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432 Richmond Dr 6 Unit Apartment Building $3,752,233 CAD ($625,372 CAD/Unit) 3.03% 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, 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. --- The seller has already contracted and scheduled with a local plumbing company to have the Sewer Lateral Line Replaced and compliant.
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 - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| 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 - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $3,752,233 CAD | Apartment Style | Garden |
| Price Per Unit | $625,372 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 3.03% | Building Size | 6,390 SF |
| Gross Rent Multiplier | 17.99 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 0.47/1,000 SF |
| Zoning | Multifamily Residential - Multifamily Residential | ||
| Price | $3,752,233 CAD |
| Price Per Unit | $625,372 CAD |
| Sale Type | Investment |
| Cap Rate | 3.03% |
| 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 | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 0.47/1,000 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 | $2,862 CAD | 907 |
| 1+1 | 2 | $3,001 CAD | 680 |
1 1
Walk Score®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 021-432-150 | Total Assessment | $3,529,950 CAD (2025) |
| Land Assessment | $2,187,631 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,342,320 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
021-432-150
Land Assessment
$2,187,631 CAD (2025)
Improvements Assessment
$1,342,320 CAD (2025)
Total Assessment
$3,529,950 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
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432 Richmond Dr
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