Paul Leon - Coldwell Banker Commercial Real Estate Solutions Logo
$1,999,000
( $438.76Per Sq Foot )
 $10,731 est/mo Sourced by Back At You

228 State Street,San Mateo, CA 94401

San Mateo, CA 94401

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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.

Details

MLS #ML82060377
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1926
Days On Site16
Listing Provided ByCompass | John Sayage

Features

SQ Feet4,556
Car PortYes
Building(s)2
ZoningRM0000
Acreage0.17

Interior

CoolingNone
HeatingFloor Furnace, Wall Furnace
Heating Yes / NoYes
Cooling Yes / NoYes

Taxes

Property22989

Area Information

StateCA
CountySan Mateo
CitySan Mateo
Zip Code94401
Area699 Not Defined
Listing VS Median (in 94401)
Price:
$1,999,000
low | high
Med:
$2,495,000
25.187593796898% of Average
sqft:
4,556
low | high
Med:
3,607
70.829675153644% of Average
$ / sqft:
$439
low | high
Med:
$692
7.650491450327% of Average
On site:
16
low | high
Med:
75
21.333333333333% of Average
Sourced by Back At You

Market Activity 94401

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Contact

Learn More About This Property

Paul Leon

Paul Victor Leon

Coldwell Banker Commercial

00915214 (760) 559-6472paul.leon@cbcinland.com
StateCA
CountySan Mateo
CitySan Mateo
Zip Code94401
Area699 Not Defined
Listing VS Median (in 94401)
Price:
$1,999,000
low | high
Med:
$2,495,000
25.187593796898% of Average
sqft:
4,556
low | high
Med:
3,607
70.829675153644% of Average
$ / sqft:
$439
low | high
Med:
$692
7.650491450327% of Average
On site:
16
low | high
Med:
75
21.333333333333% of Average
Sourced by Back At You
Nearby Listings (Within 1/2 mile)
Price: $1.499M - $2.498M
sqft: 3,000 - 5,500
Nearby Listings Property ImageNearby Listings Details
420 Peninsula Avenue 3 Property Photo 1
$3,000,000
420 Peninsula Avenue 3
San Mateo, CA 94401
420 Peninsula Avenue 2 Property Photo 1
$3,000,000
420 Peninsula Avenue 2
San Mateo, CA 94401
444 Villa Terrace Property Photo 1
$2,495,000
444 Villa Terrace
San Mateo, CA 94401
16 W Bellevue Avenue Property Photo 1
$3,850,000
16 W Bellevue Avenue
San Mateo, CA 94402
Listing Updated: September 10, 2026 at 3:28:55 PM PDT

Paul Leon - Coldwell Banker Commercial Real Estate Solutions