Duplex With Private
For Sale
$950,000
991 Mills AVE, San Bruno, CA 94066
Residential Income (2-4 units), SAN BRUNO, CA
Property Size1,052 SF
Lot Size0.06 Acres
Price / SF$903.04
Days on Market53
Property Features for 991 Mills AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R20000
Bedrooms
2
Rooms
Bedroom 1, Bedroom 2, Laundry Room
Parking features
Offsite, On Street, Garage - Attached
Appliances
Countertop - Granite, Dishwasher, Oven Range - Gas, Refrigerator
Subdivision
San Bruno Park Etc.
Standard status
Active
Size
1,052 SF
Lot size
0.06 Acres
Utilities
Heating system
Forced Air, Central
Water source
Public
Amenities
shared laundry
backyard
Building Details
Year built
1926
Number of units
2
Listing Agency:
KW Advisors · Keller Williams Realty
(650) 627-3700
Listed By:
Wilson Leung · License #01904259
(650) 888-0153
Added: Aug 10
Changed: Sep 30
Last Checked: Oct 1 at 12:06PM
MLS# ML82057116
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 1,052 square feet across two residential units on a 0.0574-acre lot. The upper residence offers two bedrooms and one bathroom, along with an eat-in kitchen featuring granite countertops, ample cabinetry, a gas range, refrigerator, and dishwasher. Hardwood flooring, recessed lighting, and a private balcony are also included. The lower unit is a studio with one bathroom. Shared laundry, an attached garage, on-street parking, and a backyard add practical utility. Built in 1926, the property is served by public water and has R20000 zoning.
Located at 991 Mills AVE in San Bruno, the property provides access to Highway 101 and is near Tanforan Shopping Center, Target, Lucky Supermarket, and San Bruno BART station. Central heating and forced-air heating are installed.
Located at 991 Mills AVE in San Bruno, the property provides access to Highway 101 and is near Tanforan Shopping Center, Target, Lucky Supermarket, and San Bruno BART station. Central heating and forced-air heating are installed.
Key Highlights
- Two‑unit duplex with 1,052 square feet of property area
- Unit mix includes a 2BD/1BA upper residence and a studio with 1 bathroom
- 0.0574‑acre lot with a generously sized backyard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,571
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$611,420
$611.4K
Cap Rate 7%
$436,729
$436.7K
Cap Rate 9%
$339,678
$339.7K
Market Conditions
NOI Build-Up for 1,052 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$46.7K $44.40/SF
− Vacancy
−$3.0K −$2.89/SF
EGI
$43.7K $41.51/SF
− OpEx
−$13.1K −$12.45/SF
NOI
$30.6K $29.06/SF
Area
San Mateo County, CA
Vacancy
6.50%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$611,420
Cap Rate 7%
$436,729
Cap Rate 9%
$339,678
Alternative Uses
Best Use
Multifamily LT 5
$436.7K
$382.1K – $509.5K
NOI $30,571 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$409.0K
$357.9K – $477.2K
NOI $28,632 @ 7.0% cap · market cap 3.01%
Theoretical Best
Warehouse
$835.6K
$731.2K – $974.9K
NOI $58,493 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 94066, CA
44,147
Population
16,736
Households
2.6
Avg Household Size
40
Median Age
44%
College-Educated
90%
High-School Grad
6.1 sq mi
ZIP Area
7,237
Density / Sq Mi
$135,976
Median Household Income
$66,057
Median Earnings
$2,696
Median Rent
$1,199,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with a two-bedroom upper residence, studio lower unit, shared laundry, and backyard space.
Where is this duplex located?
The property is located at 991 Mills AVE San Bruno, CA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,052 square feet of property area; Unit mix includes a 2BD/1BA upper residence and a studio with 1 bathroom; 0.0574‑acre lot with a generously sized backyard
