Hillsdale Terraces 2700 S El Camino Real 68 Unit Apartment Building $27,633,276 CAD ($406,372 CAD/Unit) San Mateo, CA 94403

Hillsdale Terraces offers a compelling development opportunity at 2700 El Camino Real, comprising a vibrant mixed-use project that is situated for success. The opportunity spans the entire block between 27th and 28th Avenues, envisioning the transformation of two used-car lots and an adjacent empty lot into a dynamic space featuring 13,500 square feet of ground-floor commercial space, 68 residential condominiums, and three floors of below-grade parking.

Hillsdale Terraces enjoys a well-connected location with immediate proximity to State Highway 92, ensuring easy access for convenient commutes and regional connectivity. This advantageous location, coupled with the project’s diverse unit mix of one-, two-, and three-bedrooms, increases its appeal for the area’s many families and young professionals. The ground-floor commercial spaces are also well-positioned for success, placed at the heart of a dynamic trade area. This prime location allows the space to cater to the needs of the surrounding community and leverage exceptional foot traffic along El Camino Real. This traffic will soon be elevated by a new Caltrain Station planned across the street at 28th Avenue.

Recent zoning changes following the passage of Measure T, which increased allowable building heights and density along key commercial corridors such as El Camino Real. These updated standards could potentially increase the subject property to eight stories in height and 130 dwelling units per acre. In addition to the increased baseline density permitted under Measure T, the project may also utilize the California State Density Bonus Law, which allows developers to increase the number of residential units when a portion of the project is designated as affordable housing. Through the combination of the Measure T height allowances and the State Density Bonus program, the site has the potential to support over 160 residential units, substantially exceeding the previously entitled 68-unit development.

The San Mateo/Burlingame multifamily submarket continues to stand out as one of the Peninsula’s most attractive environments for residential development, supported by durable fundamentals and steady leasing momentum. Recent deliveries have been met with healthy absorption, helping vacancies remain tight and reinforcing the area’s reputation as a stable, high-performing rental market. Demand has been especially strong at newer transit-oriented communities, where access to Caltrain, walkable retail, and major employment hubs between San Francisco and Silicon Valley aligns with the preferences of affluent professionals. Hillsdale Terraces is exceptionally positioned to capitalize on these market dynamics and deliver a project that resonates with the region’s core demand drivers.

To get more information on this one-of-a-kind development opportunity, please reach out to the listing brokers with AGH Realty Group today.