Duplex with Private
New
For Sale
$999,000
991 Mills AVE, San Bruno, CA 94066
MULTI_FAMILY - SAN BRUNO, CA
Property Size1,052 SF
Lot Size0.06 Acres
Price / SF$949.62
Days on Market3
Property Features for 991 Mills AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R20000
Bedrooms
2
Rooms
Laundry Room, Bedroom 1, Bedroom 2
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
private balcony
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 9
Changed: Aug 10
Last Checked: Aug 11 at 7:06PM
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 1926 duplex contains 1,052 square feet across two separate residences. The upper unit is a 2BD/1BA layout with an eat-in kitchen, granite countertops, stainless steel appliances, hardwood flooring, recessed lighting, and a private balcony. Its primary suite includes a Jack & Jill bathroom. The lower residence is a studio with one bathroom, providing a second distinct living area. Shared laundry, an attached garage, on-street and offsite parking, and a backyard complete the property. Public water service and central, forced-air heating are in place.
Located at 991 Mills AVE in San Bruno, the property is near Highway 101, Tanforan Shopping Center, Target, Lucky Supermarket, and the San Bruno BART station. The parcel is 0.0574 acres and carries R20000 zoning.
Located at 991 Mills AVE in San Bruno, the property is near Highway 101, Tanforan Shopping Center, Target, Lucky Supermarket, and the San Bruno BART station. The parcel is 0.0574 acres and carries R20000 zoning.
Key Highlights
- Two‑unit duplex with a 2BD/1BA upper residence and studio lower unit
- 1,052 square feet on a 0.0574‑acre parcel
- Upper unit includes granite counters, stainless steel appliances, hardwood floors, and private balcony
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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,078
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 - Two-unit property with a remodeled upper residence, studio lower unit, shared laundry, and attached garage.
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 $999,000.
What are key features of this property?
This property features: Two‑unit duplex with a 2BD/1BA upper residence and studio lower unit; 1,052 square feet on a 0.0574‑acre parcel; Upper unit includes granite counters, stainless steel appliances, hardwood floors, and private balcony
