Three-Unit Edwardian
New
For Sale
$2,795,000
124 Parnassus Avenue, San Francisco, CA 94117
Two updated units are vacant; the third is tenant-occupied.
Property Size4,142 SF
Lot Size0.08 Acres
Price / SF$674.79
Days on Market4
Property Features for 124 Parnassus Avenue
General Information
Standard status
Active
Size
4,142 SF
Total Parking Spaces
3
Lot size
0.08 Acres
Property subtype
Triplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1.5BA, 2 x 3BR
Multifamily Units
3
Amenities
landscaped yard
deck
laundry
rear storage
Building Details
Building Size
4,142 SF
Year Built
1909
Buildings
1
Construction
Edwardian
Listing Agency:
Golden Gate Sotheby's International Realty
Listed By:
Jenny Wang · License #01241501
(510) 289-1022
Source:
Gregglynn
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 1 at 2:29PM
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 Golden Gate Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1909, this three-unit Edwardian residence offers approximately 4,142 square feet and a 3,436-square-foot lot. The lower unit has three bedrooms, a separate living room, a full bath and a water closet. The middle and upper units each include three bedrooms, a parlor and formal dining room. Original moldings, fireplace mantels and period tilework remain. The two vacant units have remodeled kitchens and updated baths; each unit has dedicated laundry. Permitted work includes a roof replacement, seismic and structural upgrades, new electrical service with 400-amp capacity, gas lines and heating systems.
The landscaped rear yard includes a deck, with additional room for gardening or outdoor use. A garage accommodates three cars, and rear storage provides additional space. The property is on Parnassus Avenue in Cole Valley, near Cole Street, shops, cafes, restaurants, the N-Judah and parks. Views from the upper unit extend toward Sutro Tower, Ashbury Heights and Lone Mountain.
The landscaped rear yard includes a deck, with additional room for gardening or outdoor use. A garage accommodates three cars, and rear storage provides additional space. The property is on Parnassus Avenue in Cole Valley, near Cole Street, shops, cafes, restaurants, the N-Judah and parks. Views from the upper unit extend toward Sutro Tower, Ashbury Heights and Lone Mountain.
Key Highlights
- Three residences; two are vacant and one is tenant‑occupied
- Approximately 4,142 square feet on a 3,436‑square‑foot lot
- Built in 1909; permitted seismic and structural retrofit completed
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
$147,205
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
5.27%
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%
$2,944,100
$2.9M
Cap Rate 7%
$2,102,929
$2.1M
Cap Rate 9%
$1,635,611
$1.6M
Market Conditions
NOI Build-Up for 4,142 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
$223.7K $54.00/SF
− Vacancy
−$13.4K −$3.23/SF
EGI
$210.3K $50.77/SF
− OpEx
−$63.1K −$15.23/SF
NOI
$147.2K $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%
$2,944,100
Cap Rate 7%
$2,102,929
Cap Rate 9%
$1,635,611
Alternative Uses
Best Use
Multifamily LT 5
$2.10M
$1.84M – $2.45M
NOI $147,205 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,479 @ 7.0% cap · market cap 4.81%
Theoretical Best
Specialty Retail
$20.23M
$17.70M – $23.60M
NOI $1,416,238 @ 7.0% cap · market cap 50.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,200
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Two updated units are vacant; the third is tenant-occupied.
Where is this triplex located?
The property is located at 124 Parnassus Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Three residences; two are vacant and one is tenant‑occupied; Approximately 4,142 square feet on a 3,436‑square‑foot lot; Built in 1909; permitted seismic and structural retrofit completed
