Single-Level Duplex with
New
For Sale
$1,688,000
450-452 State ST, San Mateo, CA 94401
The two residences have separate utility meters and individual washer-dryer sets.
Property Size2,070 SF
Days on Market4
Property Features for 450-452 State ST
General Information
Standard status
Active
Size
2,070 SF
Total Parking Spaces
2
Property subtype
Duplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$21,830
Amenities
attached garage
washer/dryer
back patio
private driveway
no stairs
Building Details
Building Size
2,070 SF
Year Built
1948
Buildings
1
Stories
1
Construction
mid-century modern
Listing Agency:
Coldwell Banker Realty
Listed By:
Frances Boscacci · License #01362031
(650) 759-7885
Source:
Johnpaye
Added: Oct 8
Changed: Oct 10
Last Checked: Oct 11 at 1:42PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1948, this side-by-side duplex has a one-level layout. The front residence offers two bedrooms and one bathroom; the rear residence has one bedroom and one bathroom. Each unit includes an attached garage and its own washer and dryer. Separate gas, electric, and water meters serve the property.
Updates include electrical and heating systems, appliances, kitchens, and bathrooms. Both units feature laminate flooring and storage. Tall ceilings, wainscoting, and lower hopper windows add interior detail; rear patios and a private front driveway provide outdoor space. The property is between downtown San Mateo and downtown Burlingame, with access to Caltrain and routes toward SFO, San Francisco, and Silicon Valley.
Updates include electrical and heating systems, appliances, kitchens, and bathrooms. Both units feature laminate flooring and storage. Tall ceilings, wainscoting, and lower hopper windows add interior detail; rear patios and a private front driveway provide outdoor space. The property is between downtown San Mateo and downtown Burlingame, with access to Caltrain and routes toward SFO, San Francisco, and Silicon Valley.
Key Highlights
- Side‑by‑side duplex built in 1948
- Front unit: 2 bedrooms and 1 bathroom; rear unit: 1 bedroom and 1 bathroom
- Attached garage and individual washer‑dryer set for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,760
Cap Rate
3.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,035,200
$1.0M
Cap Rate 7%
$739,429
$739.4K
Cap Rate 9%
$575,111
$575.1K
Market Conditions
NOI Build-Up for 2,070 SF
Gross rent
$78.2K $37.80/SF
− Vacancy
−$4.3K −$2.08/SF
EGI
$73.9K $35.72/SF
− OpEx
−$22.2K −$10.72/SF
NOI
$51.8K $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 Rate 5%
$1,035,200
Cap Rate 7%
$739,429
Cap Rate 9%
$575,111
Alternative Uses
Best Use
Multifamily LT 5
$739.4K
$647.0K – $862.7K
NOI $51,760 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$667.5K
$584.1K – $778.7K
NOI $46,724 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$818.7K
$716.4K – $955.2K
NOI $57,311 @ 7.0% cap · market cap 3.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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
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Frequently Asked Questions
What type of property is this?
Duplex - The two residences have separate utility meters and individual washer-dryer sets.
Where is this duplex located?
The property is located at 450-452 State ST San Mateo, CA.
What is the asking price?
The asking price for this property is $1,688,000.
What are key features of this property?
This property features: Side‑by‑side duplex built in 1948; Front unit: 2 bedrooms and 1 bathroom; rear unit: 1 bedroom and 1 bathroom; Attached garage and individual washer‑dryer set for each unit
