Victorian 4-Unit
For Sale
$3,195,000
Pending
150 Central Ave, San Francisco, CA 94117
Historic multifamily property with 3+ car parking and a detached rear carriage house.
Property Size4,930 SF
Days on Market106
Property Features for 150 Central Ave
General Information
Standard status
Pending
Size
4,930 SF
Property subtype
Residential Income
Listing Agency:
Sotheby's International Realty
(415) 815-9701
Listed By:
Grant Edward Beggs
(415) 815-9701
Source:
Exprealty
Added: May 18
Changed: Aug 30
Last Checked: Aug 30 at 1:16PM
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 Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1906, this Victorian multifamily property at 150 Central Avenue contains four residences and 3+ car parking. Three units are occupied, creating in-place income, while the vacant oversized three-bedroom residence provides flexibility for an owner-occupant or market-rate tenancy.
A detached rear carriage house adds another dimension to the property, with plans in place for conversion into a one-bedroom residence. The additional structure could support future income, guest accommodations, or work-from-home use, subject to the planned conversion. The property is located less than one block from both Buena Vista Park and Golden Gate Park and has a Walk Score of 96.
A detached rear carriage house adds another dimension to the property, with plans in place for conversion into a one-bedroom residence. The additional structure could support future income, guest accommodations, or work-from-home use, subject to the planned conversion. The property is located less than one block from both Buena Vista Park and Golden Gate Park and has a Walk Score of 96.
Key Highlights
- Four‑unit Victorian building constructed in 1906
- Three occupied residences provide in‑place income
- Vacant oversized three‑bedroom unit offers owner‑user or market‑rate tenancy flexibility
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
$175,210
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
5.48%
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%
$3,504,200
$3.5M
Cap Rate 7%
$2,503,000
$2.5M
Cap Rate 9%
$1,946,778
$1.9M
Market Conditions
NOI Build-Up for 4,930 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
$266.2K $54.00/SF
− Vacancy
−$15.9K −$3.23/SF
EGI
$250.3K $50.77/SF
− OpEx
−$75.1K −$15.23/SF
NOI
$175.2K $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%
$3,504,200
Cap Rate 7%
$2,503,000
Cap Rate 9%
$1,946,778
Alternative Uses
Best Use
Multifamily LT 5
$2.50M
$2.19M – $2.92M
NOI $175,210 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$2.29M
$2.00M – $2.67M
NOI $160,063 @ 7.0% cap · market cap 5.01%
Theoretical Best
Specialty Retail
$24.08M
$21.07M – $28.09M
NOI $1,685,672 @ 7.0% cap · market cap 52.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,868
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Historic multifamily property with 3+ car parking and a detached rear carriage house.
Where is this quadplex located?
The property is located at 150 Central Ave San Francisco, CA.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: Four‑unit Victorian building constructed in 1906; Three occupied residences provide in‑place income; Vacant oversized three‑bedroom unit offers owner‑user or market‑rate tenancy flexibility
