$1,999,000

228 State Street, San Mateo CA, 94401

Price per sqft$438.76

Built in1926

Property size4,556 sqft

Property typeCommercial

Listed by John Sayage CA DRE# 02068974 with Compass 650-346-9480

Overview

Active

Listed Sep 9, 2026

Updated 3 weeks ago

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.

Additional information

MLS^® ID: ML82060377

Interior Features

Bathrooms: 0
Cooling: Yes
Heating: Yes
Basement: No

Exterior Features

Lot Size: 0.17 Acres

Other Property Details

Taxes: $22,989
Tax Frequency: Annually
Maintenance Expense: $1,800

Listed by John Sayage CA DRE# 02068974 with Compass 650-346-9480

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 9/14/2026. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

Data last updated on 9/14/2026 at 11:23 AM UTC Last Checked: 11:23 AM UTC