228 State Street, San Mateo, CA 94401
- $1,999,000
- 4,556
- SqFt
- List Price
- $1,999,000
- Status
- ACTIVE
- Days on Market
- 1
- MLS#
- ML82060377
- Subtype
- Commercial Sale
- Year Built
- 1926
- Living Area
- 4,556
- Lot Size
- 7,500
- Acres
- 0.17
- Subdivision
- Ca
- Neighborhood
- Ca
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
- Appliances
- Refrigerator
- Heating
- Wall Furnace
- Air Conditioning
- None
- Roof
- Rolled/Hot Mop
- Parking Features
- Assigned
Mortgage Calculator
Listing courtesy of John Sayage from Compass. 650-346-9480
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