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$1,999,000 Just Listed

  • For Sale
  • Active
  • Commercial Residential Facility
  • 4,556 Sq. Ft.
  • Updated 1 day ago
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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.

Full Property Details for 228 State St

General

  • Price: $1,999,000
  • Status: Active
  • Type: Commercial Residential Facility
  • Source: RE_Infolink
  • MLS ID: ML82060377
  • Updated: 9/9/2026
  • Added to Site: 1 day(s) ago

Additional Information

  • Security/Safety: None

Parking

  • Parking Features: Assigned Spaces

Location

  • Area: Eastern Addition/Downtown Area
  • County: San Mateo

Heating & Cooling

  • Cooling Type: None

Utilities

  • Sewer: Public Sewer
  • Water: Public
  • Utility Description: Public Utilities
  • Metering: Separate Common Area, Separate Electric, Separate Gas

Structural Information

  • Foundation: Concrete Perimeter, Crawlspace
  • Roof: Rolled Composition
  • Disability Access: None
  • Square Feet: 4,556
  • Year Built: 1926

Unit Information

Unit 1

  • Bedrooms: 1

Unit 2

  • Bedrooms: 2

Lot Features

  • Minimum Lot Size: 7500
  • Building Sites: 2
  • Zoning: RM0000

Disclosures and Reports

  • Restrictions: None

Listed by Compass, John Sayage

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Listing agent

— 228 State St —

  • John Sayage

    Compass

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Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Schools serving 228 State St

School Districts:San Mateo Union High School District, San Mateo-Foster City Elementary School District
NameGradesDistance
San Mateo Park Elementary School
161 Clark Drive, San Mateo, CA 94402
K-50.5 mi
Borel Middle School
425 Barneson Avenue, San Mateo, CA 94402
6-81.9 mi
San Mateo High School
506 North Delaware Street, San Mateo, CA 94401
9-120.4 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 228 State St Get Price Alerts and Save Property

Date
Details
Price
Change
Source
9/09/2026
Listed
$1,999,000
37.86%
MLS
11/07/2023
Sold
$1,450,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 228 State St

Year
Property Taxes
Change
Tax Assessment
Change
2025
$23,506
—
$1,508,580
2%
2025
$23,506
2%
$1,479,000
2%
2024
$23,125
168%
$1,450,000
557%
2023
$8,626
3%
$220,593
2%
2022
$8,350
2%
$216,268
2%
2021
$8,162
8%
$212,029
1%
2020
$7,524
6%
$209,856
2%
2019
$7,083
15%
$205,742
2%
2018
$6,161
14%
$201,709
2%
2017
$5,404
27%
$197,755
2%
2016
$4,271
5%
$193,879
2%
2015
$4,083
3%
$190,967
2%
2014
$3,963
1%
$187,227
—
2013
$3,906
—
$186,382
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Estimate the Cost for 228 State St

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*These costs are estimates, and the interest rates assume exceptional credit standing.

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with our affiliated lender
NMLS#: 1598647

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Listed by Compass, John Sayage

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228 State St, San Mateo, CA 94401 (MLS# ML82060377) is a Commercial Residential Facility property. 228 State St is currently listed for $1,999,000 and was received on September 09, 2026. Want to learn more about 228 State St? Do you have questions about finding other Commercial Residential Facility real estate for sale in Edgewater Isle? You can browse all Edgewater Isle real estate or contact a Coldwell Banker agent to request more information.

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