Three-Unit Period Multifamily
New
For Sale
$2,999,999
21-25 Belvedere Street, San Francisco, CA 94117
Haight-Ashbury multifamily property with updated interiors, original architectural details, and separately metered utilities.
Property Size4,965 SF
Price / SF$604.23
Days on Market4
Property Features for 21-25 Belvedere Street
General Information
Standard status
Active
Size
4,965 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 1 x 4BR/1.25BA, 1 x 3BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Colliers International
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Sep 4
Changed: Sep 7
Last Checked: Sep 7 at 7:43AM
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 Colliers International
Investment Insights
Based on property information with market context.
Built in 1900, this 4,965-square-foot multifamily property contains three residential units: one four-bedroom, two-bath flat; one four-bedroom, one-and-a-quarter-bath flat; and one three-bedroom, one-bath flat. Hardwood floors and box-beam ceilings add period character throughout the building. Unit 23 includes a renovated kitchen with new cabinetry, a subway tile backsplash, updated appliances, in-unit laundry, hardwood and tile flooring, and a walk-in pantry. Unit 21 has updated kitchen and bathroom finishes, while the lower level contributes additional interior space. A rear yard extends behind the building, and each unit has separate gas and electric metering along with its own heating system.
The property is located at 21-25 Belvedere Street in San Francisco’s Haight-Ashbury neighborhood, providing an urban setting for a three-unit residential asset.
The property is located at 21-25 Belvedere Street in San Francisco’s Haight-Ashbury neighborhood, providing an urban setting for a three-unit residential asset.
Key Highlights
- Three residential units totaling 4,965 square feet
- Unit mix includes two four‑bedroom flats and one three‑bedroom flat
- Built in 1900 with hardwood floors and box‑beam ceilings
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
$176,454
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
5.88%
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%
$3,529,080
$3.5M
Cap Rate 7%
$2,520,771
$2.5M
Cap Rate 9%
$1,960,600
$2.0M
Market Conditions
NOI Build-Up for 4,965 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
$268.1K $54.00/SF
− Vacancy
−$16.0K −$3.23/SF
EGI
$252.1K $50.77/SF
− OpEx
−$75.6K −$15.23/SF
NOI
$176.5K $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%
$3,529,080
Cap Rate 7%
$2,520,771
Cap Rate 9%
$1,960,600
Alternative Uses
Best Use
Multifamily LT 5
$2.52M
$2.21M – $2.94M
NOI $176,454 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$2.30M
$2.01M – $2.69M
NOI $161,199 @ 7.0% cap · market cap 5.37%
Theoretical Best
Specialty Retail
$24.25M
$21.22M – $28.29M
NOI $1,697,639 @ 7.0% cap · market cap 56.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,159
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 - Haight-Ashbury multifamily property with updated interiors, original architectural details, and separately metered utilities.
Where is this triplex located?
The property is located at 21-25 Belvedere Street San Francisco, CA.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: Three residential units totaling 4,965 square feet; Unit mix includes two four‑bedroom flats and one three‑bedroom flat; Built in 1900 with hardwood floors and box‑beam ceilings
