Triplex with Tall
For Sale
$1,139,000
Pending
40-44 San Carlos Street, San Francisco, CA 94110
MULTI_FAMILY - San Francisco, CA
Property Size2,825 SF
Lot Size0.05 Acres
Days on Market134
Property Features for 40-44 San Carlos Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Basement, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2
Appliances
Free-Standing Gas Range
Lot features
Garden, Garden
Subdivision
SF District 9
Standard status
Pending
APN
3576031
Size
2,825 SF
Lot size
0.05 Acres
Building Details
Year built
1908
Floors in Building
3
Number of units
3
Listing Agency:
Century 21 Baldini Realty · Century 21 Real Estate
(415) 587-4212
Listed By:
Karla Melara
(415) 407-1360
Added: Apr 3
Changed: Aug 13
Last Checked: Aug 14 at 9:06AM
MLS# 426118530
Copyright © 2026 San Francisco Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex includes a duplex at the front and a cottage at the back, with tall basements in both buildings. Each unit has its own water and PG&E meter, providing separate utility metering for residents.
The property sits on a small lot of 0.0459 acres at 40-44 San Carlos Street in San Francisco (94110). The home was built in 1908 and totals 2,825 square feet.
The interior layout includes multiple bedrooms and bathrooms, along with a basement area in each structure. A free-standing gas range is listed among the appliances. Rooms are configured across the duplex and rear cottage to support residential living.
The property sits on a small lot of 0.0459 acres at 40-44 San Carlos Street in San Francisco (94110). The home was built in 1908 and totals 2,825 square feet.
The interior layout includes multiple bedrooms and bathrooms, along with a basement area in each structure. A free-standing gas range is listed among the appliances. Rooms are configured across the duplex and rear cottage to support residential living.
Key Highlights
- Duplex in front and cottage in back configuration
- Each unit has its own water and PG&E meter
- Tall basements in both buildings
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$94,822
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,896,440
$1.9M
Cap Rate 7%
$1,354,600
$1.4M
Cap Rate 9%
$1,053,578
$1.1M
Market Conditions
NOI Build-Up for 2,825 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$144.1K $51.00/SF
− Vacancy
−$8.6K −$3.05/SF
EGI
$135.5K $47.95/SF
− OpEx
−$40.6K −$14.39/SF
NOI
$94.8K $33.57/SF
Area
ZIP 94110
Vacancy
5.98%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,896,440
Cap Rate 7%
$1,354,600
Cap Rate 9%
$1,053,578
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.19M – $1.58M
NOI $94,822 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,352 @ 7.0% cap · market cap 7.67%
Theoretical Best
Specialty Retail
$13.80M
$12.07M – $16.10M
NOI $965,928 @ 7.0% cap · market cap 84.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 94110, CA
68,336
Population
30,685
Households
2.2
Avg Household Size
38
Median Age
61%
College-Educated
87%
High-School Grad
2.4 sq mi
ZIP Area
28,473
Density / Sq Mi
$152,403
Median Household Income
$80,431
Median Earnings
$2,404
Median Rent
$1,500,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Units have separate water and PG&E meters, plus tall basements across the front duplex and rear cottage.
Where is this triplex located?
The property is located at 40-44 San Carlos Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,139,000.
What are key features of this property?
This property features: Duplex in front and cottage in back configuration; Each unit has its own water and PG&E meter; Tall basements in both buildings
