San Mateo Multifamily Investment
For Sale
$5,180,000
1101 Tilton Avenue, San Mateo, CA 94401
12-unit apartment building in a thriving San Mateo location.
Property Size7,756 SF
Lot Size0.20 Acres
Price / SF$667.87
Days on Market185
Property Features for 1101 Tilton Avenue
General Information
Standard status
Active
Size
7,756 SF
Lot size
0.20 Acres
Property subtype
Commercial
Amenities
Attached Garage
Carport(s)
Shingle Roof
Uncovered Parking
Wall Furnace Heating
Building Details
Year Built
1954
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1700
Listed By:
COLE SIMPSON · License #02016525
Source:
Corcoran
Added: Feb 5
Changed: Aug 8
Last Checked: Apr 5 at 8:19PM
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
Investment Insights
Based on property information with market context.
The property at 1101 Tilton Ave is a 12-unit apartment community in San Mateo, California. Constructed in 1954, the building has a gross area of approximately 7,756 square feet and is situated on an 8,562 square foot parcel of land. The property features one-bedroom floor plans. San Mateo is located between San Francisco and San Jose, offering an ideal climate and a successful community. The property is within one mile of San Mateo Central Park and Downtown San Mateo, which features shopping, dining, and entertainment options. The property is located near U.S. Highway 101, California State Route 92, the San Mateo Caltrain Station, and El Camino Real, providing access to San Francisco and San Jose and proximity to tech employers including Google, Facebook, Stanford, Box Inc., Visa, and Sony.
Key Highlights
- 12‑unit apartment community in San Mateo, California.
- Strategically located between San Francisco and San Jose.
- Close proximity to major transportation corridors (U.S. Highway 101, California State Route 92, San Mateo Caltrain Station, El Camino Real).
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
$175,068
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
3.38%
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%
$3,501,360
$3.5M
Cap Rate 7%
$2,500,971
$2.5M
Cap Rate 9%
$1,945,200
$1.9M
Market Conditions
NOI Build-Up for 7,756 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
$335.1K $43.20/SF
− Vacancy
−$16.8K −$2.16/SF
EGI
$318.3K $41.04/SF
− OpEx
−$143.2K −$18.47/SF
NOI
$175.1K $22.57/SF
Area
San Mateo, CA
Vacancy
5.00%
Lease Rate
$43.20 /SF/Yr
Expense Ratio
45.00%
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%
$3,501,360
Cap Rate 7%
$2,500,971
Cap Rate 9%
$1,945,200
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $175,068 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.07M
$2.68M – $3.58M
NOI $214,736 @ 7.0% cap · market cap 4.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,897
Businesses Nearby
Explore this area
Business Placement
Demographics for 94401, CA
35,249
Population
13,798
Households
2.6
Avg Household Size
37
Median Age
45%
College-Educated
85%
High-School Grad
3.1 sq mi
ZIP Area
11,371
Density / Sq Mi
$121,258
Median Household Income
$57,724
Median Earnings
$2,713
Median Rent
$1,123,300
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?
Apartment building - 12-unit apartment building in a thriving San Mateo location.
Where is this apartment building located?
The property is located at 1101 Tilton Avenue San Mateo, CA.
What is the asking price?
The asking price for this property is $5,180,000.
What are key features of this property?
This property features: 12‑unit apartment community in San Mateo, California.; Strategically located between San Francisco and San Jose.; Close proximity to major transportation corridors (U.S. Highway 101, California State Route 92, San Mateo Caltrain Station, El Camino Real).
