
- Cooling
- Yes
- Cooling Description
- None
- Water
- Public
- School District
- Other
- Attached Structure
- Detached
- Gross Scheduled Income
- $122,580
Listing courtesy of Listing Agent: John Sayage (john.sayage@compass.com) from Listing Office: Compass.
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.