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Property profile & analytics
OFF-MARKET
Estimated value
$14,525,000
Warehouses
355 Adrian Rd, Millbrae, CA 94030-3104
Entity Owned
7-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-2272832
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1959
Total area
36,550 SF
Lot
1.74 ac (75,629 SF)
Zoning code
ML000I
APN
024-362-070
UPID
US09-2272832
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
Current use
Occupant on record · Public records
-
Lucid Studio and Service Center Millbrae Car Dealership
-
Lucid Service Center Millbrae Auto Repair Shop Vehicle Inspection Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$14.53M
Owner & transaction history
Adrian Road Innovation LLC · 7 yrs held
Adrian Road Innovation LLC
since 2019
7 recorded transactions
Zoning & alternative use
ML000I · Millbrae, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$23.4M
+67.6%
Neighborhood: shopping center
$19.7M
+41.0%
Retail stores
$18.6M
+32.9%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$13,985,000
Current use
OFFICE BUILDING
$23,445,000
Change: +68% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$19,725,000
Change: +41% · Conversion: Moderate
RETAIL STORES
$18,585,000
Change: +33% · Conversion: Moderate
COMMERCIAL (GENERAL)
$16,890,000
Change: +21% · Conversion: Difficult
AUTO REPAIR, GARAGE
$16,605,000
Change: +19% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$12,095,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$14.53M
Range $13.07M – $15.98M · ±10%
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
$397 / SF
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
$161,977
Tax year 2024
Assessed value
$14,217,397
Assessed 2024
Previous assessed
$14,217,397
+0.0% YoY
Effective rate
1.14%
On assessed value
Assessed land
$12,401,946
Assessed improvement
$1,815,451
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1959
Heating
NONE
Total area
36,550 SF
Lot
1.74 ac (75,629 SF)
Zoning code
ML000I
APN
024-362-070
UPID
US09-2272832
Jurisdiction
SAN MATEO
Metro division
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN DIVISION
Zoning & alternative use
ML000I · Millbrae, CA
Zoning ML000I · permitted uses
ML000I · 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.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$14.0M
OFFICE BUILDING
Est. value
$23.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$19.7M
RETAIL STORES
Est. value
$18.6M
COMMERCIAL (GENERAL)
Est. value
$16.9M
AUTO REPAIR, GARAGE
Est. value
$16.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$12.1M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1959
Heating
NONE
Lot
1.74 ac
Current owner
From public records · entity-resolved
Adrian Road Innovation LLC
Entity
Mailing address
160 BOVET RD STE #408, SAN MATEO, CA 94402-3114
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 30, 2021
—
Adrian Road Innovation LLC
—
Deed
related
$10,000,000 · Dbr Investments Co Limited
May 21, 2019
$13,000,000
Adrian Road Innovation LLC
John N Hansen III
Grant Deed
$6,500,000 · First Republic Bank
May 21, 2019
—
John N Hansen III
Hansen,noel N
Quit Claim Deed
related
—
Jul 20, 2018
$7,000,000
Ill,john N H Trust
Hansen Family Trust
Grant Deed
related
—
Jul 20, 2018
—
Hansen,john III Trust
—
Deed
related
$6,750 · Hansen Family Trust (pt)
May 23, 2012
$1,450,000
Hansen Family Trust
Kelly,joycee L
Grant Deed
—
May 23, 2012
—
Hansen Trust
Hansen,john N JR
Quit Claim Deed
related
$1,700,000 · Bank Of The West
Apr 27, 2012
—
Joycee L Kelly
Hansen Mary Jane
Grant Deed
—
—
—
Hansen Family Trust
—
Deed Of Trust
related
$1,750,000 · Bank Of America
—
—
Hansen,john III Trust
—
Deed Of Trust
related
$6,750 · Hansen Family Trust (pt)
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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