San Mateo 5-Unit Apartment
For Sale
$2,150,000
Pending
Pacific Boulevard, San Mateo, CA 94403
Spacious 5-unit apartment building near downtown San Mateo.
Property Size5,016 SF
Lot Size0.14 Acres
Days on Market482
Property Features for Pacific Boulevard
General Information
Standard status
Pending
Size
5,016 SF
Lot size
0.14 Acres
Property subtype
Commercial
Amenities
Attached Garage
Forced Air Heating
Laminate Flooring
Tile Flooring
Wall Furnace Heating
Building Details
Year Built
1958
Listing Agency:
REAL ESTATE SOURCE, INC.
Listed By:
ROBIN NEYDAVOUD
(650) 773-7936
Source:
Corcoran
Added: May 20, 2025
Changed: Aug 15
Last Checked: Sep 12 at 7:01AM
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 REAL ESTATE SOURCE, INC.
Investment Insights
Based on property information with market context.
This is a 5-unit apartment building consisting of four 1-bed 1-bath units and one 2-bed 1-bath unit. The property is located near downtown San Mateo and within walking distance of Hillsdale Cal-Train and Franklin Templeton. The units feature an excellent floorplan and dual-pane windows, along with individual water heaters. Recent upgrades include new exterior painting and drought-resistant landscaping. The property has a history of consistent income generation, providing strong cash flow with low vacancies and turnovers. The building has a total size of 5016 square feet.
Key Highlights
- Strong cashflow with very low vacancies and turnovers
- Convenient location near downtown San Mateo and Hillsdale Cal‑Train
- Five units: four 1‑bed/1‑bath and one 2‑bed/1‑bath
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
$113,221
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
5.27%
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%
$2,264,420
$2.3M
Cap Rate 7%
$1,617,443
$1.6M
Cap Rate 9%
$1,258,011
$1.3M
Market Conditions
NOI Build-Up for 5,016 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
$216.7K $43.20/SF
− Vacancy
−$10.8K −$2.16/SF
EGI
$205.9K $41.04/SF
− OpEx
−$92.6K −$18.47/SF
NOI
$113.2K $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%
$2,264,420
Cap Rate 7%
$1,617,443
Cap Rate 9%
$1,258,011
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,221 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.74M – $2.31M
NOI $138,875 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,132
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Spacious 5-unit apartment building near downtown San Mateo.
Where is this apartment building located?
The property is located at Pacific Boulevard San Mateo, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Strong cashflow with very low vacancies and turnovers; Convenient location near downtown San Mateo and Hillsdale Cal‑Train; Five units: four 1‑bed/1‑bath and one 2‑bed/1‑bath
