Three-Unit Property with Period
New
For Sale
$2,999,999
21 Belvedere ST, San Francisco, CA 94117
Three residences feature updated kitchens, individual heating systems, and separate gas and electric metering.
Property Size4,965 SF
Price / SF$604.23
Days on Market6
Property Features for 21 Belvedere ST
General Information
Standard status
Active
Size
4,965 SF
Property subtype
Triplex
Units
Unit Mix
1 x 4BR/2BA, 1 x 4BR/1.25BA, 1 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$27,420
Amenities
in-unit washer/dryer
rear yard
walk-in pantry
Building Details
Building Size
4,965 SF
Year Built
1900
Buildings
1
Listing Agency:
Coldwell Banker Realty
Listed By:
Joe Velasco · License #01309200
(650) 833-8498
Source:
Mpireluxe
Added: Sep 2
Changed: Sep 5
Last Checked: Sep 6 at 12:14PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 4,965-square-foot triplex, built in 1900, contains three flats with a mix of spacious bedroom and bathroom configurations. Original architectural elements include hardwood flooring and box-beam ceilings. One residence has been renovated with updated cabinetry, white subway tile, appliances, an in-unit washer and dryer, tile flooring, and a walk-in pantry. Another includes improvements to its kitchen and bathrooms while retaining period details.
The property is in San Francisco’s Haight-Ashbury neighborhood. A lower level adds substantial interior space, and the rear yard provides outdoor area for future use. Each unit has separate gas and electric metering along with its own heating system, supporting independent utility management across the building.
The property is in San Francisco’s Haight-Ashbury neighborhood. A lower level adds substantial interior space, and the rear yard provides outdoor area for future use. Each unit has separate gas and electric metering along with its own heating system, supporting independent utility management across the building.
Key Highlights
- Three‑unit building with 4,965 SF of property size
- Unit mix includes one 4‑bedroom, 2‑bath flat; one 4‑bedroom, 1.25‑bath flat; and one 3‑bedroom, 1‑bath 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
Property Profile
Current Use
Lease Details
3
Residential units
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 - Three residences feature updated kitchens, individual heating systems, and separate gas and electric metering.
Where is this triplex located?
The property is located at 21 Belvedere ST 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‑unit building with 4,965 SF of property size; Unit mix includes one 4‑bedroom, 2‑bath flat; one 4‑bedroom, 1.25‑bath flat; and one 3‑bedroom, 1‑bath flat; Built in 1900 with hardwood floors and box‑beam ceilings
