Crystal Springs Apartments
2001–2003 Parrott Drive, San Mateo, CA
Price: $7,088,000
Size: 10 units

The Azucena Group of Marcus & Millichap is pleased to present the opportunity to acquire Crystal Springs Apartments, a ten-unit multifamily property located in the hills of San Mateo, CA at 2001–2003 Parrott Drive. This is a tremendous opportunity for an investor to enter one of the most coveted markets in the Bay Area, in an irreplaceable location, with extremely limited rental inventory.

Crystal Springs Apartments is a 10-unit multifamily asset with a unit mix consisting of (2) 2 bedroom / 2.5 bathroom townhouse, (5) 2 bedroom / 2 bathroom, and (3) 1 bedroom / 1 bathroom units. The property is two separate buildings situated on two separate parcels that are 0.35 acres (15,246 Sqft) combined. Residents enjoy amenities such as garage and covered parking, vaulted ceilings in the second floor units, fireplace, balconies and/or patios, and a serene community setting in a primarily single-family residential neighborhood. Its location in the rolling hills of San Mateo offers residents a tranquil living environment while being conveniently close to numerous points of interest.

Just across the street is the aforementioned Crystal Springs Village, home to over 31 shops and services, including Safeway, Wells Fargo, Starbucks, and dozens of everyday conveniences. The proximity to State Route 92 provides a direct route to Downtown San Mateo, Foster City, and the East Bay. Additionally, the Hillsdale Shopping Center, featuring over 50 shops and services that include Macy’s, Nordstrom, and The Cheesecake Factory, is just a short drive away.

Located between San Francisco and the South Bay, San Mateo is a sought-after destination for investors and residents. It’s also one of the most expensive cities, with the average median home price being over $2.9M (as of September 2025). The price of buying along with limited inventory and intense competition, places homeownership out of reach for most residents, creating a robust tenant base.

Location and Property 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.

  • Crystal Springs Village Shopping Center located directly cross the Street. It is anchored by Safeway and CVS and has over 30 retailers, services, and restaurants.

  • Immediately adjacent to popular hiking trails at Laurelwood Park and Sugarloaf Mountain.

  • Downtown San Mateo, renowned as a premier dining and entertainment hub with over 100+ restaurants, diverse retail, and vibrant nightlife is a short drive away.

  • Located in the heart of the Peninsula for direct access to employment centers throughout the Bay Area made even more convenient through a variety of public transit options.

  • Large and spacious units averaging over 1,000* sqft each with functional floorplan layouts.

  • Dedicated onsite covered parking for each unit with enclosed garages available for select units.

  • 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.

  • Each unit comes equipped with a gas powered fireplace.

* Buyer to verify

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