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30048243
30048244

2001 Parrott Dr, San Mateo, CA 94402

CA
01748155
Marcus & Millichap - Palo Alto
Listed by Marcus & Millichap - Palo Alto
$5,988,000
95 days on market
Updated 16 days ago

10 Units San Mateo | A+ Location | Huge Units

Details
APN 041-203-020
Property Type Multifamily
Sub Type Apartment Building
Square Footage 14,316
Net Rentable (SqFt) 14,316
Units 10
Cap Rate 4.16%
NOI $249,367
Pro-Forma Cap Rate 5.39%
Pro-Forma NOI $322,948
Price per SqFt $418
Class B
Year Built 1978
Buildings 2
Stories 2
Acreage 0.350
Zoning R30000
Parking Spaces 17 spaces
Parking Per SqFt 1.19
Investment Type Value Add

OPEN HOUSE | Wednesday 5/13 from Noon to 1 pm

Marketing description

Price reduced 4/29/2026. Act now, will sell. 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.
  • Significant Value-Add opportunity
  • Two impressive townhome units with expansive vaulted ceilings and built-in laundry hookups.
  • All units have their own outdoor space with either a balcony, large patio or both.
  • Second-floor units have vaulted ceilings for an open feel with impressive natural light.
  • Crystal Springs Village Shopping Center located directly across the street. It is anchored by Safeway and CVS and has over 30 retailers, services, and restaurants.

Listing Contacts

CA
01748155
Marcus & Millichap - Palo Alto
Listed by Marcus & Millichap - Palo Alto

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$249,367.00
$20,780.58/mo

Valuation Metrics

0
DSCR
4.16%
Cap Rate
4.16%
ROI

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