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Turnkey 7-Unit Apartment – Downtown San Mateo 518 19th Ave 7 Unit Apartment Building $2,450,000 ($350,000/Unit) 4.03% Cap Rate San Mateo, CA 94403
Investment Highlights
- Renovated 7-unit apartment building in San Mateo
- Dual-pane windows and energy efficiency upgrades
- Membership to Fiesta Gardens Clubhouse and pool
- Strong in-place income with market rent upside
- 1:1 covered parking for all units + laundry income
- Prime location near Caltrain and Downtown San Mateo with Easy access to Hwy 101, 280 & Hillsdale Shopping Center
Executive Summary
Fully renovated 7-unit multifamily in prime San Mateo location near Downtown & Caltrain. Strong in-place income, covered parking, and clear rent growth upside. Offered at $2.45 M | 4.27% Cap.
518 19th Avenue is a turnkey 7-unit apartment building in the heart of San Mateo, just minutes from Downtown and Caltrain. Built in 1958 and situated on a 7,841 SF lot, the 5,440 SF property features (4) spacious 1-bed/1-bath units and (3) large studio apartments, each with covered carport parking. Six of seven units have been fully renovated with modern finishes, dual-pane windows, and updated interiors that attract long-term tenants.
Current rents range from $1,795 – $2,350 with market potential to $2,995, providing a compelling rent-growth story and stable cash flow. At a 4.27% cap rate and $450 per SF, this asset delivers immediate returns with long-term value in one of the Peninsula’s strongest rental corridors.
• Quiet residential pocket south of Downtown San Mateo
• Near El Camino Real, Caltrain, and Hwy 101 / 280 / 92
• Close to Hillsdale Shopping Center & Bay Meadows employers
• Six of seven units renovated (turnkey condition)
• 1:1 covered parking for all units + laundry income
• Energy-efficient dual-pane windows and low-maintenance systems
• Membership to Fiesta Gardens Clubhouse and pool
518 19th Avenue is a turnkey 7-unit apartment building in the heart of San Mateo, just minutes from Downtown and Caltrain. Built in 1958 and situated on a 7,841 SF lot, the 5,440 SF property features (4) spacious 1-bed/1-bath units and (3) large studio apartments, each with covered carport parking. Six of seven units have been fully renovated with modern finishes, dual-pane windows, and updated interiors that attract long-term tenants.
Current rents range from $1,795 – $2,350 with market potential to $2,995, providing a compelling rent-growth story and stable cash flow. At a 4.27% cap rate and $450 per SF, this asset delivers immediate returns with long-term value in one of the Peninsula’s strongest rental corridors.
• Quiet residential pocket south of Downtown San Mateo
• Near El Camino Real, Caltrain, and Hwy 101 / 280 / 92
• Close to Hillsdale Shopping Center & Bay Meadows employers
• Six of seven units renovated (turnkey condition)
• 1:1 covered parking for all units + laundry income
• Energy-efficient dual-pane windows and low-maintenance systems
• Membership to Fiesta Gardens Clubhouse and pool
Property Facts
| Price | $2,450,000 | Apartment Style | Low-Rise |
| Price Per Unit | $350,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 4.03% | Building Size | 5,440 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | ||
| Zoning | R-3 | ||
| Price | $2,450,000 |
| Price Per Unit | $350,000 |
| Sale Type | Investment |
| Cap Rate | 4.03% |
| Sale Condition | 1031 Exchange |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 5,440 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Zoning | R-3 |
Amenities
Unit Amenities
- Balcony
- Storage Space
Site Amenities
- Clubhouse
- Courtyard
- Laundry Facilities
- Storage Space
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | 600 |
| 1+1 | 4 | - | 700 |
Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (76)
Property Taxes
| Parcel Number | 035-331-080 | Improvements Assessment | $763,170 |
| Land Assessment | $1,009,552 | Total Assessment | $1,772,722 |
Property Taxes
Parcel Number
035-331-080
Land Assessment
$1,009,552
Improvements Assessment
$763,170
Total Assessment
$1,772,722
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Turnkey 7-Unit Apartment – Downtown San Mateo | 518 19th Ave
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