One of the men held a female resident at gunpoint and ordered her to remain quiet, police said.
The other armed man took an iPhone from another female resident and then fled on foot when other residents in the house heard the commotion, said Officer Paul Phu of the Menlo Park Police Department.
No one was injured and the iPhone was the only item reported taken in the incident, which occurred at around 8:56 a.m., Officer Phu said.
One suspect was described as a Hispanic man in his 30s and approximately 5 feet 10 inches tall with a thin build. He was wearing a black beanie-type cap and dark clothing, police said.
The other suspect was described as a heavyset Hispanic man, about 28 years old, 5 feet 5 inches tall, and with a dark complexion. He was wearing blue jeans, a white long-sleeve T-shirt under a blue collared shirt, and black tennis shoes. He had short hair, a thin mustache and spoke Spanish, police said.
Officers from neighboring cities assisted in a search but the suspects were not found.
Police ask anyone with information about this incident to call Detective Jeff Vasquez at 650-330-6363, Detective Sergeant Jaime Romero at 650-330-6361, or the anonymous tip line at 650-330-6395.