Mixed-Use Building With
For Sale
Contact for pricing
201-203 S Delaware Street, San Mateo, CA 94401
Two street-facing retail spaces complement two upstairs apartments in a manageable mixed-use configuration.
Property Size5,075 SF
Lot Size0.13 Acres
Price / SF$647.88
Days on Market9
Property Features for 201-203 S Delaware Street
General Information
Standard status
Active
Size
5,075 SF
Total Parking Spaces
4
Lot size
0.13 Acres
Property subtype
Mixed Use
Zoning
chc3
Occupancy
100%
Lease Type
Gross
Investment Type
Owner/User
Net Operating Income
$172,804
Additional Details
Corner Location
Yes
Building Details
Year Built
1940
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(650) 558-4200
Listed By:
Sarah Hillhouse · License #CA 01294373
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 10 at 8:10AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This mixed-use property combines two street-facing retail spaces on the ground floor with two apartments above. The configuration brings commercial and residential components together within a single building, offering a clear separation between the storefront and upper-level living areas. Built in 1940, the property contains 5,075 square feet on a 0.13-acre parcel and is identified with chc3 zoning.
Located at 201-203 S Delaware Street in San Mateo, the building occupies a corner setting near established neighborhoods, schools, and downtown San Mateo. Its address places the property within the South Delaware area of the city, with retail frontage oriented toward the street. The combination of four distinct spaces and its mixed-use classification supports both commercial occupancy and residential use within the existing layout.
Located at 201-203 S Delaware Street in San Mateo, the building occupies a corner setting near established neighborhoods, schools, and downtown San Mateo. Its address places the property within the South Delaware area of the city, with retail frontage oriented toward the street. The combination of four distinct spaces and its mixed-use classification supports both commercial occupancy and residential use within the existing layout.
Key Highlights
- 5,075‑square‑foot mixed‑use building on a 0.13‑acre parcel
- Two street‑facing ground‑floor retail spaces
- Two apartments located above the retail spaces
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
$129,598
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
3.94%
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%
$2,591,960
$2.6M
Cap Rate 7%
$1,851,400
$1.9M
Cap Rate 9%
$1,439,978
$1.4M
Market Conditions
NOI Build-Up for 5,075 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
$194.3K $38.28/SF
− Vacancy
−$9.1K −$1.80/SF
EGI
$185.1K $36.48/SF
− OpEx
−$55.5K −$10.94/SF
NOI
$129.6K $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%
$2,591,960
Cap Rate 7%
$1,851,400
Cap Rate 9%
$1,439,978
Alternative Uses
Best Use
Retail
$1.85M
$1.62M – $2.16M
NOI $129,598 @ 7.0% cap · market cap 3.94%
Second Best
Multifamily LT 5
$1.81M
$1.59M – $2.11M
NOI $126,899 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,508 @ 7.0% cap · market cap 4.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 94401, CA
35,249
Population
13,798
Households
2.6
Avg Household Size
37
Median Age
45%
College-Educated
85%
High-School Grad
3.1 sq mi
ZIP Area
11,371
Density / Sq Mi
$121,258
Median Household Income
$57,724
Median Earnings
$2,713
Median Rent
$1,123,300
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?
Mixed-use property - Two street-facing retail spaces complement two upstairs apartments in a manageable mixed-use configuration.
Where is this mixed-use property located?
The property is located at 201-203 S Delaware Street San Mateo, CA.
What is the asking price?
The asking price for this property is $3,288,000.
What are key features of this property?
This property features: 5,075‑square‑foot mixed‑use building on a 0.13‑acre parcel; Two street‑facing ground‑floor retail spaces; Two apartments located above the retail spaces
