Marcus & Millichap Brokers $5.65M Sale of 10-Unit Multifamily Property in San Mateo, California

Press Releases

Marcus & Millichap Brokers $5.65M Sale of 10-Unit Multifamily Property in San Mateo, California

SAN MATEO, Calif., July 21, 2026 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 2001 Parrott Dr., a 10-unit multifamily property in San Mateo, California. The property sold for $5.65 million or $565,000 per unit.

"Sales of generational multifamily properties like Crystal Springs Apartments are exceptionally rare, particularly in supply-constrained Peninsula communities," said Carlos Azucena, senior managing director investments. "The property's original ownership, condo-quality construction and highly desirable location made it a standout opportunity for a buyer completing a 1031 exchange and seeking a long-term investment."

Azucena, investment specialist in Marcus & Millichap's Palo Alto office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer.

Built in 1978, Crystal Springs Apartments is a 10-unit multifamily property situated on a 0.35-acre site in the hills of San Mateo. The property consists of two residential buildings with three one-bedroom, one-bath units, five two-bedroom, two-bath units and two two-bedroom, two-and-a-half-bath townhomes. Amenities include enclosed garages and covered parking, fireplaces in every unit, private balconies or patios and vaulted ceilings in the second-floor units. Located in a primarily single-family residential neighborhood, the property is across from Crystal Springs Village Shopping Center and provides convenient access to major employment centers throughout San Francisco and Silicon Valley.