Bay Area 2–4 Unit Apartment Building Market, Q2 2026: San Mateo, Burlingame and Oakland

In Q2 2026, San Mateo County recorded 36 duplex-to-fourplex sales at a $1.59 million median, and Alameda County recorded 135 at a $950,000 median. Over the past 12 months, Burlingame two-unit buildings sold for a median of $2.30 million, while Oakland fourplexes traded at a median of $943,000, or about $269 per square foot. Small multifamily pricing on the Peninsula and in the East Bay is now far apart.

2–4 Unit Sales by County, Q2 2026

San Mateo County: Burlingame and San Mateo

Across San Mateo County over the last 12 months, two-unit buildings sold at a median of $1.57 million ($672 per square foot) after a median of 51 days on market. Burlingame stands out as the county's premium small multifamily market. Volume is low, so each sale has an outsized effect on the numbers.

Alameda County: Oakland and Berkeley

Oakland is the busiest small multifamily market in the four counties, with 279 duplex-to-fourplex sales in the last 12 months. That includes areas such as Lake Merritt, Adams Point and Grand Lake. Fourplexes trading at about $269 per square foot point to income-driven pricing, so rents and expenses set value more than owner-user demand does.

What This Means for Owners

• Peninsula owners: Scarcity supports pricing in Burlingame and San Mateo. Buildings with a deliverable vacant unit can appeal to owner-users, who often pay more than investors.
• Oakland owners: Demand is steady and volume is up, but buyers underwrite on actual income. Clean rent rolls, documented expenses and a clear account of any deferred maintenance help a sale go smoothly.
• Everyone: With prices flat to slightly down outside San Francisco, list pricing should come from recent, nearby comparable sales, not from 2021–2022 peaks.

Source: Compass, "The Bay Area 2-4 Unit Apartment Building Market," September 2026, data through June 2026 (Compass via MLS, snapshot of September 22, 2026). All figures are approximate and subject to revision.

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Hanna John Azar is a Bay Area multifamily broker with Compass Commercial, serving apartment building owners in San Francisco, Burlingame, San Mateo, Oakland and West Contra Costa County. Contact Hanna John Azar at 415-875-0177 or [email protected].