6-Unit Apartment
For Sale
$2,500,000
19 Th Ave, San Mateo, CA 94402
Upper residences include decks, while lower units provide private patio yards.
Property Size5,624 SF
Price / SF$444.52
Days on Market22
Property Features for 19 Th Ave
General Information
Standard status
Active
Size
5,624 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
6
Amenities
decks
patio yards
pool
tennis clubhouse
Building Details
Year Built
1958
Buildings
1
Listing Agency:
Heritage Realty
(650) 349-9300
Listed By:
Terry Michaud
Source:
Matterogers
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 30 at 8:34PM
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 Heritage Realty
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains 5,624 square feet and was built in 1958. The upper residences feature decks, while the lower units include patio yards, creating distinct outdoor spaces within the building’s unit configuration.
The property is located in San Mateo with access to nearby shops, parks, transportation, and schools. Regional connections include Hwy 101, Hwy 92, and Hwy 280, providing routes toward San Francisco, San Jose, and Hayward. HOA amenities include a pool, tennis facilities, and a clubhouse.
The property is located in San Mateo with access to nearby shops, parks, transportation, and schools. Regional connections include Hwy 101, Hwy 92, and Hwy 280, providing routes toward San Francisco, San Jose, and Hayward. HOA amenities include a pool, tennis facilities, and a clubhouse.
Key Highlights
- 6‑unit apartment property with 5,624 square feet
- Upper units include decks
- Lower units feature patio yards
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
$126,945
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
5.08%
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%
$2,538,900
$2.5M
Cap Rate 7%
$1,813,500
$1.8M
Cap Rate 9%
$1,410,500
$1.4M
Market Conditions
NOI Build-Up for 5,624 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
$243.0K $43.20/SF
− Vacancy
−$12.1K −$2.16/SF
EGI
$230.8K $41.04/SF
− OpEx
−$103.9K −$18.47/SF
NOI
$126.9K $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%
$2,538,900
Cap Rate 7%
$1,813,500
Cap Rate 9%
$1,410,500
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.59M – $2.12M
NOI $126,945 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.22M
$1.95M – $2.60M
NOI $155,708 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,065
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 - Upper residences include decks, while lower units provide private patio yards.
Where is this apartment building located?
The property is located at 19 Th Ave San Mateo, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 6‑unit apartment property with 5,624 square feet; Upper units include decks; Lower units feature patio yards
