About 228 State Street
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.
Features of 228 State Street
| MLS® # | ML82060377 |
|---|---|
| Price | $1,999,000 |
| Bathrooms | 0.00 |
| Acres | 0.17 |
| Year Built | 1926 |
| Type | Commercial Sale |
| Status | Active |
Community Information
| Address | 228 State Street |
|---|---|
| Area | 699 - Not Defined |
| City | San Mateo |
| County | San Mateo |
| Zip Code | 94401 |
Amenities
| Parking Spaces | 1 |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Floor Furnace, Wall Furnace |
|---|---|
| Cooling | None |
| Has Basement | No |
| Fireplace | No |
School Information
| District | Other |
|---|
Additional Information
| Date Listed | September 9th, 2026 |
|---|---|
| Days on Market | 18 |
| Zoning | RM0000 |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Agent | John Sayage |
|---|---|
| Office | Compass |