Millbrae Value-Add Development
105 Chadbourne Avenue Millbrae, CA 94030
For Sale
$6,500,000
Two contiguous parcels totaling ±12,000 SF in Millbrae, California.
Property Size7,932 SF
Lot Size0.28 Acres
Price / SF$819.47
Days on Market101
Property Features for 105 Chadbourne Avenue
General Information
- Standard status
- Active
- Size
- 7,932 SF
- Lot size
- 0.28 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1929
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1700
Listed By:
SAM RUNCO · License #01977683
Source:
Corcoran
Added: Apr 14
Changed: Jul 10
Last Checked: Jul 23 at 9:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
This portfolio offers a value-add and development opportunity in a desirable Bay Area submarket. The property includes an 8-unit apartment building at 105 Chadbourne Avenue and a single-family home at 75 Broadway on the neighboring parcel, totaling 9 units with 100% occupancy. This offering is suitable for developers looking to capitalize on California's pro-housing legislation or investors seeking stable cash flow with long-term appreciation potential. The subject property is a rectangular-shaped corner property with two APNs at the corner of Broadway and Chadbourne Ave, one block from El Camino Real. The gross site size is approximately 12,000 square feet for the two parcels, with 100 feet of frontage on Broadway and 120 feet of frontage on Chadbourne Ave. This is an opportunity to acquire two contiguous parcels totaling approximately 12,000 square feet of land in Millbrae.
Key Highlights
- Prime location in Millbrae, a highly desirable and supply‑constrained Bay Area market.
- Value‑add and development opportunity with two contiguous parcels totaling ±12,000 SF.
- Includes an 8‑unit apartment building and an adjacent single‑family home (9 units total, 100% occupied).
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $414.1k | $52.20 |
| − Vacancy | −$21.5k | −$2.71 |
| EGI | $392.5k | $49.49 |
| − OpEx | −$176.6k | −$22.27 |
| NOI | $215.9k | $27.22 |
7,932 SF · lease $52.20/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.08M
$2.70M – $3.60M
NOI $215,886 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$6.30M
$5.51M – $7.35M
NOI $441,034 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Two contiguous parcels totaling ±12,000 SF in Millbrae, California.
Where is this apartment building located?
The property is located at 105 Chadbourne Avenue Millbrae, CA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Prime location in Millbrae, a highly desirable and supply‑constrained Bay Area market.; Value‑add and development opportunity with two contiguous parcels totaling ±12,000 SF.; **Includes an 8‑unit apartment building and an adjacent single‑family home (9 units total, 100% occupied).**
