
San Mateo, California 94401
This Two-Unit Residential Asset represents a High-Potential Investment Opportunity, listed at $1,198,000—positioned above the $1,141,483 Fair Market Value by -4%. Featuring a Fair Condition Rating, the property requires a comprehensive rehab to modernize its 1907 infrastructure. The oversized 6,038 sqft lot and dual-unit configuration provide significant value-add potential through ADU expansion or rental optimization. Located near top-rated schools like San Mateo High, this property is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a house-hacking strategy in a prime downtown location.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 221 N Delaware Street Subject 3 bd · 2 ba · 1,070 sqft · $1,067 | $1,198,000* List Price | 3 | 2 | 1,070 | $1,067 | - |
A 310 N Eldorado Street Pending 3 bd · 1 ba · 1,170 sqft · $1,024 · 0.1 mi | $1,198,000 List Price | 3 | 1 | 1,170 | $1,024 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
While the property features new HVAC systems and fresh interior paint/carpet, the core components are significantly aged. Built in 1907, the kitchens and bathrooms appear to be 30-50 years old with dated tile, vanities, and fixtures. The detached garage shows structural cracking in the concrete slab, and the overall property requires a comprehensive rehab to address its 100+ year age and outdated utility areas.
The property features two separate units (2BR/1BA and 1BR/1BA) delivered vacant, offering immediate flexibility for rental income, multigenerational living, or a house-hacking strategy.
Boasting a high walkability score, the home is steps away from downtown San Mateo's dining and retail, with convenient access to Caltrain and Highway 101 for easy commuting.
The oversized 6,038 sqft lot includes a detached garage and deep backyard, providing rare potential for home expansion or the addition of an ADU to maximize property value.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 2.
Originally built in 1907, the property may require significant ongoing maintenance or structural updates typical of a century-old home, despite the newly installed HVAC system.
With only 1,070 total square feet divided between two separate units, the individual living spaces are relatively small and may feel restrictive for residents seeking larger interior footprints.
An extra-deep lot in downtown San Mateo with two units and room to grow. Built in 1907, this single-family home retains its original character, including an enclosed front porch. It has been converted so that each unit has its own full kitchen and bath. The front unit offers 2 bedrooms and 1 bath, and the back unit offers 1 bedroom and 1 bath. New heating and air conditioning are already in place. The possibilities are wide open. Live in one unit and let the rent from the other help cover the mortgage. Use both for multigenerational living, with privacy and independence under one roof. Or add it to your portfolio as a two-unit investment. The property is delivered vacant, so you can set your own rents and move at your own pace. Out back, the oversized yard is a rare find in such a central location. Mature fig and lemon trees frame a generous space for gardening and entertaining, with the potential to expand the existing home or add another dwelling. A detached garage and long driveway offer off-street parking, along with flexibility for storage, a workshop, or a possible future ADU conversion. Walk to the shops and restaurants of downtown San Mateo, with Caltrain and Hwy 101 close by for an easy commute anywhere on the Peninsula.
No exterior & parking available.
Grades K-5 • 0.9 mi
Grades K-5 • 1.3 mi
Grades K-5 • 1.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.1 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,070 | 1,743.298 |
| Lot Size | 6,038 | 6,079.649 |
| Price | $1.20M | $2.26M |
| Price per sq ft | $1.1K | $1.4K |
| Built year | 1907 | 1952 |
| HOA | $0 | $387 |
| Days on market | 8 | 33 |
Oct 16, 2026
$1,198,000
Initial Listing
Oct 1, 2024
$1,090,000
Public Record