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    3Rd Ave San Mateo, CA 94401
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    3Rd Ave San Mateo, CA 94401

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    • Office Spaces
    • 28,787 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 0 3Rd Ave

    Property size
    28,787 SF
    Property type
    Office Spaces
    Property subtype
    Office Units

    Description

    This exceptional Class A office space, located at 3 East Third Ave Suite 200, San Mateo, CA 94401, offers a vibrant and collaborative work environment. The property, known as Spaces - Downtown San Mateo Clocktower, boasts 28,787 square feet of total building space, with 5,650 square feet currently vacant. Suites range from a minimum of 50 square feet to a maximum contiguous space of 1,300 square feet, accommodating businesses of all sizes. The building features 350 total suites and is conveniently located in the heart of downtown San Mateo, providing easy access to a thriving business district, diverse dining options, and entertainment venues. Renovated in 2019, the building includes elevators for convenient access to all floors. This prime corner location in San Mateo County offers a unique opportunity to establish your business within a dynamic and innovative community. The property is ideal for a variety of office needs, including traditional office space, executive suites, coworking arrangements, and creative office setups. The building's modern design and amenities create an inspiring workspace designed to foster collaboration and innovation. Don't miss this chance to secure your space in this sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    San Mateo
    County
    San Mateo
    State
    California
    Longitude
    -122.326
    Latitude
    37.5633

    Comparable in this City

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      307 B St

      Office Spaces • 5,444 SF
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    • Value Estimation
      $870,000
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      53 San Mateo Dr

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    • Value Estimation
      $610,000
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      312 San Mateo Dr

      OFFICE BUILDING (MULTI-STORY) • 3,034 SF
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    • Value Estimation
      $545,000
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      72 San Mateo Dr

      PROFESSIONAL BUILDING • 2,685 SF
      72 San Mateo Dr, San Mateo, CA 94401-2824
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    • Value Estimation
      $995,000
      5,115 SF

      811 B St

      OFFICE BUILDING (MULTI-STORY) • 5,115 SF
      811 B St, San Mateo, CA 94401-4205
      View Details

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      10,672 SF

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    • $2,200,000
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      San Mateo Mixed-Use Building

      Two-story building near Downtown San Mateo with flexible options.
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    Similar Nearby for Lease

    • Sponsored
      Contact for pricing

      Spaces Clocktower

      Workspaces, services and support to help you grow your business in Spaces Clocktower
      3 3Rd Ave, San Mateo, CA 94401
      View Details
    • Contact for pricing
      2,000 SF

      San Mateo Serviced Office Space

      Serviced office space with flexible options and comprehensive amenities.
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      Downtown San Mateo Office/Flex Space

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    • $6,320 /Mo

      San Mateo Commercial Warehouses

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      931 N Amphlett Blvd, San Mateo, CA 94401
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      8,842 SF

      Market Ready Open Office

      Open office space with workstations and conference rooms available for rent.
      300 S Ellsworth Ave, San Mateo, CA 94401
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    San Mateo, CA 94401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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