San Mateo Multifamily for Sale
Property Overview / Executive Summary:
Hillsdale Terraces represents an exceptional, transit-oriented development opportunity situated along the highly coveted El Camino Real corridor in San Mateo. Located at 2700 S. El Camino Real, this premier mid-peninsula asset comes with an approved entitlement for a dynamic mixed-use project consisting of 68 residential condominiums and 13,500 square feet of ground-floor commercial space.
Spanning three separate, adjacent parcels—currently configured as two former automotive lots and an empty parcel—the combined acreage creates a prominent, cohesive footprint with expansive street frontage. The approved architectural design features three floors of below-grade parking, maximizing the site's footprint and ensuring ample capacity for both residents and commercial patrons.
Forward-thinking investors can leverage this unique multi-parcel assemblage to capitalize on significant value-add potential. By utilizing California’s state density bonus programs and progressive local zoning incentives, there is a strategic opportunity to optimize the site and increase density up to 160 units, substantially maximizing yield and scale in one of Silicon Valley's strongest rental and sale submarkets.
Premier Transit & Amenities Location:
Hillsdale Terraces boasts an irreplaceable location that perfectly balances urban connectivity with walkable, lifestyle-driven amenities:
High-Traffic Commercial Footprint: The 13,500 square feet of ground-floor commercial space is perfectly positioned to cater to the surrounding high-income community and leverage the exceptional vehicular and foot traffic along El Camino Real.
1. The property sits immediately adjacent to the Hillsdale Shopping Center, a premier, multi-million dollar redeveloped destination featuring over 120 upscale retail stores, diverse dining options, and luxury entertainment. Future residents will enjoy a true "live-work-play" environment right at their doorstep.
2. Located just blocks from the Hillsdale Caltrain Station, the site provides seamless, traffic-free commuter access north to San Francisco and south to Palo Alto, San Jose, and major Silicon Valley tech campuses. Immediate access to Highway 92, US-101, and I-280 further enhances regional connectivity.
3. San Mateo is a core economic driver on the Peninsula, home to a robust roster of technology, healthcare, and financial service employers, ensuring a deeply rooted, high-income target demographic.
Investment Highlights:
1. Approved Mixed-Use Entitlements: Ready foundation with a fully approved 68-unit residential condo baseline and 13,500 SF of retail, significantly mitigating entitlement risk and carrying costs.
2. Premium Infrastructure Designed: Plans already include three floors of below-grade parking, solving a major development hurdle for high-density Peninsula projects.
3. Strategic Multi-Parcel Site: Comprising three separate, adjacent parcels that provide a flexible canvas for optimal site layout and maximum curb appeal.
4. Exceptional Density Upside: Master-planned footprint with a clear structural potential to scale up to 160 units, radically enhancing the project's top-line revenue potential.
The Opportunity:
Hillsdale Terraces is an ideal acquisition for institutional developers, private equity sponsors, or family offices looking to deliver a premier, transit-oriented residential community in a supply-constrained Bay Area market.
Providing immediate carrying-cost mitigation, the property features a short-term lease to an active automotive dealership, generating reliable holding income while a developer coordinates pre-construction logistics.
Complete due diligence materials, architectural concepts, and engineering details for the underground parking are available upon the execution of a Confidentiality Agreement. Please contact the listing team to schedule a private review of the project files.
