Multifamily Property for Sale in San Mateo, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: San Mateo, CA 94402

Description

Crystal Springs Apartments is a generational multifamily asset, held by the same family for decades after establishing deep roots in San Mateo County more than 90 years ago. Constructed in 1978 by the developer of the adjacent Crystal Springs Village Shopping Center, the property reflects a level of care, intention, and permanence that is increasingly rare. Both in construction and interior character, the residences offer an experience more akin to a single-family home than a conventional rental property. It is 10-units consisting of (2) 2 bed / 2.5-bath townhouses, (5) 2 bed / 2 bath, and (3) 1 bed / 1 bath units. The property is two separate buildings located in a primarily single family residential neighborhood. It is situated on two separate parcels (041-203-010 and 041-203-020) that combine for ~0.35 acres of land. Residents enjoy amenities such as enclosed garage and covered parking, vaulted ceilings in second floor units, fireplace in each unit, and balconies and/or patios. The property's Peninsula location is near the midpoint of San Francisco and the Silicon Valley allowing for easy access to all major Bay Area employment centers. The neighboring multifamily property at 2005 Parrott Dr sold for $769,533 per unit on 2/20/2026. Investment Highlights: • Extremely rare ten-unit apartment building located in the hills of San Mateo, one of the most desirable areas to live on the Peninsula. • Large and spacious units averaging over 1,000 sqft each with functional floorplan layouts. • Dedicated onsite covered parking for each unit with enclosed garages available for select units. • Two impressive townhome units with expansive vaulted ceilings and built-in laundry hookups.

Market Context

This multifamily in San Mateo, CA is listed for sale. It is offered at an approximate 3.3% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 days. Compare it against other multifamily listings for sale in San Mateo, CA — <a href="/search/sale/multifamily/california/san-mateo">view the full market</a>.

As of Q3 2019, the San Francisco Peninsula multifamily market showed a 4.0% vacancy rate. Source: Colliers Q3 2019 market report.

Tight vacancy keeps competition for quality space elevated.

Multifamily market FAQ

Is the San Francisco Peninsula multifamily market tightening or softening?
Vacancy is around 4.0% (Q3 2019).

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