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Belmont Brokerage combines California MLS data with internal valuation and offer-strategy workflows, plus compliance-aware document tooling. Agents get data-driven pricing context grounded in active listings and recent market activity.

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228 State Street — San Mateo | Belmont Brokerage

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$1,999,000

7,500 sqft lot|1926 Built|13 DOM

228 State St, San Mateo, CA 94401

Property Description

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.

Listing provided by: John SayageDRE #02068974(650) 375-1111 john.sayage@compass.com, Compass

MLS #: ML82060377