Improved Triplex with Master
For Sale
$2,200,000
1651-1655 Oak Street San, San Francisco, CA 94117
A master tenant manages room-by-room occupancy while covering utilities under a fixed-rent arrangement.
Property Size5,941 SF
Days on Market186
Property Features for 1651-1655 Oak Street San
General Information
Standard status
Active
Size
5,941 SF
Property subtype
Triplex
Building Details
Building Size
5,941 SF
Year Built
1907
Listing Agency:
Compass
(415) 321-7000
Listed By:
Allison Chapleau
Source:
Kw
Added: Feb 25
Changed: Aug 29
Last Checked: Aug 29 at 1:45PM
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 Compass
Investment Insights
Based on property information with market context.
This 1907 triplex contains three expansive flats totaling approximately 5,941 SqFt. The entire building is subject to a master lease, with the tenant renting individual rooms and paying the owner a fixed monthly rent. Utilities—including water, sewer, Recology, gas, electricity, and internet—are handled by the master tenant.
Significant capital work includes foundation replacement, a full seismic upgrade, interior remodeling, and updated fire-life-safety improvements with a fire alarm system and sprinklers. 604 compliance work has also been completed, and the roof was replaced in 2025.
Located at 1651-1655 Oak Street in San Francisco’s Haight Ashbury district, the property is near Golden Gate Park, the Haight Street commercial corridor, and the Divisadero dining and retail area. Nearby MUNI service provides transit connections to downtown, UCSF, and major employment hubs.
Significant capital work includes foundation replacement, a full seismic upgrade, interior remodeling, and updated fire-life-safety improvements with a fire alarm system and sprinklers. 604 compliance work has also been completed, and the roof was replaced in 2025.
Located at 1651-1655 Oak Street in San Francisco’s Haight Ashbury district, the property is near Golden Gate Park, the Haight Street commercial corridor, and the Divisadero dining and retail area. Nearby MUNI service provides transit connections to downtown, UCSF, and major employment hubs.
Key Highlights
- Three‑unit triplex with approximately 5,941 SqFt across expansive flats
- Entire property leased to one master tenant under a fixed monthly rent structure
- Master tenant pays water, sewer, Recology, gas, electricity, and internet
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
$192,887
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
8.77%
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%
$3,857,740
$3.9M
Cap Rate 7%
$2,755,529
$2.8M
Cap Rate 9%
$2,143,189
$2.1M
Market Conditions
NOI Build-Up for 5,941 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
$374.3K $63.00/SF
− Vacancy
−$23.6K −$3.97/SF
EGI
$350.7K $59.03/SF
− OpEx
−$157.8K −$26.56/SF
NOI
$192.9K $32.47/SF
Area
San Francisco, CA
Vacancy
6.30%
Lease Rate
$63.00 /SF/Yr
Expense Ratio
45.00%
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%
$3,857,740
Cap Rate 7%
$2,755,529
Cap Rate 9%
$2,143,189
Alternative Uses
Best Use
Multifamily LT 5
$3.02M
$2.64M – $3.52M
NOI $211,141 @ 7.0% cap · market cap 9.60%
Second Best
Apartment 5plus
$2.76M
$2.41M – $3.21M
NOI $192,887 @ 7.0% cap · market cap 8.77%
Theoretical Best
Specialty Retail
$29.02M
$25.39M – $33.86M
NOI $2,031,354 @ 7.0% cap · market cap 92.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,691
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 - A master tenant manages room-by-room occupancy while covering utilities under a fixed-rent arrangement.
Where is this triplex located?
The property is located at 1651-1655 Oak Street San San Francisco, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Three‑unit triplex with approximately 5,941 SqFt across expansive flats; Entire property leased to one master tenant under a fixed monthly rent structure; Master tenant pays water, sewer, Recology, gas, electricity, and internet
