3939 Pacific Blvd · San Mateo, CA 94403

$2,150,000

6 bd · 5.0 ba · 5,016 sqft · MultiFamily public records · 387 Days on market

Built 1958 6,264 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

Key facts

• 6,264 sq ft lot
• 5 garage spots
• Built 1958

Property features AI

Finance

• Other: Zoning: MFD; Restrictions: No waterbeds; pets not allowed; Tenant expense: Rent only
• Financial info: Five-unit complex; Annual rental income reported; Annual gross income reported; Gross scheduled income reported; Other income and expenses recorded; Total expenses reported; Vacancy factor: 3%

Exterior

• Parking: Attached garage; Five garage spaces; Four additional parking spaces
• Security: Secured garage/parking
• Utilities: Public water and sewer; Separate electric and separate gas meters; Public utilities
• Home design: Multifamily property (MFD); Trust ownership
• Construction: Concrete perimeter and slab foundation; Single building
• Exterior features: Tar and gravel roof; Secured garage/parking; Landscaping expense recorded

Interior

• Bedrooms: Five 1-bedroom units; One 2-bedroom unit
• Flooring: Carpet; Laminate; Tile
• Bathrooms: All units have full bathrooms
• Heating & cooling: Central forced air (gas); Wall furnaces
• Interior features: Carpet, laminate, and tile flooring; Intercom

What this means for you Summary

Snapshot

• This is a 5 × 6-bed/5.0-bath units multifamily listed at $2.15M.

Deal economics

• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $2.15M).
• Recommended offer: $1.89M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 1.2% in San Mateo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 79/100 on livability (#56 in CA, #2,095 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• San Mateo Union High (suburban): math 50% / reading 70% proficiency, ranked #178 of 1,400 in CA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.4%/yr); 63 active listings in the ZIP; high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).
• At $25,407/mo this rent would consume 174% of the median local household income ($175k/yr) (locally 1543% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $15k of loan paydown is wiped out by about $64k of value loss. Plan a longer hold.
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $602k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 387 days — a 12% lower offer ($1.89M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $475k; list at $2.15M implies a 353% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,892,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 387 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.86%
• DSCR: 1.57
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.42% rent growth · sell at horizon

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $47,521
• Equity at exit: $320,572

10-year hold

• IRR: 11.1%
• Equity multiple: 1.85×
• Total profit: $509,325
• Equity at exit: $185,893

Cash invested: $602,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 94403

• Rents YoY: 2.4%
• Active inventory: 63
• Price-to-rent: 35.3×

Monthly cashflow live

• Estimated rent: $25,407 medium
• Mortgage (P&I): −$11,275
• Tax from tax record: −$1,447 /mo · $17,367/yr
• Insurance: −$896
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,335
• Net cashflow: $6,454

Break-even live

Break-even rent $17,238

Max offer price $2,150,000

Occupancy floor 70%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	6	5	$25,405
Total (5 units)			$25,407

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $537,500
• Closing costs: $64,500
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $2,150,000 Active 387 DOM
2. 2026-06-17
   days on market $2,150,000 Active 386 DOM
3. 2026-06-16
   days on market $2,150,000 Active 385 DOM
4. 2026-06-15
   days on market $2,150,000 Active 384 DOM
5. 2026-06-13
   days on market $2,150,000 Active 382 DOM
6. 2026-06-13
   days on market $2,150,000 Active 381 DOM
7. 2026-06-09
   days on market $2,150,000 Active 378 DOM
8. 2026-06-08
   days on market $2,150,000 Active 377 DOM
9. 2026-06-07
   days on market $2,150,000 Active 376 DOM
10. 2026-06-04
    days on market $2,150,000 Active 373 DOM
11. 2026-06-03
    days on market $2,150,000 Active 372 DOM
12. 2026-06-02
    days on market $2,150,000 Active 371 DOM
13. 2026-06-01
    days on market $2,150,000 Active 370 DOM
14. 2026-05-31
    days on market $2,150,000 Active 369 DOM
15. 2026-02-28
    price $2,150,000 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

16. 2026-02-28
    price $2,150,000 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

