Apartment Buildings with
For Sale
$7,088,000
20012003 Parrott Drive, San Mateo, CA 94402
Two residential buildings offer varied layouts, private outdoor areas, fireplaces, and covered parking in a primarily single-family neighborhood.
Property Size14,316 SF
Lot Size0.35 Acres
Price / SF$495.11
Days on Market205
Property Features for 20012003 Parrott Drive
General Information
Standard status
Active
Size
14,316 SF
Lot size
0.35 Acres
Property subtype
General Commercial
Units
Unit Mix
2 x 2BR/2.5BA townhouse, 5 x 2BR/2BA, 3 x 1BR/1BA
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$96,675
Amenities
vaulted ceilings
fireplace
balconies and/or patios
None, Electric
3
Tar Gravel, Flat, Shingle
R30000
1 Parking Spaces. Carport.
Building Details
Year Built
1976
Buildings
2
Listing Agency:
Marcus & Millichap
(650) 391-1700
Listed By:
Carlos Azucena · License #01748155
Source:
Xome
Added: Feb 7
Changed: Aug 30
Last Checked: Aug 30 at 3:16PM
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.
Crystal Springs Apartments comprises 10 units across two separate buildings at 2001–2003 Parrott Drive in San Mateo. The unit mix includes two 2-bedroom, 2.5-bath townhouses, five 2-bedroom, 2-bath residences, and three 1-bedroom, 1-bath residences. The buildings contain a combined 14,316 square feet and occupy two parcels totaling approximately 0.35 acres.
Property features include enclosed garage and covered parking, fireplaces in each unit, balconies and/or patios, and vaulted ceilings in second-floor residences. The asset is positioned within a primarily single-family residential neighborhood in San Mateo County, between San Francisco and Silicon Valley employment centers.
Property features include enclosed garage and covered parking, fireplaces in each unit, balconies and/or patios, and vaulted ceilings in second-floor residences. The asset is positioned within a primarily single-family residential neighborhood in San Mateo County, between San Francisco and Silicon Valley employment centers.
Key Highlights
- 10‑unit apartment property across two separate buildings
- Unit mix includes 2 townhouses, 5 two‑bedroom units, and 3 one‑bedroom units
- Combined building area of 14,316 square feet
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
$323,141
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
4.56%
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%
$6,462,820
$6.5M
Cap Rate 7%
$4,616,300
$4.6M
Cap Rate 9%
$3,590,456
$3.6M
Market Conditions
NOI Build-Up for 14,316 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
$618.5K $43.20/SF
− Vacancy
−$30.9K −$2.16/SF
EGI
$587.5K $41.04/SF
− OpEx
−$264.4K −$18.47/SF
NOI
$323.1K $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%
$6,462,820
Cap Rate 7%
$4,616,300
Cap Rate 9%
$3,590,456
Alternative Uses
Best Use
Apartment 5plus
$4.62M
$4.04M – $5.39M
NOI $323,141 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.66M
$4.95M – $6.61M
NOI $396,359 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
357
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 - Two residential buildings offer varied layouts, private outdoor areas, fireplaces, and covered parking in a primarily single-family neighborhood.
Where is this apartment building located?
The property is located at 20012003 Parrott Drive San Mateo, CA.
What is the asking price?
The asking price for this property is $7,088,000.
What are key features of this property?
This property features: 10‑unit apartment property across two separate buildings; Unit mix includes 2 townhouses, 5 two‑bedroom units, and 3 one‑bedroom units; Combined building area of 14,316 square feet
