Fourplex with Private Outdoor
For Sale
$2,495,000
444 Villa TER, San Mateo, CA 94401
Residential Income (2-4 units), SAN MATEO, CA
Property Size3,607 SF
Lot Size0.17 Acres
Price / SF$691.71
Days on Market41
Property Features for 444 Villa TER
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
104-Fourplex
Bedrooms
8
Rooms
Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 8, Bedroom 1, Bedroom 7, Bedroom 6, Laundry Room, Bedroom 4
Parking
1
Parking features
Assigned, Covered, Carport
Appliances
Appliances - Vary by Unit, Countertop - Granite, Countertop - Tile, Dishwasher, Exhaust Fan, Garbage Disposal, Hood Over Range, Oven - Electric, Oven Range - Electric, Refrigerator
Lot features
Grade - Level
Subdivision
Eastern Addition/Downtown Area
Standard status
Active
Size
3,607 SF
Lot size
0.17 Acres
Utilities
Heating system
Central, Forced Air
Water source
Public
Amenities
private outdoor space
Building Details
Year built
1961
Number of units
4
Flooring type
Linoleum, Tile, Laminate, Carpet
Building materials
Wood
Roof type
Flat, Tar/Gravel, Foam
Listing Agency:
Cronan Real Estate Services, Inc.
(650) 307-2240
Listed By:
Alex Hawkins · License #02134868
(650) 639-9640
Added: Jul 13
Changed: Aug 20
Last Checked: Aug 22 at 11:06AM
MLS# ML82052512
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Beautifully maintained four-unit building in San Mateo, with each unit featuring private outdoor space. Upper units have decks, while the lower units include yard space. Unit 2 has a carport plus an uncovered space, and could function as an owner’s unit with its private backyard. Unit 3 features a remodeled kitchen with quartz counters, new cabinets, fixtures, and appliances, along with a modern bath with new tile, vanity, and flooring.
The property sits on a 0.1722-acre lot and is approximately 3,607 SF, built in 1961. Parking includes covered carport space and assigned/covered parking. Water is provided via public source, and the building is constructed of wood.
Recent exterior and site upgrades include roof work, deck waterproofing, exterior paint, new doors, and a rebuilt carport. With a large 7,500 SF lot, there may be room for expansion, including the possibility of an additional unit over the carports. The property is described as within walking distance to downtown Burlingame and San Mateo.
The property sits on a 0.1722-acre lot and is approximately 3,607 SF, built in 1961. Parking includes covered carport space and assigned/covered parking. Water is provided via public source, and the building is constructed of wood.
Recent exterior and site upgrades include roof work, deck waterproofing, exterior paint, new doors, and a rebuilt carport. With a large 7,500 SF lot, there may be room for expansion, including the possibility of an additional unit over the carports. The property is described as within walking distance to downtown Burlingame and San Mateo.
Key Highlights
- Zoned 104‑Fourplex fourplex with private outdoor space (decks for upper units, yards for lower units)
- 0.1722‑acre lot with approximately 3,607 SF building area
- Unit 3 remodeled kitchen with quartz counters plus new cabinets, fixtures, appliances; updated modern bath
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
$90,192
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
3.61%
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%
$1,803,840
$1.8M
Cap Rate 7%
$1,288,457
$1.3M
Cap Rate 9%
$1,002,133
$1.0M
Market Conditions
NOI Build-Up for 3,607 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
$136.3K $37.80/SF
− Vacancy
−$7.5K −$2.08/SF
EGI
$128.8K $35.72/SF
− OpEx
−$38.7K −$10.72/SF
NOI
$90.2K $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%
$1,803,840
Cap Rate 7%
$1,288,457
Cap Rate 9%
$1,002,133
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.50M
NOI $90,192 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,417 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,865 @ 7.0% cap · market cap 4.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,499
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?
Quadplex - Zoned 104-Fourplex, this four-unit property offers decks and yards plus central forced-air heating.
Where is this quadplex located?
The property is located at 444 Villa TER San Mateo, CA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Zoned 104‑Fourplex fourplex with private outdoor space (decks for upper units, yards for lower units); 0.1722‑acre lot with approximately 3,607 SF building area; Unit 3 remodeled kitchen with quartz counters plus new cabinets, fixtures, appliances; updated modern bath
