Duplex with Two Attached
For Sale
$2,600,000
109 Hobart Ave, San Mateo, CA 94402
Renovation-ready 1948 duplex with three-bedroom layouts, separate utility metering, and two attached garages.
Property Size3,686 SF
Lot Size0.20 Acres
Price / SF$705.37
Days on Market55
Property Features for 109 Hobart Ave
General Information
Standard status
Active
Size
3,686 SF
Total Parking Spaces
2
Lot size
0.20 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Amenities
Prime San Mateo Duplex Investment Opportunity - Investors have the opportunity to acquire a stunning duplex located in the thriving city of San Mateo, California.
Desirable Unit Mix - The subject property features two beautifully designed three-bedroom floor plans.
ADU Development Potential – The subject property's expansive backyard presents a compelling opportunity to access additional potential upside through development.
Comfortable Unit Features - Tenants enjoy comfortable property features including attached garages, a private wooden patio (rear unit), and a spacious backyard.
Owner/User Flexibility - Each unit is separately metered for utilities, providing flexibility to operate the property as either a traditional multifamily investment or an owner-user opportunity.
Building Details
Year Built
1948
Units
2
Listing Agency:
Marcus & Millichap - Palo Alto
(650) 391-1782
Listed By:
Adam Levin · License #License(s): CA: 01462752
(650) 391-1782
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 8
Last Checked: Aug 21 at 4:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Palo Alto
Investment Insights
Based on property information with market context.
109-111 Hobart Ave is a duplex investment property originally constructed in 1948. The building includes two attached three-bedroom units, each designed as a separate floor plan. Utilities are separately metered, supporting either a traditional multifamily operation or an owner-user arrangement. The property also features two attached car garages, a patio, and a spacious backyard, providing functional outdoor space for residents.
The duplex is located in San Mateo, positioned between San Francisco and San Jose. The address is within one mile of San Mateo Central Park and Downtown San Mateo. The area offers access to shopping and entertainment options, and is near major transportation corridors including U.S. Highway 101, California State Route 92, Caltrain, and El Camino Real.
For tenants, the combination of three-bedroom unit layouts, separate utility metering, and on-site garage parking supports everyday livability. For buyers or operators, the asset’s duplex configuration and separately metered utilities provide flexibility when structuring occupancy and operational strategy.
The duplex is located in San Mateo, positioned between San Francisco and San Jose. The address is within one mile of San Mateo Central Park and Downtown San Mateo. The area offers access to shopping and entertainment options, and is near major transportation corridors including U.S. Highway 101, California State Route 92, Caltrain, and El Camino Real.
For tenants, the combination of three-bedroom unit layouts, separate utility metering, and on-site garage parking supports everyday livability. For buyers or operators, the asset’s duplex configuration and separately metered utilities provide flexibility when structuring occupancy and operational strategy.
Key Highlights
- Duplex property on an 8,752 SF lot; originally constructed in 1948.
- Gross building size of 3,686 SF with three‑bedroom floor plans in each unit.
- Each unit has separate utility metering for flexible multifamily or owner‑user operation.
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
$92,167
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
3.54%
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%
$1,843,340
$1.8M
Cap Rate 7%
$1,316,671
$1.3M
Cap Rate 9%
$1,024,078
$1.0M
Market Conditions
NOI Build-Up for 3,686 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
$139.3K $37.80/SF
− Vacancy
−$7.7K −$2.08/SF
EGI
$131.7K $35.72/SF
− OpEx
−$39.5K −$10.72/SF
NOI
$92.2K $25.00/SF
Area
San Mateo, CA
Vacancy
5.50%
Lease Rate
$37.80 /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%
$1,843,340
Cap Rate 7%
$1,316,671
Cap Rate 9%
$1,024,078
Alternative Uses
Best Use
Multifamily LT 5
$1.32M
$1.15M – $1.54M
NOI $92,167 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,200 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,052 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,509
Businesses Nearby
Explore this area
Business Placement
Demographics for 94402, CA
25,879
Population
10,623
Households
2.4
Avg Household Size
42
Median Age
69%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
5,074
Density / Sq Mi
$179,683
Median Household Income
$104,257
Median Earnings
$3,476
Median Rent
$2,000,001
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Renovation-ready 1948 duplex with three-bedroom layouts, separate utility metering, and two attached garages.
Where is this duplex located?
The property is located at 109 Hobart Ave San Mateo, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Duplex property on an 8,752 SF lot; originally constructed in 1948.; Gross building size of 3,686 SF with three‑bedroom floor plans in each unit.; Each unit has separate utility metering for flexible multifamily or owner‑user operation.
