117 N Delaware Street, San Mateo, California 94401, San Mateo, 94401 - 0 bed, 0 bath
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San Mateo, California 94401
This High-Quality Peninsula Duplex is a High-Potential Investment Opportunity listed at $1,880,000—positioned well below the $1,896,655 Fair Market Value by 1%. This valuation gap provides $16,655 in Instant Equity for buyers. Featuring two expansive 3-bedroom, 2-bathroom units and a private deck, the property carries a Condition Rating 5 with significant value-add potential through interior modernization. Located near San Mateo High School, this asset offers a clear path to $108,000 in annual market rents, making it ideal for Buy-and-Hold Investors or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 117 N Delaware Street Subject | $1,880,000* List Price | 0 | 0 | 4,165 | $455 | - |
A 422 Peninsula Avenue Active | $1,999,999 List Price | 0 | 0 | 3,450 | $580 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
The property was built in 1990, making it 34 years old. Per the criteria, properties >30 years old without significant renovation are rated poor. The listing notes tenants have been in place for over 20 years, suggesting that kitchens, baths, and systems are likely original or significantly dated and will require rehab to achieve market rents.
The property features two large 3-bedroom, 2-bathroom units totaling over 4,100 square feet, a rare and highly desirable configuration that attracts stable, long-term family tenants.
With current rents at $7,610 and market estimates exceeding $9,000, the property offers a clear path to increased yield and a projected annual income of approximately $108,000.
Built in 1990, this duplex is newer than much of the Peninsula's multi-family stock and is ideally situated near downtown San Mateo and the highly-rated San Mateo High School.
Existing tenants of over 20 years and California rent control regulations may limit the immediate realization of market-rate rents, potentially delaying maximum ROI for investors.
While the local high school is strong, several nearby elementary and middle schools have lower performance ratings, which could impact demand from families with younger children.
A high-quality Peninsula duplex with stable income, minimal expense drag, and clearly defined long-term upside.117 N. Delaware Street presents a rare opportunity to acquire a well-located duplex in the heart of San Mateo. The property consists of two large units, each configured as 3 bedrooms and 2 bathrooms with garage parking offering strong fundamentals for both owner-occupiers and long-term investors. With tenants in place for over 20 years, the asset provides stable in-place income and a clear path for predictable rent growth under California rent control guidelines. The property currently generates $7,610 per month ($91,320 annually), with a highly efficient expense. Market rents for comparable units are estimated at approximately $4,500+ per month, indicating meaningful long-term upside. At market levels, the property would generate approximately $108,000. Generous layouts, strong rental demand and a desirable unit mix support long-term growth and income optimization. Don't miss this rare opportunity whether as an investment or a property you could occupy!
No exterior & parking available.
Grades K-5 • 1.0 mi
Grades K-5 • 1.2 mi
Grades K-5 • 1.3 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 4,165 | 2,658.5 | 75% |
| Lot Size | 5,750 | 6,100 | 50% |
| Price | $1.88M | $1.73M | 50% |
| Price per sq ft | $451 | $685 | 25% |
| Built year | 1990 | 1931 | 75% |
| HOA | $0 | $0 | 50% |
| Days on market | 55 | 101 | 50% |
Apr 21, 2026
$1,880,000
Initial Listing
Jul 21, 2021
$357,500
Public Record
Jul 9, 2021
$357,500
Public Record
Aug 21, 2020
$440,000
Public Record