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.
For sale
$1,999,000
State Sanmateo, San Mateo, CA 94401
3beds
3baths
4,556sqft
Five Or More Units, Residential Income
Built in 1926
-- sqft lot
$-- Zestimate®
$439/sqft
$-- HOA
What's special
- 8 days
- 315
- 17
Zillow last checked:
Listing updated:
Listed by:
John Sayage 02068974 650-346-9480,
Compass 650-375-1111
Source: MLSListings Inc,MLS#: ML82060377
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 3
- Bathrooms: 3
Heating
- Floor Furnace, Wall Furnace
Cooling
- None
Features
- Doors: None
Interior area
- Total structure area: 4,556
- Total interior livable area: 4,556 sqft
Property
Parking
- Total spaces: 1
- Parking features: Assigned
- Has carport: Yes
Accessibility
- Accessibility features: None
Lot
- Size: 7,500 Square Feet
Details
- Parcel number: 032151050
- Zoning: RM0000
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Five Or More Units, Residential Income
Materials
- Foundation: Concrete Perimeter, Crawl Space
- Roof: RolledHotMop
Condition
- Year built: 1926
Utilities & green energy
- Gas: PublicUtilities
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Public Utilities, Water Public
Community & HOA
Location
- Region: San Mateo
Financial & listing details
- Price per square foot: $439/sqft
- Date on market: 9/9/2026
- Listing agreement: ExclusiveRightToSell
- Inclusions: OvenRangeAllUnits
- Lease term: Month To Month
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 9/9/2026 | Listed for sale | $1,999,000+37.9%$439/sqft |
Source:  MLSListings Inc #ML82060377 Report a problem | ||
| 11/14/2023 | Sold | $1,450,000-13.4%$318/sqft |
Source: MLSListings Inc #ML81946469 Report a problem | ||
| 10/30/2023 | Contingent | $1,675,000$368/sqft |
Source: MLSListings Inc #ML81946469 Report a problem | ||
| 10/28/2023 | Listed for sale | $1,675,000$368/sqft |
Source: MLSListings Inc #ML81946469 Report a problem | ||
Public tax history
Tax history is unavailable.
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: Central
Nearby schools
Schools provided by the listing agent
- District: SanMateoFosterCityElementary
Source: MLSListings Inc. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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