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432 Richmond Dr 6 Unit Apartment Building $2,688,000 ($448,000/Unit) 3.16% Cap Rate Millbrae, CA 94030
Investment Highlights
- BRAND NEW (2025) LAYERED TORCH-DOWN ROOF
- STORAGE IN CARPORTS
- UPSIDE RENT POTENTIAL (~20%)
- COIN-OPERATED LAUNDRY ROOM (2 Washers & 2 Dryers)
- BEST PUBLIC SCHOOL SYSTEM IN SAN MATEO COUNTY
Executive Summary
Nate Gustavson & Cameron Foster of Compass Commercial are pleased to present 432 Richmond Drive, a well-maintained 6-unit multifamily investment opportunity located in the heart of Millbrae. This rare offering features a desirable unit mix of four (4) spacious 2-Bedroom/1-Bath units and two (2) 1-Bedroom/1-Bath units, with a gross building area of approximately 6,390 square feet on a 6,944 square foot lot. The property benefits from a BRAND NEW ROOF installed in 2025, updated Sewer Lateral Line, separate gas & electric meters, carport parking with storage, and on-site laundry with two (2) coin-operated Washers & Dryers. Units are currently rented below market with significant upside potential, providing investors the opportunity to increase cash flow through strategic updates.
Centrally located just blocks from Millbrae’s vibrant downtown, tenants enjoy close proximity to Safeway, Trader Joe’s, BART/Caltrain, top-rated San Mateo County schools like Mills and Capuchino High, and an array of shops and restaurants along Broadway. With easy access to SFO, Highway 101, and I-280, this asset offers both strong commuter appeal and long-term value. This is an ideal opportunity for investors seeking a stabilized asset in one of the Peninsula’s most sought-after rental markets.
Centrally located just blocks from Millbrae’s vibrant downtown, tenants enjoy close proximity to Safeway, Trader Joe’s, BART/Caltrain, top-rated San Mateo County schools like Mills and Capuchino High, and an array of shops and restaurants along Broadway. With easy access to SFO, Highway 101, and I-280, this asset offers both strong commuter appeal and long-term value. This is an ideal opportunity for investors seeking a stabilized asset in one of the Peninsula’s most sought-after rental markets.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,688,000 | Apartment Style | Garden |
| Price Per Unit | $448,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 3.16% | Building Size | 6,390 SF |
| Gross Rent Multiplier | 17.99 | Average Occupancy | 86% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 0.94/1,000 SF |
| Zoning | Multifamily Residential - Multifamily Residential | ||
| Price | $2,688,000 |
| Price Per Unit | $448,000 |
| Sale Type | Investment |
| Cap Rate | 3.16% |
| Gross Rent Multiplier | 17.99 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 6,390 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 0.94/1,000 SF |
| Zoning | Multifamily Residential - Multifamily Residential |
Amenities
Unit Amenities
- Dishwasher
- Storage Space
- Double Pane Windows
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $2,150 | 907 |
| 1+1 | 2 | $2,250 | 680 |
1 1
Walk Score®
Very Walkable (71)
Property Taxes
| Parcel Number | 021-432-150 | Total Assessment | $2,505,092 |
| Land Assessment | $1,552,491 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $952,601 | Tax Year | 2025 |
Property Taxes
Parcel Number
021-432-150
Land Assessment
$1,552,491
Improvements Assessment
$952,601
Total Assessment
$2,505,092
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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432 Richmond Dr
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