New Medical/Dental Condo For
For Sale
$1,499,000
420 Peninsula Avenue #3, San Mateo, CA 94401
Newly constructed medical/dental condo on the San Mateo Burlingame border.
Property Size4,000 SF
Price / SF$374.75
Days on Market420
Property Features for 420 Peninsula Avenue #3
General Information
Standard status
Active
Size
4,000 SF
Building Details
Year Built
2019
Listing Agency:
GENTRY REAL ESTATE
(408) 829-2537
Listed By:
MARTINA WONG · License #01353626
Source:
Corcoran
Added: Jun 19, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 GENTRY REAL ESTATE
Investment Insights
Based on property information with market context.
This newly constructed medical/dental condominium is located on the border of San Mateo and Burlingame. The 4000-square-foot unit features high-quality materials and finishes throughout. The layout includes a waiting area, a front desk, and three fully plumbed operatories ready for equipment installation. The space provides ADA-compliant access, a wheelchair lift, and a private restroom. This property is located in a high-traffic location.
Key Highlights
- Prime location on the San Mateo/Burlingame border in a high‑traffic area.
- Turnkey medical/dental condo ready for immediate occupancy.
- Three fully plumbed operatories ready for equipment installation.
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
$77,717
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
5.18%
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%
$1,554,340
$1.6M
Cap Rate 7%
$1,110,243
$1.1M
Cap Rate 9%
$863,522
$863.5K
Market Conditions
NOI Build-Up for 4,000 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
$134.4K $33.60/SF
− Vacancy
−$30.8K −$7.69/SF
EGI
$103.6K $25.91/SF
− OpEx
−$25.9K −$6.48/SF
NOI
$77.7K $19.43/SF
Area
San Mateo, CA
Vacancy
22.90%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,554,340
Cap Rate 7%
$1,110,243
Cap Rate 9%
$863,522
Alternative Uses
Best Use
Office B
$1.11M
$971.5K – $1.30M
NOI $77,717 @ 7.0% cap · market cap 5.18%
Second Best
Healthcare Medical
$946.3K
$828.0K – $1.10M
NOI $66,240 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$1.58M
$1.38M – $1.85M
NOI $110,746 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,091
Businesses Nearby
Under-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Camino Real Pet Clinic — 1317 Bayswater Ave, Burlingame, CA 94010
- Dr. Treat — 220 Primrose Rd, Burlingame, CA 94010
- Peninsula Avenue Veterinary Clinic — 440 Peninsula Ave, San Mateo, CA 94401
- Marilyn Frank, DVM, MS — 1317 Bayswater Ave, Burlingame, CA 94010
- Found Pets SPCA — San Mateo, CA 94401
Frequently Asked Questions
What type of property is this?
Medical Office Space - Newly constructed medical/dental condo on the San Mateo Burlingame border.
Where is this medical office space located?
The property is located at 420 Peninsula Avenue #3 San Mateo, CA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Prime location on the San Mateo/Burlingame border in a high‑traffic area.; Turnkey medical/dental condo ready for immediate occupancy.; Three fully plumbed operatories ready for equipment installation.
