Retail Storefront
For Sale
Contact for pricing
41-43 E 3rd Avenue, San Mateo, CA 94401
Central Business District property adjacent to the Main Street Parking Garage and one-half block from El Camino Real.
Property Size6,990 SF
Price / SF$500.72
Days on Market13
Property Features for 41-43 E 3rd Avenue
General Information
Standard status
Active
Size
6,990 SF
Property subtype
Retail
Zoning
Central Business District
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$147,489
Building Details
Year Built
1937
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Lockehouse Retail Group
(650) 692-3400
Listed By:
Jennifer Hibbitts · License #01418027
Source:
Crexi
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 23 at 7:05AM
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 Lockehouse Retail Group
Investment Insights
Based on property information with market context.
The property is a 6,990-square-foot retail storefront building at 41-43 E 3rd Avenue in San Mateo. Constructed in 1937, it is zoned Central Business District and occupies a position within the city’s downtown commercial environment.
The building is one-half block from El Camino Real and directly adjacent to the Main Street Parking Garage. The surrounding area includes national retailers, restaurants, boutique fitness concepts, and neighborhood amenities, with pedestrian activity associated with the established downtown setting. Its location between San Francisco and Palo Alto places the property within the broader Peninsula commercial corridor.
The building is one-half block from El Camino Real and directly adjacent to the Main Street Parking Garage. The surrounding area includes national retailers, restaurants, boutique fitness concepts, and neighborhood amenities, with pedestrian activity associated with the established downtown setting. Its location between San Francisco and Palo Alto places the property within the broader Peninsula commercial corridor.
Key Highlights
- 6,990‑square‑foot retail storefront building
- Central Business District zoning
- Constructed in 1937
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
$178,501
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
5.10%
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%
$3,570,020
$3.6M
Cap Rate 7%
$2,550,014
$2.6M
Cap Rate 9%
$1,983,344
$2.0M
Market Conditions
NOI Build-Up for 6,990 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
$267.6K $38.28/SF
− Vacancy
−$12.6K −$1.80/SF
EGI
$255.0K $36.48/SF
− OpEx
−$76.5K −$10.94/SF
NOI
$178.5K $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%
$3,570,020
Cap Rate 7%
$2,550,014
Cap Rate 9%
$1,983,344
Alternative Uses
Best Use
Retail
$2.55M
$2.23M – $2.98M
NOI $178,501 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.76M
$2.42M – $3.23M
NOI $193,528 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,592
Businesses Nearby
74k
Monthly Visits Nearby
Under-served
Demand for This Use
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
0.2 miles
Bank of America
Shops & Services
9,959 visits/mo
0.0 miles
Philz Coffee
Dining
8,482 visits/mo
0.4 miles
Baskin-Robbins
Dining
7,566 visits/mo
0.2 miles
Citibank
Shops & Services
6,123 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- PRADO FLOWERS — 1731 S El Camino Real, San Mateo, CA 94402
- Edmond's Plaza Florist, Inc. — 120 E 3rd Ave #4013, San Mateo, CA 94401
- Amos Orchids — 340 N Ellsworth Ave, San Mateo, CA 94401
Frequently Asked Questions
What type of property is this?
Storefront property - Central Business District property adjacent to the Main Street Parking Garage and one-half block from El Camino Real.
Where is this storefront property located?
The property is located at 41-43 E 3rd Avenue San Mateo, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 6,990‑square‑foot retail storefront building; Central Business District zoning; Constructed in 1937
