San Mateo Retail Investment
For Sale
$1,612,903
15 - 17 37th Avenue, San Mateo, CA 94403
Retail space leased to national veterinary network near El Camino.
Property Size3,238 SF
Price / SF$498.12
Days on Market152
Property Features for 15 - 17 37th Avenue
General Information
Standard status
Active
Size
3,238 SF
Property subtype
Retail
Listing Agency:
CBRE | San Francisco
(415) 559-8230
Listed By:
Marshall Hydorn · License #00960660
(415) 559-8230
Source:
Cbre
Added: Mar 25
Changed: Aug 23
Last Checked: Aug 23 at 12:50PM
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 CBRE | San Francisco
Investment Insights
Based on property information with market context.
This modified net investment opportunity features a retail space currently occupied by an animal hospital. The owner is responsible for the roof membrane, exterior walls, load bearing walls, foundation, and other structural elements of the property. The property is located on a corner parcel one block from El Camino Real in the desirable Hillsdale area of San Mateo. It is suitable for investors seeking a property with a strong tenant and a long-term lease. The tenant is a national veterinary network with over 450 hospitals. The location offers excellent access and is minutes away from the Hillsdale Caltrain station. The current rent is $9,656 per month with 3% annual increases. The lease expiration date is January 2032, with two 5-year options at fair market rent. The zoning is C1 - Neighborhood Commercial. The property size is 3238 square feet.
Key Highlights
- Long‑term lease in place until January 2032, with two 5‑year options
- Located one block from El Camino Real in the desirable Hillsdale area of San Mateo
- Tenant is a national veterinary network with over 450 hospitals
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
$82,687
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
5.13%
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%
$1,653,740
$1.7M
Cap Rate 7%
$1,181,243
$1.2M
Cap Rate 9%
$918,744
$918.7K
Market Conditions
NOI Build-Up for 3,238 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
$124.0K $38.28/SF
− Vacancy
−$5.8K −$1.80/SF
EGI
$118.1K $36.48/SF
− OpEx
−$35.4K −$10.94/SF
NOI
$82.7K $25.54/SF
Area
San Mateo, CA
Vacancy
4.70%
Lease Rate
$38.28 /SF/Yr
Expense Ratio
30.00%
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%
$1,653,740
Cap Rate 7%
$1,181,243
Cap Rate 9%
$918,744
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,687 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,649 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,723
Businesses Nearby
234k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 40%
Groceries 28%
Shops & Services 24%
Dining 4%
Nordstrom
Apparel
66,683 visits/mo
0.5 miles
Trader Joe's
Groceries
50,603 visits/mo
0.3 miles
Old Navy
Apparel
26,033 visits/mo
0.3 miles
Mollie Stones
Groceries
15,487 visits/mo
0.4 miles
Wells Fargo
Shops & Services
11,811 visits/mo
0.3 miles
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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space leased to national veterinary network near El Camino.
Where is this retail space located?
The property is located at 15 - 17 37th Avenue San Mateo, CA.
What is the asking price?
The asking price for this property is $1,612,903.
What are key features of this property?
This property features: Long‑term lease in place until January 2032, with two 5‑year options; Located one block from El Camino Real in the desirable Hillsdale area of San Mateo; Tenant is a national veterinary network with over 450 hospitals
