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840 El Camino Real, Millbrae, California 94030, Millbrae, - bed, bath

home-pic
ACTIVE$2,388,000
840 El Camino Real, Millbrae, California 94030
0Bed
0Bath
4,410Sqft
5,244Lot
Year Built
1952
Close
-
List price
$2.39M
Original List price
$2.43M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML82012608
Home ConditionPoor
Features
Deck
View-

About this home

840 El Camino Real is an exceptionally well-located apartment building located in Millbrae, California. The asset was built in 1952 and consists of six units on a 5,250-square-foot lot with 4,410 square feet of living space, offering investors a unit mix of six large studio units. The property provides tenants with individual covered parking spaces and an on-site laundry facility. Conveniently located on El Camino Real, the property is adjacent to Millbrae Square, which offers numerous retail and dining options just a few steps away. Millbrae Station for both BART & Caltrain are a half mile away, providing tenants easy access to the entire Bay Area via public transit. Additionally, the property is near the SFO Highway 101, and I-280, this asset offers both strong commuter appeal and long-term value.

Price History

Date
Event
Price
09/04/25
Price Change
$2,388,000
06/26/25
Listing
$2,430,000
Condition Rating
Poor
The property was built in 1952, making it over 70 years old. While the exterior appears maintained, the visible interior (Image 3) shows very dated finishes, including basic ceramic tile flooring, an old flush-mount light fixture, and an older electrical panel cover. There is no evidence of recent extensive renovations. Given the age, it's highly probable that major systems (electrical, plumbing, HVAC) are at or beyond their expected lifespan and would require substantial upgrades. Kitchens and bathrooms, though not pictured, can be inferred to be similarly outdated, necessitating significant rehabilitation to meet current quality and comfort standards. The property is functional but requires substantial investment to modernize.
Pros & Cons

Pros

Prime Bay Area Location & Connectivity: The property boasts an exceptionally well-located position in Millbrae, adjacent to Millbrae Square for retail/dining, and offers unparalleled access to public transit (BART & Caltrain within half a mile) and major freeways (SFO, H-101, I-280), ensuring high tenant demand.
Established Multi-Unit Income Property: Consisting of six large studio units, this apartment building provides a stable, diversified income stream for investors, a key advantage in the competitive Bay Area rental market.
Desirable Tenant Amenities: The inclusion of individual covered parking spaces and an on-site laundry facility significantly enhances tenant convenience and property appeal, commanding higher occupancy and potentially higher rents.
Strong Commuter Appeal: Its proximity to major transportation hubs and arteries makes it highly attractive to commuters, a critical factor for rental properties in the Bay Area, ensuring a robust tenant pool.
Long-Term Investment Potential: Positioned in a high-demand Bay Area market with excellent connectivity, the property is explicitly noted for its strong long-term value appreciation potential.

Cons

Age of Building: Built in 1952, the property is over 70 years old, which may necessitate significant capital expenditures for deferred maintenance, system upgrades (e.g., plumbing, electrical), or modernization to meet current market expectations.
Limited Unit Mix (Studio Only): The property exclusively offers studio units, which could restrict the potential tenant demographic compared to buildings with a more diverse unit mix (e.g., 1-bedroom or 2-bedroom apartments), potentially affecting rental rates or vacancy.
Recent Price Reduction: A recent price reduction from the original list price suggests potential market resistance or a need for increased buyer interest, which could indicate a perceived overvaluation or underlying issues.

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