Waterfront Commercial
For Sale
$7,500,000
Pending
2075 S Norfolk Street, San Mateo, CA 94403
Commercial Sale, San Mateo, CA
Property Size9,150 SF
Lot Size1.25 Acres
Days on Market873
Property Features for 2075 S Norfolk Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Subdivision
San Mateo County
Standard status
Pending
APN
035392080
Size
9,150 SF
Lot size
1.25 Acres
Listing Agency:
Luxe Places International Realty
(415) 440-0000
Listed By:
Michael R Lalanne · License #02051689
(415) 921-6000
Added: Apr 18, 2024
Changed: Aug 27
Last Checked: Sep 7 at 12:06PM
MLS# 424028690
Copyright © 2026 San Francisco Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This undeveloped commercial land parcel encompasses 1.2455 acres, with the lot identified at 54,256 square feet. The property is designated as waterfront land and is located at 2075 S Norfolk Street in San Mateo, California.
The site may support interim leasing arrangements, including paving the lot for lease use, while longer-term plans may involve future development. The property has reportedly remained within the same family-associated ownership history for more than 57 years.
The site may support interim leasing arrangements, including paving the lot for lease use, while longer-term plans may involve future development. The property has reportedly remained within the same family-associated ownership history for more than 57 years.
Key Highlights
- 1.2455‑acre undeveloped commercial land parcel
- 54,256‑square‑foot lot
- Waterfront property in San Mateo County
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$233,660
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,673,200
$4.7M
Cap Rate 7%
$3,338,000
$3.3M
Cap Rate 9%
$2,596,222
$2.6M
Market Conditions
NOI Build-Up for 9,150 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$350.3K $38.28/SF
− Vacancy
−$16.5K −$1.80/SF
EGI
$333.8K $36.48/SF
− OpEx
−$100.1K −$10.94/SF
NOI
$233.7K $25.54/SF
Area
San Mateo, CA
Vacancy
4.70%
Lease Rate
$38.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,673,200
Cap Rate 7%
$3,338,000
Cap Rate 9%
$2,596,222
Alternative Uses
Best Use
Retail
$3.34M
$2.92M – $3.89M
NOI $233,660 @ 7.0% cap · market cap 3.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.62M
$3.17M – $4.22M
NOI $253,331 @ 7.0% cap · market cap 3.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,678
Businesses Nearby
Explore this area
Business Placement
Demographics for 94403, CA
45,057
Population
17,682
Households
2.5
Avg Household Size
38
Median Age
60%
College-Educated
92%
High-School Grad
5.6 sq mi
ZIP Area
8,046
Density / Sq Mi
$179,825
Median Household Income
$93,542
Median Earnings
$3,273
Median Rent
$1,725,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Undeveloped waterfront land with potential for interim leasing or future development in San Mateo County.
Where is this commercial land located?
The property is located at 2075 S Norfolk Street San Mateo, CA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 1.2455‑acre undeveloped commercial land parcel; 54,256‑square‑foot lot; Waterfront property in San Mateo County
