Home | San Mateo County | San Mateo | 94401 | 228 State St
228 State St, San Mateo, CA 94401
MLS: ML82060377 | Status: | Price: $1,999,000
Beds/Baths: – / –
Property Type: Residential Income
Quick Facts
| Beds |
Baths |
Sq Ft |
Sq Ft Lot |
Yr Built |
| – |
– |
4,556 |
7,500 |
1926 |
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.
| Field |
Value |
| MLS # |
ML82060377 |
| MLS Source |
MLSListings, Inc. |
| Days on Site |
16 |
Features
Interior Features
| Feature |
Details |
| Cooling |
None |
| Heating |
Floor Furnace, Wall Furnace |
Exterior Features
| Feature |
Details |
| Roof |
Rolled/Hot Mop |
| Foundation |
Concrete Perimeter, Crawl Space |
| Feature |
Details |
| Garage/Parking |
Assigned Spaces, Garage: 0 Car(s) |
| Elementary District |
San Mateo-Foster City Elementary |
| High School District |
San Mateo Union High |
| Sewer |
Public Sewer |
| Water |
Public |
| Zoning |
RM0000 |
John Sayage
Compass
License #: 02068974
Phone: (650) 346-9480
Property Units
| # Buildings |
# Leased Units |
# Total Units |
| 2 |
5 |
5 |
Unit Details
| Type |
Sq Ft |
Beds |
Baths |
Min Rent |
Max Rent |
Units Like This |
| 1 |
– |
1 |
1/0 |
$2,300 |
$2,471 |
2 |
| 2 |
– |
2 |
1/0 |
$2,298 |
$2,298 |
1 |
| 3 |
– |
0 |
1/0 |
$1,346 |
$1,800 |
2 |
School Ratings
School data provided by GreatSchools.org
Nearby Schools
Nearby Homes
| Address |
Price |
Beds |
Baths |
Sq Ft |
Status |
| 143-145 N Humboldt St |
$1,780,000 |
– |
– |
4,008 |
PendingDoNotShow |
| 9-11 Seville Way |
$1,650,000 |
– |
– |
1,720 |
PendingDoNotShow |
| 820 Winchester Dr |
$1,698,000 |
– |
– |
4,207 |
|
| 1710-1712 Gum St |
$2,398,000 |
– |
– |
2,940 |
Active |
Disclosures
©2026 MLSListings Inc. All rights reserved. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Information provided is for personal, non-commercial use by the viewer and may not be redistributed without explicit authorization from MLSListings Inc.
Presently MLSListings.com displays Active, Contingent, Pending, and Recently Sold listings. Recently Sold listings are properties which were sold within the last three years. After that period listings are no longer displayed in MLSListings.com. Pending listings are properties under contract and no longer available for sale. Contingent listings are properties where there is an accepted offer, and seller may be seeking back-up offers. Active listings are available for sale.
This listing information is up-to-date as of September 09, 2026. For the most current information, please contact John Sayage, (650) 346-9480.