Triplex with
New
For Sale
$1,925,000
1423 47th Ave, San Francisco, CA 94122
Three residential units combine remodeled kitchens, shared outdoor space, and on-site parking.
Property Size3,550 SF
Days on Market3
Property Features for 1423 47th Ave
General Information
Standard status
Active
Size
3,550 SF
Property subtype
Multifamily
Amenities
Two-units, plus non-conforming bonus unit, property built circa 1974
Top two levels are spacious 3-bedroom, 2-bath units with bonus non-conforming 1-bedroom, 1-bath unit on bottom floor with direct backyard access.
Ideal opportunity for potential owner user, with spacious floorplans and property offered at a fraction of the cost per square foot nearby single family homes.
Desirable coastal location offering a balance of urban convenience, proximity to beach, nearby cafes and restaurants, and neighborhood charm.
Two-car garage plus two additional driveway parking spaces. Muni bus and rail service within one-block.
Top two units are separately metered for gas and electricity.
Building Details
Building Size
3,550 SF
Listing Agency:
Marcus & Millichap - San Francisco
Listed By:
Jon Holmquist · License #License(s): CA: 01257479
(415) 625-2117
Source:
Marcusmillichap
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 8:05AM
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 Marcus & Millichap - San Francisco
Investment Insights
Based on property information with market context.
This three-unit multifamily property was built circa 1974. Its mix includes two three-bedroom, two-bath units and a nonconforming one-bedroom, one-bath unit. Remodeled kitchens feature granite countertops and tile floors, while luxury vinyl plank flooring runs through the living areas. A garage beneath the building accommodates two cars, with driveway parking for up to two more vehicles. Residents also have access to a shared backyard.
Key Highlights
- Three units: two 3‑bedroom, 2‑bath units and one nonconforming 1‑bedroom, 1‑bath unit
- Built circa 1974
- Two‑car garage beneath the building, plus driveway parking for up to two vehicles
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
$119,156
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
6.19%
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%
$2,383,120
$2.4M
Cap Rate 7%
$1,702,229
$1.7M
Cap Rate 9%
$1,323,956
$1.3M
Market Conditions
NOI Build-Up for 3,550 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
$181.1K $51.00/SF
− Vacancy
−$10.8K −$3.05/SF
EGI
$170.2K $47.95/SF
− OpEx
−$51.1K −$14.39/SF
NOI
$119.2K $33.57/SF
Area
ZIP 94122
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%
$2,383,120
Cap Rate 7%
$1,702,229
Cap Rate 9%
$1,323,956
Alternative Uses
Best Use
Multifamily LT 5
$1.70M
$1.49M – $1.99M
NOI $119,156 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$1.53M
$1.34M – $1.79M
NOI $107,135 @ 7.0% cap · market cap 5.57%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 94122, CA
57,160
Population
24,155
Households
2.4
Avg Household Size
39
Median Age
63%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
17,321
Density / Sq Mi
$145,717
Median Household Income
$80,501
Median Earnings
$2,720
Median Rent
$1,507,100
Median Home Value
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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 - Three residential units combine remodeled kitchens, shared outdoor space, and on-site parking.
Where is this triplex located?
The property is located at 1423 47th Ave San Francisco, CA.
What is the asking price?
The asking price for this property is $1,925,000.
What are key features of this property?
This property features: Three units: two 3‑bedroom, 2‑bath units and one nonconforming 1‑bedroom, 1‑bath unit; Built circa 1974; Two‑car garage beneath the building, plus driveway parking for up to two vehicles
