Renovated Six-Unit Apartment
For Sale
$1,899,000
19 41st P, San Mateo, CA 94403
Well-maintained six-unit building with updated interiors, dual-pane windows, and six carport spaces.
Property Size2,447 SF
Lot Size0.18 Acres
Price / SF$776.05
Days on Market203
Property Features for 19 41st P
General Information
Standard status
Active
Size
2,447 SF
Total Parking Spaces
6
Lot size
0.18 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Amenities
3
Building Details
Year Built
1957
Year Renovated
2014
Tenancy
Multi
Listing Agency:
(650) 228-9930
Listed By:
Compass
(650) 228-9930
Source:
Xome
Added: Jan 20
Changed: Aug 9
Last Checked: Aug 11 at 5:10AM
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 Compass
Investment Insights
Based on property information with market context.
19 E 41st Place is a well-maintained six-unit multifamily property built in 1957 and significantly renovated in 2014. The 2,447 SF building includes upgraded interiors, improved building systems, dual-pane windows, and refreshed exterior finishes. All units are studios, with one unit offering a private yard and another offering a private patio.
Operational efficiency is supported through RUBS, with tenants paying all utilities. An owner-owned on-site laundry machine is also provided on-site, and the property includes six dedicated carport parking spaces.
Set on a 7,699 SF lot in the San Mateo submarket, the building combines renovation updates with practical resident amenities designed to support everyday convenience.
Operational efficiency is supported through RUBS, with tenants paying all utilities. An owner-owned on-site laundry machine is also provided on-site, and the property includes six dedicated carport parking spaces.
Set on a 7,699 SF lot in the San Mateo submarket, the building combines renovation updates with practical resident amenities designed to support everyday convenience.
Key Highlights
- Six‑unit multifamily building built in 1957 and significantly renovated in 2014
- 2,447 SF building on a 7,699 SF lot with dual‑pane windows and refreshed exterior finishes
- Upgraded interiors and improved building systems, including operational improvements through RUBS
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
$55,234
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
2.91%
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%
$1,104,680
$1.1M
Cap Rate 7%
$789,057
$789.1K
Cap Rate 9%
$613,711
$613.7K
Market Conditions
NOI Build-Up for 2,447 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
$105.7K $43.20/SF
− Vacancy
−$5.3K −$2.16/SF
EGI
$100.4K $41.04/SF
− OpEx
−$45.2K −$18.47/SF
NOI
$55.2K $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%
$1,104,680
Cap Rate 7%
$789,057
Cap Rate 9%
$613,711
Alternative Uses
Best Use
Apartment 5plus
$789.1K
$690.4K – $920.6K
NOI $55,234 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$967.8K
$846.9K – $1.13M
NOI $67,749 @ 7.0% cap · market cap 3.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,622
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained six-unit building with updated interiors, dual-pane windows, and six carport spaces.
Where is this apartment building located?
The property is located at 19 41st P San Mateo, CA.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: Six‑unit multifamily building built in 1957 and significantly renovated in 2014; 2,447 SF building on a 7,699 SF lot with dual‑pane windows and refreshed exterior finishes; Upgraded interiors and improved building systems, including operational improvements through RUBS
