5-Unit Apartment
For Sale
$1,999,000
228 State Street, San Mateo, CA 94401
The residential mix includes studios and one- and two-bedroom apartments.
Property Size4,556 SF
Price / SF$438.76
Days on Market113
Property Features for 228 State Street
General Information
Standard status
Active
Size
4,556 SF
Total Parking Spaces
1
Property subtype
5+ Units / Five or More Units
Units
Unit Mix
2 x 1BR, 1 x 2BR, 2 x studio
Multifamily Units
5
Additional Details
Gross Income
$122,580
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$22,989
Amenities
Assigned Spaces
No, No, 4556, None, None
4
Building Details
Year Built
1926
Buildings
2
Listing Agency:
Compass
Listed By:
John Sayage · License #02068974
(650) 346-9480
Source:
Compass
Added: Jul 16
Changed: Nov 3
Last Checked: Nov 4 at 3:29PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1926, this San Mateo apartment property contains 4,556 square feet and five units: two studios, two one-bedroom apartments, and one two-bedroom apartment. The property is zoned RM0000.
The address is situated between downtown San Mateo and downtown Burlingame, with access to shopping, dining, Caltrain, major transportation routes, and Peninsula employment centers.
The address is situated between downtown San Mateo and downtown Burlingame, with access to shopping, dining, Caltrain, major transportation routes, and Peninsula employment centers.
Key Highlights
- Five apartments: two studios, two one‑bedroom units, and one two‑bedroom unit
- 4,556 square feet; built in 1926
- Zoned RM0000
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$102,838
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,056,760
$2.1M
Cap Rate 7%
$1,469,114
$1.5M
Cap Rate 9%
$1,142,644
$1.1M
Market Conditions
NOI Build-Up for 4,556 SF
Gross rent
$196.8K $43.20/SF
− Vacancy
−$9.8K −$2.16/SF
EGI
$187.0K $41.04/SF
− OpEx
−$84.1K −$18.47/SF
NOI
$102.8K $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 Rate 5%
$2,056,760
Cap Rate 7%
$1,469,114
Cap Rate 9%
$1,142,644
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.29M – $1.71M
NOI $102,838 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,139 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,748
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The residential mix includes studios and one- and two-bedroom apartments.
Where is this apartment building located?
The property is located at 228 State Street San Mateo, CA.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Five apartments: two studios, two one‑bedroom units, and one two‑bedroom unit; 4,556 square feet; built in 1926; Zoned RM0000