17. 2026-02-28
    status Active 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

18. 2026-02-28
    status Active 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

19. 2026-02-23
    status Pending 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

20. 2026-02-23
    status Pending (Do Not Show) 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

21. 2026-01-05
    status Active 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

22. 2026-01-05
    status Active 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

23. 2026-01-01
    historical 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

24. 2026-01-01
    historical 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

25. 2025-10-22
    price $2,100,000 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

26. 2025-10-22
    price $2,100,000 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

27. 2025-05-19
    listed $2,250,000 Active 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

28. 2025-05-19
    listed $2,250,000 Active 484-char remark

    Show marketing remark (484 chars)

    Rarely Available Opportunity to Acquire 5-unit Spacious, Easy-To-Manage apartment building consisting of four 1-bed 1-bath and one 2-bed 1-bath. Conveniently-Located Asset Near Downtown San Mateo. Walk to Hillsdale Cal-Train & Franklin Templeton. Units with/ Excellent Floorplan. Dual-Pane Windows, individual Water Heaters, New Exterior Painting, Drought-Resistant Landscaping. Proven, Consistent Income-Generator, Providing Strong Cashflow with Very Low Vacancies and Turnovers.

29. 1990-12-20
    soldstatus $475,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $17,367 · $1,447/mo
• Projected year-2 tax: $17,367 · $1,447/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $304,884
• − Mortgage interest: −$120,433
• − Property taxes: −$17,367
• − Insurance: −$10,750
• − Repairs & maintenance: −$24,391
• − Management: −$24,391
• − Depreciation: −$62,545
• Taxable income: $45,007
• Est. tax owed @ 24.0%: −$10,802
• After-tax cash flow: $66,642/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: San Mateo Union High
• NCES district ID: 0634980
• Math proficiency: 50% ▼ -2.00%
• Reading proficiency: 70% ▼ -1.00%
• Median HH income: $96,956
• Composite: 57.13/100
• National rank: #2338
• State rank: #178 of 1400 in CA

Livability — San Mateo

• Score: 79/100
• State rank: #56
• US rank: #2095

Category grades

Amenities A+ Commute A+ Cost of living F Crime C+ Employment A+ Housing B- Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Mateo, CA
• County: San Mateo County · 733,415 people
• City population: 104,046
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 43,276
• Household income: $174,917
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 1543.0

Population outlook (San Mateo County) Hauer SSP2

• Today (2025): 864,008 people
• By 2030: 910,523 · +5.4%
• By 2040: 997,285 · +15.4%
• By 2050: 1,071,189 · +24.0%
• By 2075: 1,197,206 · +38.6%
• By 2100: 1,192,523 · +38.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 39% Asian 29% Hispanic / Latino 24% Two or more races 11% Black 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 37% · Canada, China, South Korea
• Languages at home: 56% English-only · Spanish 16% Chinese 9% Other Indo-European 6%

Political lean MEDSL · San Mateo

• 2024 margin: Solid D (+50.3) · D 73.5% · R 23.2% · Other 3.3%
• 2008→2024 swing: +1.6pp toward D · 2008: 48.7pp · 2024: 50.3pp
• All cycles: 2024: D+50.3 2020: D+57.7 2016: D+57.7 2012: D+44.8 2008: D+48.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1146.21%
• Current HPI: 360.4772
• Rent YoY: ▲ 2.42%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+352.6% since first listed

15 events — show timeline

• 2026-02-28 Price Changed $2,150,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-02-28 Price Changed $2,150,000 MLSListings
• 2026-02-28 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-02-28 Relisted — MLSListings
• 2026-02-23 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-02-23 Pending — MLSListings
• 2026-01-05 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-05 Relisted — MLSListings
• 2026-01-01 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-01 Listing Removed — MLSListings
• 2025-10-22 Price Changed $2,100,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-10-22 Price Changed $2,100,000 MLSListings
• 2025-05-19 Listed $2,250,000 MLSListings
• 2025-05-19 Listed $2,250,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1990-12-20 Sold (Public Records) $475,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $17,367 · -3.0% YoY. Source: county tax records.