228 State St, San Mateo, CA 94401

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$1,999,000

bedrooms

bathrooms

square feet

4,556

Acreage

Open Houses

year built

1926

Full Baths

Half Baths

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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
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Open houses

None scheduled.

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MLS number: -

Listing agent: John Sayage

Listing broker: Compass

Last update: Wednesday, September 9 2026 at 6:47 p.m. EDT

Compass Broker