Classic Triplex Apartment
For Sale
$2,500,000
1206 Fulton St, San Francisco, CA 94117
Three residences provide varied bedroom and bathroom configurations with shared outdoor space and parking.
Property Size2,880 SF
Price / SF$868.06
Days on Market10
Property Features for 1206 Fulton St
General Information
Standard status
Active
Size
2,880 SF
Total Parking Spaces
1
Property subtype
Multifamily
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
shared backyard
on-site coin-operated laundry
in-unit laundry
Building Details
Year Built
1900
Listing Agency:
San Francisco
(415) 288-7869
Listed By:
Dustin Dolby · License #01963487
(415) 288-7869
Source:
Colliers
Added: Aug 21
Changed: Aug 23
Last Checked: Aug 30 at 1:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of San Francisco
Investment Insights
Based on property information with market context.
Built in 1900, this approximately 2,880-square-foot San Francisco apartment property contains three residences: a one-bedroom, one-bath unit; a two-bedroom, two-bath unit; and a three-bedroom, two-bath unit. Interior details include hardwood floors, bay windows, crown molding, ample closet storage, and strong natural light, while the period façade adds architectural character. The three-bedroom residence also includes in-unit laundry.
Property amenities include one parking space, a shared backyard, and coin-operated laundry serving the building. Gas and electricity are separately metered. The property is located in the Alamo Square neighborhood at 1206 Fulton Street, near Alamo Square Park and the Divisadero Street commercial corridor. Restaurants, cafés, shopping, public transportation, major thoroughfares, the Panhandle, and Downtown employment centers are all identified in the surrounding context.
Property amenities include one parking space, a shared backyard, and coin-operated laundry serving the building. Gas and electricity are separately metered. The property is located in the Alamo Square neighborhood at 1206 Fulton Street, near Alamo Square Park and the Divisadero Street commercial corridor. Restaurants, cafés, shopping, public transportation, major thoroughfares, the Panhandle, and Downtown employment centers are all identified in the surrounding context.
Key Highlights
- Three‑unit building totaling approximately 2,880 square feet
- Unit mix includes 1‑bedroom/1‑bath, 2‑bedroom/2‑bath, and 3‑bedroom/2‑bath residences
- Constructed in 1900 with period façade, bay windows, crown molding, and hardwood flooring
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
$102,354
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
4.09%
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%
$2,047,080
$2.0M
Cap Rate 7%
$1,462,200
$1.5M
Cap Rate 9%
$1,137,267
$1.1M
Market Conditions
NOI Build-Up for 2,880 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
$155.5K $54.00/SF
− Vacancy
−$9.3K −$3.23/SF
EGI
$146.2K $50.77/SF
− OpEx
−$43.9K −$15.23/SF
NOI
$102.4K $35.54/SF
Area
San Francisco, CA
Vacancy
5.98%
Lease Rate
$54.00 /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%
$2,047,080
Cap Rate 7%
$1,462,200
Cap Rate 9%
$1,137,267
Alternative Uses
Best Use
Multifamily LT 5
$1.46M
$1.28M – $1.71M
NOI $102,354 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,505 @ 7.0% cap · market cap 3.74%
Theoretical Best
Specialty Retail
$14.07M
$12.31M – $16.41M
NOI $984,733 @ 7.0% cap · market cap 39.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,800
Businesses Nearby
Explore this area
Business Placement
Demographics for 94117, CA
38,451
Population
19,709
Households
2
Avg Household Size
36
Median Age
78%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
29,578
Density / Sq Mi
$175,096
Median Household Income
$106,542
Median Earnings
$2,786
Median Rent
$1,641,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences provide varied bedroom and bathroom configurations with shared outdoor space and parking.
Where is this triplex located?
The property is located at 1206 Fulton St San Francisco, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Three‑unit building totaling approximately 2,880 square feet; Unit mix includes 1‑bedroom/1‑bath, 2‑bedroom/2‑bath, and 3‑bedroom/2‑bath residences; Constructed in 1900 with period façade, bay windows, crown molding, and hardwood flooring
