San Mateo Flex Space
For Sale
$2,750,000
83 21st Avenue, San Mateo, CA 94403
Flex space with office, shop, and potential living area.
Property Size6,911 SF
Lot Size0.16 Acres
Price / SF$397.92
Days on Market143
Property Features for 83 21st Avenue
General Information
Standard status
Active
Size
6,911 SF
Lot size
0.16 Acres
Property subtype
Industrial
Listing Agency:
CBRE | San Francisco
(415) 559-8230
Listed By:
Marshall Hydorn · License #00960660
(415) 559-8230
Source:
Cbre
Added: Mar 25
Changed: Aug 14
Last Checked: Aug 14 at 7:24AM
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 | San Francisco
Investment Insights
Based on property information with market context.
This property presents an opportunity for an owner-user seeking office, shop, or potential living space with existing income, or for an investor interested in leasing the remaining space. The parcel size is approximately 6,911 square feet. The building encompasses approximately 6,324 square feet, including a first floor of approximately 4,260 square feet and a second floor of approximately 2,064 square feet. On-site parking is available for 5 to 7 vehicles. The second floor features an office or potential living area equipped with a kitchen, restrooms, shower, and sauna. The ground floor includes a storage or shop area. A 2,590 square foot ground floor lease with Comcast is in place through December 14, 2029.
Key Highlights
- Existing lease with Comcast through 12‑14‑2029 providing income.
- Building size of approximately 6,324 square feet with office/shop/potential living space.
- Second floor office or potential living area with kitchen, restrooms, shower, and sauna.
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
$99,583
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
3.62%
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%
$1,991,660
$2.0M
Cap Rate 7%
$1,422,614
$1.4M
Cap Rate 9%
$1,106,478
$1.1M
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
$149.3K $21.60/SF
− Vacancy
−$7.0K −$1.02/SF
EGI
$142.3K $20.58/SF
− OpEx
−$42.7K −$6.18/SF
NOI
$99.6K $14.41/SF
Area
San Mateo, CA
Vacancy
4.70%
Lease Rate
$21.60 /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%
$1,991,660
Cap Rate 7%
$1,422,614
Cap Rate 9%
$1,106,478
Alternative Uses
Best Use
Industrial
$1.42M
$1.24M – $1.66M
NOI $99,583 @ 7.0% cap · market cap 3.62%
Second Best
Flex RnD
$1.33M
$1.16M – $1.55M
NOI $93,041 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,341 @ 7.0% cap · market cap 6.96%
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Flex space with office, shop, and potential living area.
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 $2,750,000.
What are key features of this property?
This property features: Existing lease with Comcast through 12‑14‑2029 providing income.; Building size of approximately 6,324 square feet with office/shop/potential living space.; Second floor office or potential living area with kitchen, restrooms, shower, and sauna.
