Two-Unit Duplex with
For Sale
$2,526,000
109 Hobart Avenue, San Mateo, CA 94402
Central forced air and a private rear outdoor area support comfortable residential occupancy.
Property Size3,686 SF
Price / SF$685.30
Days on Market119
Property Features for 109 Hobart Avenue
General Information
Standard status
Active
Size
3,686 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$36,752
Amenities
attached garages
private outdoor area
Building Details
Year Built
1948
Listing Agency:
Marcus & Millichap
Listed By:
Cole Simpson · License #02016525
(650) 391-1735
Source:
Exitrealty
Added: Jul 2
Changed: Oct 25
Last Checked: Sep 15 at 6:22AM
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
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Investment Insights
Based on property information with market context.
This San Mateo duplex at 109 Hobart Avenue contains two three-bedroom residences, each with a spacious layout and an attached garage. The rear home includes a private outdoor area, while central forced air serves the property. Public water and utilities are available, and the structure was built in 1948.
The property sits within one mile of San Mateo Central Park and Downtown San Mateo, where shopping, dining, and entertainment are located. Transportation access includes U.S. Highway 101, California State Route 92, the San Mateo Caltrain Station, and El Camino Real, connecting the area with San Francisco and San Jose. The property is also near major technology employers including Google, Meta, Stanford, Box Inc., Visa, and Sony.
The property sits within one mile of San Mateo Central Park and Downtown San Mateo, where shopping, dining, and entertainment are located. Transportation access includes U.S. Highway 101, California State Route 92, the San Mateo Caltrain Station, and El Camino Real, connecting the area with San Francisco and San Jose. The property is also near major technology employers including Google, Meta, Stanford, Box Inc., Visa, and Sony.
Key Highlights
- Two three‑bedroom units with spacious layouts
- Attached garages serve both residences
- Private outdoor area at the rear unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,167
Cap Rate
3.65%
Suggested Prices Based on Cap Rates
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
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 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 3.65%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,200 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,052 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
2
Residential units
Yes
Highway 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Central forced air and a private rear outdoor area support comfortable residential occupancy.
Where is this duplex located?
The property is located at 109 Hobart Avenue San Mateo, CA.
What is the asking price?
The asking price for this property is $2,526,000.
What are key features of this property?
This property features: Two three‑bedroom units with spacious layouts; Attached garages serve both residences; Private outdoor area at the rear unit
