Skip to main content

Multifamily

510 Richmond Dr

510 Richmond Dr, Millbrae, CA 94030

Listing Price: $3,330,000

Cap Rate
2.84%
Number of Units
5
Occupancy
97.0%
Price/Unit
$666,000

Investment Overview

510 Richmond Drive is a stunning 5-unit apartment building in thriving Millbrae, California. Situated on a 5,050 SF lot, the subject property boasts 6,132 of gross living space. The property has an attractive unit mix, consisting of two (2) Studios, two (2) two-bedroom/one-bathroom, and (1) three-bedroom/one and half bathroom units. 510 Richmond Drive is a true pride of ownership asset and has been meticulously maintained and upgraded over the years. Recently the property has been upgraded with new finishes, dual pane windows, remolded kitchens, and bathrooms. Each unit has a private garage totaling 5 garage spaces, plus additional off-street parking. The subject property boasts a 2022 American Standard 100-gallon water heater, and two (2) coin-operated washers and dryers. Additionally, in 2019 the subject property was retrofitted by Foundation Repair of CA. The property is in the Meadow Glenn Neighborhood of Millbrae; characterized by neat, well-kept homes of uniformly traditional style. Meadow Glenn has the added benefit of being an easy walk to downtown. The district’s southern edge offers access to Central Park and the Millbrae Recreation Community Center. Its eastern border is downtown, with the furthest point of the neighborhood less than a mile from Broadway shopping and dining, equidistant from BART and Cal train, and a five-minute drive from the nearest freeway onramp. Adjacent to the San Francisco International Airport, and located in the heart of San Mateo County, Millbrae is gently cradled in the sun-warmed hills that separate the Pacific Ocean from the San Francisco Bay. Major freeways border both its eastern and western boundaries, making Millbrae easily accessible from all parts of the Bay Area. Major freeways border both its eastern and western boundaries, making Millbrae easily accessible from all parts of the Bay Area. Many hillside homes enjoy beautiful bay views. Well-cared for neighborhoods, twelve local parks, and the Green Hills Country Club add to the charm of the residential community. The subject property provides an investor with a unique opportunity to own an apartment building in an area of the Peninsula that continues its incredible upward trend. Millbrae economic community is a vital mix of retail, shopping, restaurants, hotels and public services. The current rental values provide short term investors with significant up-side potential, while long-term hold investors will see sizeable up-side, due to the areas continued growth and future developments. Millbrae’s economic community is a vital mix of retail, shopping, restaurants, service businesses, hotels and public services. The BART/SFO extension opened in the summer of 2003. To take advantage of the extension, the city has adopted the Millbrae Station Area Specific Plan in order to attract hotel, office, retail and housing development to the area. The BART Millbrae Station is a unique station that allows BART, CalTrain and SamTrans to connect under one roof, thereby maximizing regional travel options to passengers in the Bay Area.

Investment Highlights

  • Excellent Unit Mix: (1) 3bd/1.5ba, (2) 2bd/1ba, and (2) Studios
  • Plethora of Parking: Five (5) Private Garage Spaces & Additional Off-Street Parking
  • Upgraded Units: Featuring Granite Countertops, Hardwood Floors, and Remodeled Bathrooms
  • Strong in Place Rents with Additional Upside Potential
  • One (1) Mile from Downtown Millbrae which Features: Safeway, Trader Joes, 24 Hour Fitness, and Millbrae BART Station
  • Conveniently Located to Major California Highways: 280, 101 & 82
  • 4 Miles to YouTube Headquarters and Close Proximity to Visa, Oracle, Twitter, and Uber

Exclusively Listed By

Multifamily

510 Richmond Dr

Listing Price: $3,330,000

Cap Rate
2.84%
Number of Units
5
Occupancy
97.0%
Price/Unit
$666,000

Investment Highlights

  • Excellent Unit Mix: (1) 3bd/1.5ba, (2) 2bd/1ba, and (2) Studios
  • Plethora of Parking: Five (5) Private Garage Spaces & Additional Off-Street Parking
  • Upgraded Units: Featuring Granite Countertops, Hardwood Floors, and Remodeled Bathrooms
  • Strong in Place Rents with Additional Upside Potential
  • One (1) Mile from Downtown Millbrae which Features: Safeway, Trader Joes, 24 Hour Fitness, and Millbrae BART Station
  • Conveniently Located to Major California Highways: 280, 101 & 82
  • 4 Miles to YouTube Headquarters and Close Proximity to Visa, Oracle, Twitter, and Uber

Investment Overview

510 Richmond Drive is a stunning 5-unit apartment building in thriving Millbrae, California. Situated on a 5,050 SF lot, the subject property boasts 6,132 of gross living space. The property has an attractive unit mix, consisting of two (2) Studios, two (2) two-bedroom/one-bathroom, and (1) three-bedroom/one and half bathroom units. 510 Richmond Drive is a true pride of ownership asset and has been meticulously maintained and upgraded over the years. Recently the property has been upgraded with new finishes, dual pane windows, remolded kitchens, and bathrooms. Each unit has a private garage totaling 5 garage spaces, plus additional off-street parking. The subject property boasts a 2022 American Standard 100-gallon water heater, and two (2) coin-operated washers and dryers. Additionally, in 2019 the subject property was retrofitted by Foundation Repair of CA. The property is in the Meadow Glenn Neighborhood of Millbrae; characterized by neat, well-kept homes of uniformly traditional style. Meadow Glenn has the added benefit of being an easy walk to downtown. The district’s southern edge offers access to Central Park and the Millbrae Recreation Community Center. Its eastern border is downtown, with the furthest point of the neighborhood less than a mile from Broadway shopping and dining, equidistant from BART and Cal train, and a five-minute drive from the nearest freeway onramp. Adjacent to the San Francisco International Airport, and located in the heart of San Mateo County, Millbrae is gently cradled in the sun-warmed hills that separate the Pacific Ocean from the San Francisco Bay. Major freeways border both its eastern and western boundaries, making Millbrae easily accessible from all parts of the Bay Area. Major freeways border both its eastern and western boundaries, making Millbrae easily accessible from all parts of the Bay Area. Many hillside homes enjoy beautiful bay views. Well-cared for neighborhoods, twelve local parks, and the Green Hills Country Club add to the charm of the residential community. The subject property provides an investor with a unique opportunity to own an apartment building in an area of the Peninsula that continues its incredible upward trend. Millbrae economic community is a vital mix of retail, shopping, restaurants, hotels and public services. The current rental values provide short term investors with significant up-side potential, while long-term hold investors will see sizeable up-side, due to the areas continued growth and future developments. Millbrae’s economic community is a vital mix of retail, shopping, restaurants, service businesses, hotels and public services. The BART/SFO extension opened in the summer of 2003. To take advantage of the extension, the city has adopted the Millbrae Station Area Specific Plan in order to attract hotel, office, retail and housing development to the area. The BART Millbrae Station is a unique station that allows BART, CalTrain and SamTrans to connect under one roof, thereby maximizing regional travel options to passengers in the Bay Area.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower