SEE ALL PHOTOS

Listed by Compass, John Sayage, Listing Contact: 650-346-9480

For Sale

228 State ST

228 State ST, San Mateo, CA 94401

$1,999,000

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.

Studio

4,556 Sq.Ft. LIVING AREA

7,500 Sq.Ft. lot

John Sayage

title REALTOR®
PHONE (650) 346-9480
EMAIL [email protected]
DRE # 02068974

Features & Amenities

Area & Lot

Status For Sale
Living Area4,556 Sq.Ft.
Total Area4,556 Sq.Ft.
Lot Area7,500 Sq.Ft.
MLS® IDML82060377
TypeResidential
YEAR BUILT1926
NeighborhoodSan Mateo
School DistrictSanMateoUnionHigh

Exterior

water SourcePublic
utilitiesPublic Utilities, Water Public
roofRolled Hot Mop
parkingAssigned Spaces
HEAT TYPEFloor Furnace, Wall Furnace
AIR CONDITIONINGNone
sewerPublic Sewer
SubstructureConcrete Perimeter, Crawl Space
Disability FeaturesNone

Financial

Sales Price$1,999,000
Zoning RM0000

Schedule a Showing

We would love to show you our beautiful property. Please select your preferred date and time below. An agent will be in touch shortly to confirm your appointment.

In Person

Via Video Chat

Schedule a Showing

We would love to show you our beautiful property. Please select your preferred date and time below. An agent will be in touch shortly to confirm your appointment.

I agree to be contacted by Sayage Realty Group via call, email, and text for real estate services. To opt out, you can reply 'stop' at any time or reply 'help' for assistance. You can also click the unsubscribe link in the emails. Message and data rates may apply. Message frequency may vary. Privacy Policy.

Middle Name

Thank you for your interest in 228 State ST, San Mateo, CA 94401. We are reviewing your request and will be in touch shortly!

Change time

Mortgage Calculator

Estimate your monthly mortgage payment, including the principal and interest, property taxes, and HOA. Adjust the values to generate a more accurate rate.

All estimates are provided for informational purposes only. Actual amounts may vary.

$0,000 Your Payment

San Mateo

37.5630° N, 122.3255° W

Explore

Work With Us

Specializing in residential and residential-income property sales and management on the San Francisco Peninsula, with a breadth of knowledge spanning more than four decades, there isn’t any transaction too complicated for us to handle. Contact us today to find out how we can be of assistance to you!

Follow Me on Instagram

Follow Me

Leave a Message

Thank you for your message. We will be in touch with you shortly.

228 State ST

$1,999,000

John Sayage

Features & Amenities

Area & Lot

Exterior

Financial

Schedule a Showing

Schedule a Showing

Mortgage Calculator

San Mateo

Work With Us

Follow Me on Instagram

Leave a Message

Thank you for your message. We will be in touch with you shortly.

228 State ST

$1,999,000

John Sayage

Features & Amenities

Area & Lot

Exterior

Financial

Schedule a Showing

Schedule a Showing

Mortgage Calculator

San Mateo

Work With Us

Follow Me on Instagram

Contact Details

Sayage Realty Group

Submit a Message