1931 Palm Avenue, San Mateo, California 94403, San Mateo, 94403 - bed, bath

1931 Palm Avenue, San Mateo, California 94403 home-pic-0
ACTIVE$1,688,000
1931 Palm Avenue, San Mateo, California 94403
0Bed
0Bath
2,137Sqft
4,750Lot
Year Built
1955
Close
-
List price
$1.69M
Original List price
$1.75M
Price/Sqft
$790
HOA
-
Days on market
-
Sold On
-
MLS number
ML82020858
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.69M(33th), sqft - 2137(33th), beds - undefined(50th), baths - undefined(50th).

1931-1933 Palm Ave Duplex represents a very attractive investment and outstanding opportunity for the savvy investor. Located in a very desirable and sought after rental submarket, this duplex offers value-add upside through unit upgrades and rental repositioning. The units have been well maintained and have superior tenant profiles affording stable income and worry free operation. All units feature spacious 2 bedroom and 1 bathroom units featuring their own water heater. There is a common backyard for relaxing and entertaining and separate 1 car attached garages which include washer and dryer hookups. The units also boast dual pane windows and all utilities (PG&E & Water) are separately metered. Near Central Park and the vibrant downtown scene with nearby dining and shopping. CalTrain, Highways 101 and 92 are just minutes away with SFO and Bart less than 10 miles away as well. 1927 & 1929 Palm Ave duplexes are just across the beautiful and functional paver driveway/courtyard and are also for sale by the same owner. These two duplexes can be sold in combination or separately via a driveway easement and maintenance agreement. This duplex is 100% leased up. NEW Sewer Laterals!

Price History

Date
Event
Price
11/08/25
Price Change
$1,688,000-3.5%
09/09/25
Listing
$1,750,000
Condition Rating
Poor

Built in 1955, the property's interior, particularly the kitchens and bathrooms (which are not pictured), are explicitly noted as needing 'unit upgrades and rental repositioning' for 'value-add upside.' While the exterior appears well-maintained and new sewer laterals are a plus, the visible interior elements like worn carpets and wall-mounted heaters, combined with the property's age and the lack of recent major renovations, suggest that the key areas of kitchen and bathroom are significantly outdated in terms of style and features, likely dating back 30-50+ years. This necessitates substantial rehabilitation to meet current market standards, aligning with a 'poor' condition score for the interior.
Pros & Cons

Pros

Strong Investment Potential: Explicitly marketed as an 'attractive investment and outstanding opportunity for the savvy investor' with 'value-add upside through unit upgrades and rental repositioning'.
Prime Location: Situated in a 'very desirable and sought after rental submarket' with excellent proximity to Central Park, downtown San Mateo amenities (dining, shopping), and major transportation hubs (CalTrain, Highways 101/92, SFO/BART).
Stable Income & Occupancy: Currently '100% leased up' with 'superior tenant profiles,' ensuring immediate and stable rental income for the investor.
Operational Efficiency & Tenant Comfort: Features like separately metered utilities (PG&E & Water), individual water heaters, dual-pane windows, and separate 1-car attached garages with W/D hookups enhance tenant appeal and simplify landlord operations.
Recent Infrastructure Upgrade: The installation of 'NEW Sewer Laterals' indicates a significant and costly infrastructure improvement, reducing future maintenance concerns for the buyer.

Cons

Age and Potential for Modernization: Built in 1955, the property, despite being well-maintained, likely requires significant unit upgrades and modernization to fully realize the 'value-add upside' and maximize rental income potential.
Limited Bathroom Count: Both units feature a 2-bedroom, 1-bathroom configuration, which might be less appealing to certain tenant demographics or families who prefer more than one bathroom.
Price Reduction History: The recent price reduction from $1.75M to $1.688M could indicate that the initial pricing was ambitious or that the property has faced some market resistance, potentially affecting perceived value or negotiation leverage.

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