Two-Bedroom Duplex Investment
New
For Sale
$2,328,000
4 Warren RD, San Mateo, CA 94401
Duplex with two-bedroom floor plans near downtown amenities and regional transportation connections.
Property Size3,450 SF
Lot Size0.16 Acres
Price / SF$674.78
Days on Market6
Property Features for 4 Warren RD
General Information
Standard status
Active
Size
3,450 SF
Lot size
0.16 Acres
Property subtype
Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$29,568
Building Details
Building Size
3,450 SF
Year Built
1941
Listing Agency:
Marcus & Millichap
(650) 391-1735
Listed By:
Cole Simpson · License #02016525
(650) 391-1735
Source:
Johnpaye
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 11:15AM
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.
This duplex property includes two-bedroom floor plans within approximately 3,450 square feet of gross building area on a 6,849-square-foot parcel. Constructed in 1941, the asset offers a residential income configuration in San Mateo.
Downtown Burlingame is 0.8 miles away, while San Mateo Central Park and Downtown San Mateo are 1.3 miles from the property. Access to U.S. Highway 101, California State Route 92, El Camino Real, and the San Mateo Caltrain Station connects the area with San Francisco and San Jose. The surrounding employment base includes companies such as Google, Facebook, Stanford, Box Inc., Visa, and Sony.
Downtown Burlingame is 0.8 miles away, while San Mateo Central Park and Downtown San Mateo are 1.3 miles from the property. Access to U.S. Highway 101, California State Route 92, El Camino Real, and the San Mateo Caltrain Station connects the area with San Francisco and San Jose. The surrounding employment base includes companies such as Google, Facebook, Stanford, Box Inc., Visa, and Sony.
Key Highlights
- Duplex with two‑bedroom floor plans
- Approximately 3,450 square feet of gross building area
- 6,849‑square‑foot parcel of land
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
$86,266
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
3.71%
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%
$1,725,320
$1.7M
Cap Rate 7%
$1,232,371
$1.2M
Cap Rate 9%
$958,511
$958.5K
Market Conditions
NOI Build-Up for 3,450 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
$130.4K $37.80/SF
− Vacancy
−$7.2K −$2.08/SF
EGI
$123.2K $35.72/SF
− OpEx
−$37.0K −$10.72/SF
NOI
$86.3K $25.00/SF
Area
San Mateo, CA
Vacancy
5.50%
Lease Rate
$37.80 /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%
$1,725,320
Cap Rate 7%
$1,232,371
Cap Rate 9%
$958,511
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.08M – $1.44M
NOI $86,266 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$1.11M
$973.4K – $1.30M
NOI $77,873 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,518 @ 7.0% cap · market cap 4.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,683
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?
Duplex - Duplex with two-bedroom floor plans near downtown amenities and regional transportation connections.
Where is this duplex located?
The property is located at 4 Warren RD San Mateo, CA.
What is the asking price?
The asking price for this property is $2,328,000.
What are key features of this property?
This property features: Duplex with two‑bedroom floor plans; Approximately 3,450 square feet of gross building area; 6,849‑square‑foot parcel of land
