Six-Unit Studio Apartment
For Sale
$2,238,888
840 El Camino Real, Millbrae, CA 94030
Transit-oriented property with covered parking, private storage, and on-site laundry.
Property Size4,410 SF
Price / SF$507.68
Days on Market169
Property Features for 840 El Camino Real
General Information
Standard status
Active
Size
4,410 SF
Property subtype
5+ Units / Five or More Units
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x studio
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$35,400
Amenities
covered parking
private storage
on-site laundry
No, No, 4410, Other, Other
Public, Separate Electric, None, Wall Furnace, Public Utilities, Sewer - Public
4
Building Details
Year Built
1952
Buildings
1
Listing Agency:
JSL Realty, Inc.
(650) 759-8352
Listed By:
Brian Kawamoto · License #02036495
(650) 759-8352
Source:
Compass
Added: Mar 17
Changed: Aug 31
Last Checked: Aug 30 at 11:47PM
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 JSL Realty, Inc.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains studio residences totaling 4,410 square feet. The building was constructed in 1952 and includes covered parking, private storage areas, and on-site laundry facilities, providing practical amenities for residents.
The property is located less than half a mile from the Millbrae transit hub, with access to BART and Caltrain. Highway 101, I-280, and San Francisco International Airport are also identified as nearby transportation connections. Dining and cafés at Millbrae Square contribute to the surrounding walkable setting.
The property is located less than half a mile from the Millbrae transit hub, with access to BART and Caltrain. Highway 101, I-280, and San Francisco International Airport are also identified as nearby transportation connections. Dining and cafés at Millbrae Square contribute to the surrounding walkable setting.
Key Highlights
- Six studio residences totaling 4,410 square feet
- Covered parking, private storage, and on‑site laundry
- Less than half a mile from the Millbrae transit hub
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
$120,027
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
5.36%
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%
$2,400,540
$2.4M
Cap Rate 7%
$1,714,671
$1.7M
Cap Rate 9%
$1,333,633
$1.3M
Market Conditions
NOI Build-Up for 4,410 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
$230.2K $52.20/SF
− Vacancy
−$12.0K −$2.71/SF
EGI
$218.2K $49.49/SF
− OpEx
−$98.2K −$22.27/SF
NOI
$120.0K $27.22/SF
Area
San Mateo County, CA
Vacancy
5.20%
Lease Rate
$52.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,400,540
Cap Rate 7%
$1,714,671
Cap Rate 9%
$1,333,633
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.50M – $2.00M
NOI $120,027 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.50M
$3.07M – $4.09M
NOI $245,204 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,588
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Transit-oriented property with covered parking, private storage, and on-site laundry.
Where is this apartment building located?
The property is located at 840 El Camino Real Millbrae, CA.
What is the asking price?
The asking price for this property is $2,238,888.
What are key features of this property?
This property features: Six studio residences totaling 4,410 square feet; Covered parking, private storage, and on‑site laundry; Less than half a mile from the Millbrae transit hub
