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    Property profile & analytics

    66 21St Ave San Mateo, CA 94403

    • Warehouses
    • 11,000 SF
    • 0.32 lot acres
    For Lease
    View listing
    Last Sale
    Nov 17, 2020
    $3,800,000
    Value Estimations
    $3,550,000
    Cap Rate Potential
    5.1%
    Warehouses
    Location Intelligence
    Property ID
    US09-0563052
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Two Spoons Creamery / Ice Cream Shop
    • The Counter Burger / American Restaurant
    • HOM Korean Kitchen / Korean Restaurant
    • Big Daddy's Hawaiian BBQ (San Mateo) / Hawaiian Restaurant
    • yumkimbap / Korean Restaurant

    Property Details for 66 21St Ave

    Year built
    1954
    Lot size
    0.32 lot acres
    Property size
    11,000 SF
    Zone code
    C40001
    Property type
    Warehouses
    APN
    039-073-440
    APU
    39073440

    Description

    This exceptional 200-square-foot commercial kitchen space, located at 66 21st Ave in San Mateo, California (zip code 94403), presents a fantastic opportunity for food entrepreneurs. Classified as a Class B property within San Mateo County, this retail/restaurant space is currently entirely vacant and ready for immediate occupancy. The kitchen is ideally suited for multiple tenants, offering a turnkey solution for various food businesses. Its compact size makes it perfect for startups, personal chefs, catering companies, food trucks, single-location operators, or national chains seeking expansion. The location in San Mateo provides access to a thriving delivery market, allowing businesses to capitalize on the increasing demand for takeout and delivery services. This property offers a cost-effective way to establish or expand a food-related business with minimal upfront investment and operational overhead. The address is conveniently situated within San Mateo County, offering easy access to major transportation routes and a strong customer base. This is a rare opportunity to secure a fully equipped commercial kitchen in a prime location, allowing for immediate commencement of operations. The space is perfect for those seeking to minimize risk and maximize return on investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,750,000
      ML approach
      $3,825,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,210,000
      6.5%
      $2,960,000
      7%
      $2,750,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $4,210,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $5,935,000
      Change: +41% Conversion: Moderate
      RETAIL STORES
      $5,330,000
      Change: +27% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $5,085,000
      Change: +21% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $4,995,000
      Change: +19% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $3,600,000
      Change: -14% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    San Mateo
    County
    San Mateo
    State
    California
    Longitude
    -122.308
    Latitude
    37.5478
    CBSA code
    41860
    CBSA name
    SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $93,859
    $2,546,899
    $2,755,691
    $5,302,590
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $855,000
      109,448 SF

      110 25th Ave

      WAREHOUSE, STORAGE • 109,448 SF
      110 25th Ave, San Mateo, CA 94403-2351
      View Details
    • Value Estimation
      $325,000
      1,550 SF

      120 20th Ave

      WAREHOUSE, STORAGE • 1,550 SF
      120 20th Ave, San Mateo, CA 94403-1343
      View Details
    • Value Estimation
      $300,000
      3,000 SF

      2300 Palm Ave

      WAREHOUSE, STORAGE • 3,000 SF
      2300 Palm Ave, San Mateo, CA 94403-1817
      View Details
    • Value Estimation
      $1,410,000
      3,850 SF

      2228 Palm Ave

      WAREHOUSE, STORAGE • 3,850 SF
      2228 Palm Ave, San Mateo, CA 94403-1815
      View Details
    • Value Estimation
      $445,000
      2.24 Acres

      2222 Delaware St

      WAREHOUSE, STORAGE • 2.24 Acres
      2222 Delaware St, San Mateo, CA 94403-1901
      View Details
    • Value Estimation
      $260,000
      0.18 Acres

      2205 Palm Ave

      WAREHOUSE, STORAGE • 0.18 Acres
      2205 Palm Ave, San Mateo, CA 94403-1814
      View Details

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      200 SF

      San Mateo Commercial Kitchen Space

      Prime 200 sq ft ghost kitchen, San Mateo.
      66 21St Ave, San Mateo, CA 94403
      View Details
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    66 21St Ave
    San Mateo, CA 94403
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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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