Two-Unit Retail Building with
For Sale
Contact for pricing
168-170 W 25th Ave, San Mateo, CA 94403
Two ground-floor retail units with added mezzanine space and rear parking offer flexible options for retailers and service users.
Property Size2,837 SF
Price / SF$704.97
Days on Market53
Property Features for 168-170 W 25th Ave
General Information
Standard status
Active
Size
2,837 SF
Class
C
Total Parking Spaces
4
Property subtype
Retail
Zoning
C1-2
Occupancy
50%
Building Details
Year Built
1968
Units
2
Tenancy
Multi
Listing Agency:
Marcus & Millichap - San Francisco
(415) 625-2159
Listed By:
Sam Runco · License #CA 01977683
Source:
Crexi
Added: Jul 1
Changed: Aug 14
Last Checked: Aug 21 at 10:39PM
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 - San Francisco
Investment Insights
Based on property information with market context.
This well-maintained retail property includes two ground-floor retail units totaling approximately 2,415 square feet, along with about 422 square feet of bonus mezzanine or upstairs area that can support office, storage, or creative uses. Unit 170, currently occupied by Yweight Spa, will be delivered vacant, giving an owner-user or incoming tenant the ability to take possession immediately. The property also has a neighboring tenant, PJ's Pizza, that will remain in place.
The building is located at 168-170 W 25th Avenue in San Mateo, just off El Camino Real and near the Hillsdale Caltrain Station. Four on-site parking spaces are available in the rear, supporting convenient customer access for retail operations.
With two separately demised retail units and additional upstairs area, this property suits a range of storefront users looking for flexibility in how they use the mezzanine. The owner-user upside is the ability to occupy the vacant unit upon delivery, while the adjacent unit can provide continuity through an in-place tenant that remains at closing.
The building is located at 168-170 W 25th Avenue in San Mateo, just off El Camino Real and near the Hillsdale Caltrain Station. Four on-site parking spaces are available in the rear, supporting convenient customer access for retail operations.
With two separately demised retail units and additional upstairs area, this property suits a range of storefront users looking for flexibility in how they use the mezzanine. The owner-user upside is the ability to occupy the vacant unit upon delivery, while the adjacent unit can provide continuity through an in-place tenant that remains at closing.
Key Highlights
- Retail property built in 1968 at 168‑170 W 25th Avenue in San Mateo
- Two ground‑floor retail units totaling approx. 2,415 SF, plus approx. 422 SF bonus mezzanine/upstairs space
- Unit 170 (Yweight Spa) will be delivered vacant for an owner‑user or new tenant
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
$72,447
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
3.62%
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%
$1,448,940
$1.4M
Cap Rate 7%
$1,034,957
$1.0M
Cap Rate 9%
$804,967
$805.0K
Market Conditions
NOI Build-Up for 2,837 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
$108.6K $38.28/SF
− Vacancy
−$5.1K −$1.80/SF
EGI
$103.5K $36.48/SF
− OpEx
−$31.0K −$10.94/SF
NOI
$72.4K $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%
$1,448,940
Cap Rate 7%
$1,034,957
Cap Rate 9%
$804,967
Alternative Uses
Best Use
Retail
$1.03M
$905.6K – $1.21M
NOI $72,447 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$981.8K – $1.31M
NOI $78,546 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,242
Businesses Nearby
80k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 84%
Shops & Services 16%
Nordstrom
Apparel
66,683 visits/mo
0.5 miles
Jo-Ann Fabric and Craft
Shops & Services
12,981 visits/mo
0.5 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?
Storefront property - Two ground-floor retail units with added mezzanine space and rear parking offer flexible options for retailers and service users.
Where is this storefront property located?
The property is located at 168-170 W 25th Ave San Mateo, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Retail property built in 1968 at 168‑170 W 25th Avenue in San Mateo; Two ground‑floor retail units totaling approx. 2,415 SF, plus approx. 422 SF bonus mezzanine/upstairs space; Unit 170 (Yweight Spa) will be delivered vacant for an owner‑user or new tenant
