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Property profile & analytics
OFF-MARKET
Estimated value
$6,535,000
Office buildings
231 Millbrae Ave Millbrae, CA 94030
Entity Owned
1-yr Hold
Free & Clear
Property ID
US09-2091962
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Lot
0.71 ac (30,897 SF)
Zoning code
ML0000
APN
024-353-150
UPID
US09-2091962
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$6.01M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$6.54M
Owner & transaction history
Are 230 Adrian Road LLC · 1 yrs held
Are 230 Adrian Road LLC
since 2025
Last sale
$6.9M
5 recorded transactions
Zoning & alternative use
ML0000 · Millbrae, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Millbrae submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Millbrae submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$6,285,000
ML approach
$6,010,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$6.54M
Range $5.88M – $7.19M · ±10% · vs last sale $6.92M (Feb 7 2022)
Last sale anchor
$6.92M
Feb 7 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$167,166
Tax year 2024
Assessed value
$14,510,074
Assessed 2024
Previous assessed
$14,510,074
+0.0% YoY
Effective rate
1.15%
On assessed value
Assessed land
$14,510,074
Applied tax rate
14.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Heating
NONE
Lot
0.71 ac (30,897 SF)
Zoning code
ML0000
APN
024-353-150
UPID
US09-2091962
Jurisdiction
SAN MATEO
Metro division
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN DIVISION
Zoning & alternative use
ML0000 · Millbrae, CA
Zoning ML0000 · permitted uses
ML0000 · Millbrae, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Millbrae. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Heating
NONE
Lot
0.71 ac
Current owner
From public records · entity-resolved
Are 230 Adrian Road LLC
Entity
Free & Clear · 1 yrs held
Mailing address
26 N PO BOX 847TH AVE, CARLSBAD, CA 92018-0847
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 14, 2025
—
Are 230 Adrian Road LLC
Are 30 Rollins Road LLC
Deed
related
—
Feb 7, 2022
$6,920,000
Are 231 Millbrae Avenue LLC
Julius Aires
Grant Deed
—
Jan 12, 2006
—
Aires Julius Trust Agreement
Aires,julius & Nina W
Quit Claim Deed
related
—
Jan 5, 1994
—
Mark,a Benson Trustee
Benson,mark A
Quit Claim Deed
related
—
Jan 11, 1990
$319,000
Mark Benson
Borel Bank & Tru
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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