Renovated Six-Unit Multifamily
For Sale
$1,899,000
19 41st Place, San Mateo, CA 94403
Six studio units in a 1957 building renovated in 2014, with dual-pane windows, upgraded systems, and carport parking.
Property Size2,447 SF
Lot Size0.18 Acres
Price / SF$776.05
Days on Market253
Property Features for 19 41st Place
General Information
Standard status
Active
Size
2,447 SF
Total Parking Spaces
6
Lot size
0.18 Acres
Property subtype
General Commercial
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$21,117
Amenities
3
Tar Gravel
6 Parking Spaces.
Building Details
Year Built
1957
Year Renovated
2014
Tenancy
Multi
Listing Agency:
(408) 427-8963
Listed By:
Compass
Source:
Xome
Added: Dec 25, 2025
Changed: Sep 2
Last Checked: Sep 4 at 3:31AM
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.
This well-maintained six-unit multifamily property was built in 1957 and significantly renovated in 2014. The building includes dual-pane windows, upgraded interiors, improved building systems, and refreshed exterior finishes. The property offers six studio units, including one unit with a private yard and one unit with a private patio.
Tenants pay all utilities through RUBS, supporting operating efficiency. An owner-owned on-site laundry machine is also in place.
The site includes six dedicated carport parking spaces, adding convenience for residents. The building totals 2,447 SF on a 7,699 SF lot.
Tenants pay all utilities through RUBS, supporting operating efficiency. An owner-owned on-site laundry machine is also in place.
The site includes six dedicated carport parking spaces, adding convenience for residents. The building totals 2,447 SF on a 7,699 SF lot.
Key Highlights
- Six studio units in a 1957 multifamily building, significantly renovated in 2014
- 2,447 SF building on a 7,699 SF lot in the San Mateo submarket (Zoning: R4)
- Dual‑pane windows and upgraded building systems with refreshed exterior finishes
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
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,702
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Six studio units in a 1957 building renovated in 2014, with dual-pane windows, upgraded systems, and carport parking.
Where is this apartment building located?
The property is located at 19 41st Place 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 studio units in a 1957 multifamily building, significantly renovated in 2014; 2,447 SF building on a 7,699 SF lot in the San Mateo submarket (Zoning: R4); Dual‑pane windows and upgraded building systems with refreshed exterior finishes
