228 State Street, San Mateo, California 94401

  • $1,999,000
228 State Street, San Mateo, California 94401
Active
228 State Street, San Mateo, California 94401
228 State Street, San Mateo, California 94401
  • $1,999,000

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.

  • Address 228 State Street, San Mateo, California 94401
  • City San Mateo
  • State/county CA
  • Zip/Postal Code 94401

Details

Updated on September 13, 2026 at 5:54 pm
  • Property ID: ML82060377
  • Price: $1,999,000
  • Property Size: 4556 Sqft
  • Land Area: 0.1722 Acres
  • Year Built: 1926
  • Property Type: Commercial Sale
  • Property Status: Active

Additional details

  • Cooling: None
  • Heating: Floor Furnace, Wall Furnace
  • County: San Mateo
  • Property Type: Commercial Sale

Contact Information

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Hoyt Hochman

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Hoyt Hochman
  • Hoyt Hochman