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Listed by Compass, John Sayage, Listing Contact: 650-346-9480
4,556 sqft

$1,999,000

228 State ST, San Mateo CA, 94401

Price per sqft$438.76
Built in1926
Property size4,556 sqft
Property typeResidential

Overview

Active

Listed Sep 9, 2026

Updated 10 days ago

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.

$13,299/mo

Est. mortgage payment based on a $1,999,000 home price.

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

Additional information

MLS® ID
ML82060377

Interior Features

Heating
Yes
Basement
No

Exterior Features

Lot Size
0.17 Acres
MLS provider logo

Listed by Compass, John Sayage DRE:02068974,
Listing Contact: 650-346-9480 

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor RICK LEI | CA DRE# 01885039 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the MLS Listings, Inc. MLS system. Real estate listings held by brokerage firms other than RICK LEI | CA DRE# 01885039 are marked with the Internet Data Exchange icon (a stylized house inside a circle) and detailed information about them includes the names of the listing brokers and listing agents.

Data Services by Constellation Data Labs. ©2026 MLS Listings, Inc. All rights reserved. 2026

Data last updated 6:14 AM UTC, 9/10/2026

 

 

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