San Mateo 5-Unit Apartment
Pacific Boulevard San Mateo, CA 94403
For Sale
$2,150,000
Spacious 5-unit apartment building near downtown San Mateo.
Property Size5,016 SF
Lot Size0.14 Acres
Price / SF$428.63
Days on Market436
Property Features for Pacific Boulevard
General Information
Standard status
Active
Size
5,016 SF
Lot size
0.14 Acres
Property subtype
Commercial
Building Details
Year Built
1958
Listing Agency:
REAL ESTATE SOURCE, INC.
(650) 773-7936
Listed By:
ROBIN NEYDAVOUD
Source:
Corcoran
Added: May 20, 2025
Changed: Jul 10
Last Checked: Jul 29 at 7:19AM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $216.7k | $43.20 |
| − Vacancy | −$10.8k | −$2.16 |
| EGI | $205.9k | $41.04 |
| − OpEx | −$92.6k | −$18.47 |
| NOI | $113.2k | $22.57 |
5,016 SF · lease $43.20/SF/yr · vacancy 5.00% · expense 45.00%
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
Property Profile
Location Intelligence
Current Use
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
