71 photos · MLS data verified October 9, 2026 · Updated every 15 min
$1,999,000
Active
0 Beds·0 Baths·4,556 sqft·7,500 sqft lot·Built 1926
228 State St, San Mateo, CA 94401
Listed 30 days ago · | MLS# ML82060377
$438/sqft
228 State St is a home in San Mateo 94401 with 4,556 square feet of living space, built in 1926. It is listed at $1,999,000, or $438 per square foot.
Est. $12,717/moP&I $10,372 · Tax $2,082 · Insurance $262 · HOA $0Assumes 20% down ($399,800) at 6.75% · Contact Timothy for a lender referralAegis Luxury Real Estate is a licensed California real estate brokerage (DRE# 01328224) and is not a mortgage lender, mortgage broker, or loan originator. The figures shown are estimates for general reference only and do not constitute a loan offer, pre-approval, pre-qualification, or commitment to lend. Estimates use a property tax rate of 1.25% of home price annually. Actual rates, payments, taxes, and insurance vary by lender and borrower qualifications. Contact Timothy for a referral to one of our preferred lending partners.
106Active in San Mateo
1.7 moInventory
Why This Home Stands Out
🏠
4,556 sqft
Built in 1926.
Best fit forActive BuyersSan Mateo SearchersMove-Up / Move-In
About 228 State St
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.
MLS ID #ML82060377, John Sayage. Listing provided by Compass · MLSListings Inc.
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Property Details for 228 State St
Overview
- Property Type
- FiveOrMoreUnits
- Year Built
- 1926
- Bathrooms
- 0 Full
- Living Area
- 4,556 sqft
- Lot Size
- 7,500 sqft (0.17 acres)
- Price/sqft
- $438
- Status
- Active
Interior
- Heating
- Floor furnace, Wall furnace
- Cooling
- None
Exterior and Parking
- Roof
- Rolled hot mop
- Foundation
- Concrete perimeter, Crawl space
- Zoning
- Rm0000
Community and HOA
- Utilities
- Public, Water public
- County
- San Mateo
- City
- San Mateo
Schools
- School District
- San Mateo Foster City Elementary
- San Mateo Schools
- View San Mateo schools
Listing
- MLS Number
- ML82060377
- Listed
- September 9, 2026
- Days on Market
- 30
- Listing Agent
- John Sayage
- Listing Brokerage
- Compass
- Data Verified
- October 9, 2026
Source: MLSListings Inc. School attendance boundaries are set by the district and can change; verify directly with the district.
Free from Aegis · Updated for October 2026
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📄San Mateo Market ReportFree 9-page PDF with bedroom breakdowns, comp data and pricing trends, updated monthly.Email Me the Report →📋San Mateo Buyer BriefA personalized brief with comp data, offer strategy and neighborhood context.Email Me the Report →🎯San Mateo Offer StrategyComp analysis and bid recommendations before you write an offer on this home.Email Me the Report →
Location
228 State St, San Mateo, CA 94401 · San Mateo County
Market Context
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Get My Offer Range →Frequently Asked Questions
Listed at $1,999,000 ($438/sqft).
Listed September 9, 2026. That is 30 days on market as of October 9, 2026.
Est. $12,717/mo with 20% down ($399,800) at 6.75%. That is principal and interest $10,372, property tax $2,082 and insurance $262. The assumptions and lender disclosure are with the payment estimate at the top of this page.
There are 106 active listings in San Mateo.
Yes. As of October 9, 2026, 228 State St is an active listing at $1,999,000.
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Broker · DRE# 01328224 · Over 23 Years Experience
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Buyers
See 228 State St before the weekend
Listed 30 days ago.
Questions
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Timothy Alston, Broker, DRE# 01328224. Over 23 years in Silicon Valley real estate.
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