Two-Story Flex Space with
For Sale
$2,600,000
83 21st Avenue, San Mateo, CA 94403
Ground floor storage/shop includes a Comcast lease through 12-14-2029, with second-floor office and spa-style amenities.
Property Size6,911 SF
Price / SF$376.21
Days on Market43
Property Features for 83 21st Avenue
General Information
Standard status
Active
Size
6,911 SF
Total Parking Spaces
7
Property subtype
Industrial
Amenities
kitchen
restrooms
shower
sauna
Building Details
Stories
2
Listing Agency:
CBRE | Oakland
Listed By:
Marshall Hydorn · License #00960660
(415) 559-8230
Source:
Cbre
Added: Jul 28
Changed: Sep 8
Last Checked: Sep 8 at 3:34AM
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 | Oakland
Investment Insights
Based on property information with market context.
This two-story flex space includes a ground floor storage/shop area and a second floor office or potential living area. The second floor is set up with a kitchen, restrooms, and a shower plus sauna, offering flexibility for office or personal-use configurations.
On-site parking is available for 5 to 7 vehicles. The ground floor includes a 2,590-square-foot lease with Comcast through 12-14-2029.
Overall, the property presents a mix of functional storage/shop space below and amenity-equipped space above, with an in-place tenant lease on the ground floor through the stated expiration date.
On-site parking is available for 5 to 7 vehicles. The ground floor includes a 2,590-square-foot lease with Comcast through 12-14-2029.
Overall, the property presents a mix of functional storage/shop space below and amenity-equipped space above, with an in-place tenant lease on the ground floor through the stated expiration date.
Key Highlights
- Ground floor storage/shop leased to Comcast for 2,590 SF through 12‑14‑2029
- Second‑floor office or potential living area includes a kitchen, restrooms, shower, and sauna
- On‑site parking available for 5 to 7 vehicles
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
$134,275
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
5.16%
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%
$2,685,500
$2.7M
Cap Rate 7%
$1,918,214
$1.9M
Cap Rate 9%
$1,491,944
$1.5M
Market Conditions
NOI Build-Up for 6,911 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
$232.2K $33.60/SF
− Vacancy
−$53.2K −$7.69/SF
EGI
$179.0K $25.91/SF
− OpEx
−$44.8K −$6.48/SF
NOI
$134.3K $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%
$2,685,500
Cap Rate 7%
$1,918,214
Cap Rate 9%
$1,491,944
Alternative Uses
Best Use
Office B
$1.92M
$1.68M – $2.24M
NOI $134,275 @ 7.0% cap · market cap 5.16%
Second Best
Industrial
$1.42M
$1.24M – $1.66M
NOI $99,583 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,341 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,656
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94403, CA
45,057
Population
17,682
Households
2.5
Avg Household Size
38
Median Age
60%
College-Educated
92%
High-School Grad
5.6 sq mi
ZIP Area
8,046
Density / Sq Mi
$179,825
Median Household Income
$93,542
Median Earnings
$3,273
Median Rent
$1,725,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Milk & Waffles — 66 21st Ave, San Mateo, CA 94403
- Servers Standing By Catering — 109 South Blvd, San Mateo, CA 94402
Frequently Asked Questions
What type of property is this?
Flex space - Ground floor storage/shop includes a Comcast lease through 12-14-2029, with second-floor office and spa-style amenities.
Where is this flex space located?
The property is located at 83 21st Avenue San Mateo, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Ground floor storage/shop leased to Comcast for 2,590 SF through 12‑14‑2029; Second‑floor office or potential living area includes a kitchen, restrooms, shower, and sauna; On‑site parking available for 5 to 7 vehicles
