Two-Unit Duplex with
For Sale
$999,000
991 Mills Avenue, San Bruno, CA 94066
Income-producing duplex featuring an updated upper residence, separate studio, shared laundry, and outdoor space.
Property Size1,052 SF
Days on Market13
Property Features for 991 Mills Avenue
General Information
Standard status
Active
Size
1,052 SF
Property subtype
Multi Family Home
Zoning
R200
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x studio/1BA
Multifamily Units
2
Amenities
shared laundry
backyard
Building Details
Building Size
1,052 SF
Year Built
1926
Buildings
1
Listing Agency:
KW Advisors
(650) 455-6035
Listed By:
Wilson Leung
(650) 455-6035
Source:
Brucebaldwin
Added: Aug 10
Changed: Aug 13
Last Checked: Aug 21 at 1:40PM
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.
Built in 1926, this R200-zoned duplex includes a 2BD/1BA upper residence and a lower studio with one bathroom. The upper unit features an eat-in kitchen with granite countertops, stainless steel appliances, and extensive cabinetry, along with hardwood flooring, recessed lighting, a Jack & Jill bathroom arrangement, and a private balcony. The lower studio provides a separate living configuration, while shared laundry serves the property.
The property is located at 991 Mills Avenue in San Bruno, with access to Highway 101 and proximity to Tanforan Shopping Center, Target, Lucky Supermarket, and the San Bruno BART station. A generously sized backyard adds outdoor space, and the duplex offers a combination of distinct residential layouts within one property.
The property is located at 991 Mills Avenue in San Bruno, with access to Highway 101 and proximity to Tanforan Shopping Center, Target, Lucky Supermarket, and the San Bruno BART station. A generously sized backyard adds outdoor space, and the duplex offers a combination of distinct residential layouts within one property.
Key Highlights
- 2BD/1BA upper unit plus a lower studio with 1 bathroom
- Upper residence includes granite countertops and stainless steel appliances
- Private balcony, hardwood floors, recessed lighting, and Jack & Jill bathroom
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
3.06%
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 3.06%
Second Best
Apartment 5plus
$409.0K
$357.9K – $477.2K
NOI $28,632 @ 7.0% cap · market cap 2.87%
Theoretical Best
Warehouse
$835.6K
$731.2K – $974.9K
NOI $58,493 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property 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
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 - Income-producing duplex featuring an updated upper residence, separate studio, shared laundry, and outdoor space.
Where is this duplex located?
The property is located at 991 Mills Avenue San Bruno, CA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 2BD/1BA upper unit plus a lower studio with 1 bathroom; Upper residence includes granite countertops and stainless steel appliances; Private balcony, hardwood floors, recessed lighting, and Jack & Jill bathroom
