Retail Buildings in Downtown San
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235 Baldwin Ave, San Mateo, CA
Two retail buildings in prime downtown location near Caltrain.
Property Size5,486 SF
Lot Size0.18 Acres
Price / SF$526.43
Days on Market415
Property Features for 235 Baldwin Ave
General Information
Standard status
Active
Size
5,486 SF
Lot size
0.18 Acres
Property subtype
RETAIL
Listing Agency:
eXp Commercial - CA
(888) 584-9427
Listed By:
Brian Merrion · License #01940486
(415) 802-1400
Source:
Moodyscre
Added: Sep 11, 2025
Changed: Oct 25
Last Checked: Oct 28 at 12:17PM
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 eXp Commercial - CA
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This property features two freestanding retail buildings offering flexible layouts in a prime downtown San Mateo location. Situated steps from dining, shopping, and Caltrain, the location benefits from strong surrounding demographics and a growing residential base. The property presents potential for mid-scale redevelopment or value-add repositioning. This is a rare opportunity in one of the Bay Area’s most desirable downtown markets. The property size is 5486 square feet.
Key Highlights
- Prime downtown San Mateo location near dining, shopping, and Caltrain.
- Rare opportunity in a highly desirable Bay Area downtown market.
- Two freestanding retail buildings with flexible layouts.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$140,094
Cap Rate
4.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,801,880
$2.8M
Cap Rate 7%
$2,001,343
$2.0M
Cap Rate 9%
$1,556,600
$1.6M
Market Conditions
NOI Build-Up for 5,486 SF
Gross rent
$210.0K $38.28/SF
− Vacancy
−$9.9K −$1.80/SF
EGI
$200.1K $36.48/SF
− OpEx
−$60.0K −$10.94/SF
NOI
$140.1K $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 Rate 5%
$2,801,880
Cap Rate 7%
$2,001,343
Cap Rate 9%
$1,556,600
Alternative Uses
Best Use
Retail
$2.00M
$1.75M – $2.33M
NOI $140,094 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,888 @ 7.0% cap · market cap 5.26%
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
Current Use
Location Intelligence
Trade Area within ½ mile
3,842
Businesses Nearby
74k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 34%
Apparel 8%
Home Improvements & Furnishings 4%
Starbucks
Dining
16,243 visits/mo
0.3 miles
Bank of America
Shops & Services
9,959 visits/mo
0.3 miles
Philz Coffee
Dining
8,482 visits/mo
0.2 miles
Baskin-Robbins
Dining
7,566 visits/mo
0.2 miles
Citibank
Shops & Services
6,123 visits/mo
0.3 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Retail space - Two retail buildings in prime downtown location near Caltrain.
Where is this retail space located?
The property is located at 235 Baldwin Ave San Mateo, CA.
What is the asking price?
The asking price for this property is $2,888,000.
What are key features of this property?
This property features: Prime downtown San Mateo location near dining, shopping, and Caltrain.; Rare opportunity in a highly desirable Bay Area downtown market.; Two freestanding retail buildings with flexible layouts.
