228 State ST, San Mateo, CA 94401
228 State ST, San Mateo, CA 94401
228 State ST, San Mateo, CA 94401
228 State ST, San Mateo, CA 94401
228 State ST, San Mateo, CA 94401
228 State ST, San Mateo, CA 94401
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Eric Sandate

Eric Sandate

+1(650) 576-5580
Listed by John Sayage, DRE #02068974 • Compass
$ 1,999,000
Est. payment | /mo

3 Beds

3 Baths

4,556 SqFt

Save
$ 1,999,000
Est. payment | /mo
Save

3 Beds

3 Baths

4,556 SqFt

Key Details

Property Type Multi-Family, Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 4,556 sqft

Price per Sqft $438

MLS Listing ID ML82060377

Bedrooms 3

Full Baths 3

Year Built 1926

Lot Size 7,500 Sqft

Property Sub-Type Five or More Units

Source MLSListings, Inc.

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.

Location

State CA

County San Mateo

Area Eastern Addition/Downtown Area

Zoning RM0000

Interior

Heating Floor Furnace , Wall Furnace

Cooling None

Exterior

Parking Features Assigned Spaces

Garage Spaces 1.0

Utilities Available Public Utilities

Roof Type Rolled Composition

Building

Foundation Concrete Perimeter, Crawl Space

Sewer Sewer - Public

Water Public

Others

Tax ID 032-151-050

Special Listing Condition Not Applicable

MLS Listing IDX PLUS
Copyright 2026 MLSListings Inc All rights reserved.

Nearby Locations

Eric Sandate

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(650) 576-5580

eric.s@guiderealestateca.com

1641 Laurel St, San Carlos, CA 94070-5216, USA

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228 State ST