228 State ST, San Mateo, CA 94401
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228 State ST, San Mateo, CA 94401
228 State ST, San Mateo, CA 94401
228 State ST, San Mateo, CA 94401
228 State ST, San Mateo, CA 94401
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Alan Canas

Alan Canas

+1(415) 298-8940
Listed by John Sayage • Compass, DRE#02068974
$ 1,999,000
Est. payment /mo
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Active

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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Alan Canas

Alan Canas

PRIVATE OFFICE ADVISOR & LICENSED PARTNER | Realtor® CA DRE 01793936NV DRE S.0205600

+1(415) 298-8940

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228 State ST