858-525-5007

228 State, San Mateo CA 94401 | $1,999,000

  • 0 bedrooms
  • 0 bathrooms
  • 0 Sq Ft
  • 0 Lot Sq Ft
  • Type:
  • Stories: 0
  • Year Built: 1926
  • MLS#: ML82060377
  • Community: 699 - Not Defined

Listing provided courtesy of John Sayage of Compass. Last updated 2026-09-24 08:32:41.000000. Listing information © 2025 SANDICOR.

Excellent five-unit investment opportunity ideally located between Downtown San Mateo and Downtown Burlingame, offering convenient access to shopping, dining, Caltrain, major transportation routes, and Peninsula employment centers. The property features two one-bedroom units, one two-bedroom unit, and two studios, with current annual rents of approximately $122,580. Several units are rented below current market levels, creating significant long-term upside through future rent growth and thoughtful renovations. Renovated market rents are projected at approximately $181,800 annually, highlighting the property's compelling value-add potential. A rare opportunity to acquire a well-located Peninsula multifamily asset with strong in-place income, below-market rents, and meaningful future upside.

More Details

Parking Spots: 1.00
Carport Spaces: 4.00
Heating: Wall Furnace
Heating: Floor Furnace

David Piper​

Call or Text: 858-525-5007

DRE# 02021985