228 State Street San Mateo, CA $ 1,999,000
228 State Street
$ 1,999,000
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228 State Street

San Mateo, CA, 94401
$ 1,999,000
Bedrooms-- Baths-- Sq 4,556

Monthly Estimate*

$ 12,622

Listed by Compass
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Commercial Property for sale in San Mateo, CA

for $1,999,000. This 4,556 square foot building was built in 1926 on a lot size of 0.1722.

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.

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Commercial Active

Price

$ 1,999,000

Property Type

Commercial

Taxes

$ 22,989

Style

Lot Size

0.1722

Year Built

1926

Town/City

San Mateo

County/Region

San Mateo

MLS | Web ID

ML82060377

Days on Market

2

Features
General
Heating Floor Furnace Wall Furnace
Cooling None
Zoning RM0000
HOA Fee 0
Year Built 1926
County San Mateo
Insurance Expense 3600
Property Type Commercial Sale
MaintenanceExpense 1800
Special Listing Conditions Standard
Status Active
City San Mateo
High School District Other
MLS Area 699 - Not Defined
Lot Size Units Square Feet
Lot Size Square Feet 7500
Carport Spaces 4
Carport Y/N true
Tax Annual Amount 22989
Trash Expense 2760
Standard Status Active
Occupancy Type Tenant
Year Built Source Assessor
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Interior
Air Conditioning Y/N true
Heating Y/N true
Total Baths 0
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Exterior
Water Source Public
Total Parking 1
Lot Size Area 7500
Number of Buildings 2
Building Area Total 4556
Lot Size Acres 0.1722
Lot Size Source Assessor
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* Excluded Features
List By
Compass

Broker

john.sayage@compass.com

Email

Affordability Calculator

$14,538
Per Month
87%
13%
0%
Monthly Principal & Interest
$12,622
Monthly Property Taxes
$1,916
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
4827338 Elementary School
4827337 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
9/9/2026$1,999,000 Listed Price

Map


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228 State Street, San Mateo, CA, 94401 is a Commercial Property for sale at $1,999,000 with 4,556 sqft and a lot size of 0.1722. 228 State Street was built in 1926. The property's zip code is 94401 which is in San Mateo, CA