Listed by John Sayage of Compass
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.

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Property Details of 228 State Street

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Based on information submitted to CRMLS as of September 10, 2026 5:50 AM UTC . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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