San Mateo Multifamily Investment
For Sale
$2,980,000
1504 Claremont Street, San Mateo, CA 94402
8-unit apartment community in San Mateo, near downtown and transportation.
Property Size5,911 SF
Lot Size0.24 Acres
Price / SF$504.14
Days on Market154
Property Features for 1504 Claremont Street
General Information
Standard status
Active
Size
5,911 SF
Lot size
0.24 Acres
Property subtype
Commercial
Amenities
Assigned Spaces
Central Forced Air Heating
Composition Roof
Covered Parking
Building Details
Year Built
1959
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1700
Listed By:
ADAM S. LEVIN · License #01462752
Source:
Corcoran
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 8 at 6:26AM
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.
This 8-unit apartment community is located in San Mateo, California. Constructed in 1959, the property has a gross building area of approximately 5,911 square feet and is situated on a 10,638 square foot parcel. The building features one-bedroom floor plans. San Mateo is located between San Francisco and San Jose, offering a business and retail environment, including North El Camino Real, Hillsdale Shopping Center, and San Mateo Medical Center. The property is located within walking distance of Downtown San Mateo and is close to major transportation corridors, including U.S. Route 101, California State Route 92, and the San Mateo Caltrain Station, providing access to employers like Google, Facebook, Stanford, Box Inc., Visa, and Sony. The property's location near employers, transportation, shopping, dining, and entertainment makes it an attractive investment.
Key Highlights
- Prime location in San Mateo, strategically located between San Francisco and San Jose.
- Walking distance (1 mile) to Downtown San Mateo's diverse retail, dining, and entertainment options.
- Close proximity to major transportation corridors: U.S. Route 101, California State Route 92, and the San Mateo Caltrain Station.
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
$133,423
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
4.48%
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%
$2,668,460
$2.7M
Cap Rate 7%
$1,906,043
$1.9M
Cap Rate 9%
$1,482,478
$1.5M
Market Conditions
NOI Build-Up for 5,911 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
$255.4K $43.20/SF
− Vacancy
−$12.8K −$2.16/SF
EGI
$242.6K $41.04/SF
− OpEx
−$109.2K −$18.47/SF
NOI
$133.4K $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%
$2,668,460
Cap Rate 7%
$1,906,043
Cap Rate 9%
$1,482,478
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.22M
NOI $133,423 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,654 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 94402, CA
25,879
Population
10,623
Households
2.4
Avg Household Size
42
Median Age
69%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
5,074
Density / Sq Mi
$179,683
Median Household Income
$104,257
Median Earnings
$3,476
Median Rent
$2,000,001
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 - 8-unit apartment community in San Mateo, near downtown and transportation.
Where is this apartment building located?
The property is located at 1504 Claremont Street San Mateo, CA.
What is the asking price?
The asking price for this property is $2,980,000.
What are key features of this property?
This property features: Prime location in San Mateo, strategically located between San Francisco and San Jose.; Walking distance (1 mile) to Downtown San Mateo's diverse retail, dining, and entertainment options.; Close proximity to major transportation corridors: U.S. Route 101, California State Route 92, and the San Mateo Caltrain Station.
