Duplex with Two Identical
For Sale
$2,600,000
Pending
440 Millbrae Avenue, Millbrae, CA 94030
Two side-by-side homes offer flexible rental income with month-to-month tenants and room to live in one unit.
Property Size3,719 SF
Days on Market97
Property Features for 440 Millbrae Avenue
General Information
Standard status
Pending
Size
3,719 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$33,000
Building Details
Year Built
1961
Tenancy
Multi
Listing Agency:
KW Advisors
(415) 867-1535
Listed By:
Serena Lei-ng · License #02060782
(415) 867-1535
Source:
Exitrealty
Added: May 17
Changed: Aug 8
Last Checked: Jul 23 at 7:51AM
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 KW Advisors
Investment Insights
Based on property information with market context.
This well-maintained duplex features two identical side-by-side units, each offering three bedrooms and two full bathrooms, including a private en-suite primary bedroom. The configuration supports straightforward owner-occupant use or two-unit rental living, and the property is currently occupied by month-to-month tenants.
Located at 440 Millbrae Avenue in Millbrae, CA, the duplex is described as tucked away on the west side of the Highland Millbrae neighborhood. The remarks indicate the property is within walking distance to downtown shops and restaurants, with convenient access to BART and Highways 101 and 280.
For tenants and buyers seeking income flexibility, the month-to-month occupancy can allow for near-term adjustments while still maintaining rental revenue. The two-unit layout also suits an owner-occupant plan where one unit can be lived in while the second supports ongoing rental income. This is a practical Peninsula-area duplex opportunity for those looking for a manageable, owner/investor-friendly structure with clear unit parity and established occupancy.
Located at 440 Millbrae Avenue in Millbrae, CA, the duplex is described as tucked away on the west side of the Highland Millbrae neighborhood. The remarks indicate the property is within walking distance to downtown shops and restaurants, with convenient access to BART and Highways 101 and 280.
For tenants and buyers seeking income flexibility, the month-to-month occupancy can allow for near-term adjustments while still maintaining rental revenue. The two-unit layout also suits an owner-occupant plan where one unit can be lived in while the second supports ongoing rental income. This is a practical Peninsula-area duplex opportunity for those looking for a manageable, owner/investor-friendly structure with clear unit parity and established occupancy.
Key Highlights
- Duplex built in 1961 with two identical, side‑by‑side units
- Each unit has 3 bedrooms and 2 full bathrooms, including a private en‑suite primary bedroom
- Both units are occupied by month‑to‑month tenants for immediate income flexibility
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
$108,073
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
4.16%
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%
$2,161,460
$2.2M
Cap Rate 7%
$1,543,900
$1.5M
Cap Rate 9%
$1,200,811
$1.2M
Market Conditions
NOI Build-Up for 3,719 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
$165.1K $44.40/SF
− Vacancy
−$10.7K −$2.89/SF
EGI
$154.4K $41.51/SF
− OpEx
−$46.3K −$12.45/SF
NOI
$108.1K $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%
$2,161,460
Cap Rate 7%
$1,543,900
Cap Rate 9%
$1,200,811
Alternative Uses
Best Use
Multifamily LT 5
$1.54M
$1.35M – $1.80M
NOI $108,073 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,220 @ 7.0% cap · market cap 3.89%
Theoretical Best
Warehouse
$2.95M
$2.58M – $3.45M
NOI $206,783 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,257
Businesses Nearby
Explore this area
Business Placement
Demographics for 94030, CA
23,212
Population
8,566
Households
2.7
Avg Household Size
43
Median Age
50%
College-Educated
93%
High-School Grad
3.4 sq mi
ZIP Area
6,827
Density / Sq Mi
$157,567
Median Household Income
$74,128
Median Earnings
$3,401
Median Rent
$1,929,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two side-by-side homes offer flexible rental income with month-to-month tenants and room to live in one unit.
Where is this duplex located?
The property is located at 440 Millbrae Avenue Millbrae, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Duplex built in 1961 with two identical, side‑by‑side units; Each unit has 3 bedrooms and 2 full bathrooms, including a private en‑suite primary bedroom; Both units are occupied by month‑to‑month tenants for immediate income flexibility
