Jennifer Hamilton, DRE#01800791, Owner/Broker
REALTOR®, CRP, GRP, Director of Relocation
(805) 543-2172 ext. 30
MLS#ML82060377
STATUSActive
PROPERTY TYPECommercial - Business
SCHOOLOther
Listing Courtesy of:
Compass
Agency Phone: (650) 375-1111
Associate Name: John Sayage
Listing Shown by:
Farrell Smyth, Inc.
Associate Name: Jennifer Hamilton, DRE#01800791, Owner/Broker
Property Description
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.
Property Features
Property Type: Commercial - Business
Cooling: None
Heating: Floor Furnace, Wall Furnace
Lot Size: 0.17 Acres
Taxes: $22,989
Year Built: 1926
Feature Descriptions
Days on Site: 8
Parcel#: 032151050
Water: Public
Local Schools
School District: Other
Listed By / Shown By
Listed By
Agency Name: Compass
Agent Name: John Sayage
Agency Phone: (650) 375-1111
Shown By
Agent Name: Jennifer Hamilton, DRE#01800791, Owner/Broker
Agent Phone: (805) 543-2172 ext. 30
Agency Title: Farrell Smyth, Inc.
Jennifer Hamilton, DRE#01800791, Owner/Broker
Office: (805) 543-2172 ext. 30
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228 State Street | MLS# ML82060377
This commercial property located at 228 State Street, San Mateo, CA 94401 is currently listed for sale with an asking price of $1,999,000. State Street is located within the Other school district. Search San Mateo real estate on jenniferhamilton.farrellsmyth.com today.