Duplex with Two Attached
109 Hobart Ave San Mateo, CA 94402
109 Hobart Ave, San Mateo, CA, 94402
$2,600,000
For Sale
$2,600,000
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 Market24
Property Features for 109 Hobart Ave
General Information
- Standard status
- Active
- Size
- 3,686 SF
- Lot size
- 0.20 Acres
- Property subtype
- Multifamily
Listing Agency
Marcus & Millichap
(650) 391-1782
Listed by
Adam Levin · License #License(s): CA: 01462752
(650) 391-1782
Source
Marcusmillichap
Added: Jun 28 Updated: Jul 10 at 2:10 pm Checked: Jul 19 at 1:48 am
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.
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.
Local Financial Insights For Multifamily LT 5
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 | $139.3k | $37.80 |
| − Vacancy | −$7.7k | −$2.08 |
| EGI | $131.7k | $35.72 |
| − OpEx | −$39.5k | −$10.72 |
| NOI | $92.2k | $25.00 |
3,686 SF · lease $37.80/SF/yr · vacancy 5.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
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.
