Occupied Fourplex With Covered
For Sale
$1,900,000
414 E 16th AVE, San Mateo, CA 94402
Two-story San Mateo asset with studio and one-bedroom units, on-site laundry, and dual-paned windows.
Property Size3,325 SF
Days on Market11
Property Features for 414 E 16th AVE
General Information
Standard status
Active
Size
3,325 SF
Property subtype
Fourplex
Taxes and HOA fees
Annual Taxes
$27,340
Building Details
Building Size
3,325 SF
Year Built
1959
Listing Agency:
CBRE, Inc.
Listed By:
Adam Foley · License #02144332
(408) 893-8063
Source:
Johnpaye
Added: Sep 16
Changed: Sep 22
Last Checked: Sep 24 at 4:19PM
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 CBRE, Inc.
Investment Insights
Based on property information with market context.
This four-unit multifamily property in San Mateo’s Hayward Park submarket was built in 1959 and occupies a two-story slab-on-grade structure with stucco and wood construction. The unit mix includes two studios and two one-bedroom, one-bath residences, with an average unit size of 775 square feet. Building features include copper supply lines, dual-paned vinyl windows, on-site laundry, and covered tuck-under parking. The property is reported as 100% occupied as of August 2026.
The asset is positioned between Highway 101 and Interstate 280. Hillsdale Caltrain, Bay Meadows, and Hillsdale Shopping Center are nearby, while Peninsula employment centers include Sony Interactive Entertainment, Roblox, GoPro, Franklin Templeton, Oracle, and Meta. The property is described as free and clear and includes four residential units within the existing structure.
The asset is positioned between Highway 101 and Interstate 280. Hillsdale Caltrain, Bay Meadows, and Hillsdale Shopping Center are nearby, while Peninsula employment centers include Sony Interactive Entertainment, Roblox, GoPro, Franklin Templeton, Oracle, and Meta. The property is described as free and clear and includes four residential units within the existing structure.
Key Highlights
- Four‑unit multifamily property built in 1959
- Two studios and two one‑bedroom/one‑bathroom units
- Average unit size of 775 square feet
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
$83,141
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
4.38%
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%
$1,662,820
$1.7M
Cap Rate 7%
$1,187,729
$1.2M
Cap Rate 9%
$923,789
$923.8K
Market Conditions
NOI Build-Up for 3,325 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
$125.7K $37.80/SF
− Vacancy
−$6.9K −$2.08/SF
EGI
$118.8K $35.72/SF
− OpEx
−$35.6K −$10.72/SF
NOI
$83.1K $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%
$1,662,820
Cap Rate 7%
$1,187,729
Cap Rate 9%
$923,789
Alternative Uses
Best Use
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,141 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$1.07M
$938.2K – $1.25M
NOI $75,052 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$1.32M
$1.15M – $1.53M
NOI $92,057 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,566
Businesses Nearby
Explore this area
Business Placement
Demographics for 94402, CA
25,879
Population
10,623
Households
2.4
Avg Household Size
42
Median Age
69%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
5,074
Density / Sq Mi
$179,683
Median Household Income
$104,257
Median Earnings
$3,476
Median Rent
$2,000,001
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-story San Mateo asset with studio and one-bedroom units, on-site laundry, and dual-paned windows.
Where is this quadplex located?
The property is located at 414 E 16th AVE San Mateo, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1959; Two studios and two one‑bedroom/one‑bathroom units; Average unit size of 775 square feet
