422 Peninsula Avenue, San Mateo, California 94401, San Mateo, 94401 - 0 bed, 0 bath
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San Mateo, California 94401
This High-Potential Value-Add Asset is listed at $1,999,999, offering a stable acquisition at its $1,999,999 Fair Market Value. Following a substantial price reduction, the property presents a High-Potential Investment Opportunity due to its Exceptional Zoning Versatility for R3 Multi-Family, medical, or professional use. Currently holding a Condition Rating 4 as an office, it requires conversion to realize its triplex potential featuring an outdoor patio near San Mateo High School and Borel Middle. This is a strategic play for Value-Add Investors or Owner-User Professionals.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 422 Peninsula Avenue Subject | $1,999,999* List Price | 0 | 0 | 3,450 | $580 | - |
A 436 Turner Terrace Sold | $2,075,000 | 0 | 0 | 2,993 | $693 | 0.5 mi |
B 828 Highland Avenue Sold | $1,550,000 | 0 | 0 | 2,560 | $605 | 0.3 mi |
C 444 Villa Terrace Active | $2,495,000 List Price | 0 | 0 | 3,607 | $692 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property is a 1954-built structure currently configured as an office building. While the interior appears well-maintained and clean, it features dated commercial finishes including fluorescent tube lighting, basic commercial-grade carpeting, and standard office partitions. The listing explicitly states that conversion to its intended residential triplex use requires significant improvements, such as adding showers. The exterior shows some age-related staining and the overall aesthetic reflects a mid-century utility building rather than a modern or recently renovated residence.
The property features highly flexible zoning that permits a wide array of uses, including professional offices, medical labs, schools, retail, and R3 multi-family residential development.
Ideally situated within walking distance (1/2 mile) of the Burlingame Caltrain station, providing excellent accessibility for commuters and high visibility on Peninsula Avenue.
A substantial price reduction from the original $3.5M to $1.99M positions the property as a much more attractive opportunity for investors looking for a value-add play in a prime area.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =6098, other record lot size in square feet = 5929.
While marketed as a triplex, the building is currently configured as an office and requires significant investment, including the installation of showers and residential upgrades, to be legally habitable.
With over 160 days on the market and multiple price cuts, the property may carry a 'stale' listing perception that requires aggressive marketing to overcome.
Office building permissible for preschool, school, medical, lab, wide variety of purposes including 3 residential, new housing dev. Use as triplex requires adding showers, other improvements. For Lease or Sale. Reception, 9 Private Offices, 1 Large Conference Room, 3 x 2 Restrooms, Break Room, Outdoor Patio 1/2 mile, Walking Distance to Burlingame Caltrain. Zoning Summary: Administrative, executive, and professional offices, provided that the professional offices are limited to those professions listed in Section 5.24.160: accountant, appraiser, architect, assayer, attorney, auditor, bacteriologist, certified public accountant, chemist or laboratory specialist or operator, chiropodist, chiropractor, civil engineer, dental laboratory specialist or operator, dentist, electrical engineer, geologist, hydraulic engineer, medical laboratory specialist or operator, oculist, optician, optometrist, osteopath, physician, structural engineer, surgeon, surveyor, and veterinarian (check for kennel). Retail of goods and services, Restaurants, Health and recreation, Schools, day care, Financial, business offices, laboratories. Warehousing, storage, and distribution. Residential, R3 multi-family. Special Uses: clubs, hotels, religious, kennel, community center, schools.
No exterior & parking available.
Grades K-5 • 0.7 mi
Grades K-5 • 1.8 mi
Grades K-5 • 2.0 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 | 3,450 | 2,776.5 | 75% |
| Lot Size | 6,098 | 6,835 | 50% |
| Price | $2.00M | $1.79M | 50% |
| Price per sq ft | $580 | $642 | 25% |
| Built year | 1954 | 1938 | 75% |
| HOA | $0 | $0 | 50% |
| Days on market | 166 | 182 | 50% |
Apr 16, 2026
$1,999,999
$2,200,000
-9% Price Drop
Initial Listing
Nov 27, 2025
$2,200,000
$3,500,000
-37% Price Drop
Initial Listing
Nov 7, 2025
$3,500,000
Initial Listing
Oct 18, 2010
$885,000
Public Record
Apr 4, 1997
$385,000
Public Record