3-Unit Triplex with Owner’s
For Sale
$4,500,000
2275 California Street, San Francisco, CA 94115
San Francisco, CA
Property Size6,000 SF
Price / SF$750
Days on Market72
Property Features for 2275 California Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 4, Bedroom 1, Bedroom 3, Bedroom 5, Bedroom 9, Bedroom 7, Bedroom 8, Bedroom 2
Standard status
Active
Size
6,000 SF
Amenities
private storage rooms
shared backyard
Building Details
Year built
1900
Listing Agency:
Engel & Volkers San Francisco Union Street · Engel & Völkers
(415) 689-8592
Listed By:
Andrew Black · License #02076033
Added: Jun 28
Changed: Sep 7
Last Checked: Sep 7 at 4:06PM
MLS# 426139577
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,000-square-foot triplex, built in 1900, includes two tenant-occupied flats and a two-story residence that will be delivered vacant at closing. The rental units offer three bedrooms and 1.5 baths in one flat and two bedrooms and 1.5 baths in the other. Each has dedicated laundry in the lower storage area. The owner’s residence contains four bedrooms, two bathrooms, and in-unit laundry.
The property also includes two private storage rooms reached from the tradesman alley, along with a landscaped shared backyard. Elevated outdoor areas provide views toward Twin Peaks, Cole Valley, Alta Plaza Park, and portions of San Francisco Bay. Located at 2275 California Street in Pacific Heights, the property combines a three-unit configuration with separate residential layouts and substantial storage and outdoor amenities.
The property also includes two private storage rooms reached from the tradesman alley, along with a landscaped shared backyard. Elevated outdoor areas provide views toward Twin Peaks, Cole Valley, Alta Plaza Park, and portions of San Francisco Bay. Located at 2275 California Street in Pacific Heights, the property combines a three-unit configuration with separate residential layouts and substantial storage and outdoor amenities.
Key Highlights
- 6,000‑square‑foot triplex at 2275 California Street
- Built in 1900 with three residential units
- Two tenant‑occupied flats: 3 bedrooms/1.5 baths and 2 bedrooms/1.5 baths
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
$213,237
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
4.74%
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%
$4,264,740
$4.3M
Cap Rate 7%
$3,046,243
$3.0M
Cap Rate 9%
$2,369,300
$2.4M
Market Conditions
NOI Build-Up for 6,000 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
$324.0K $54.00/SF
− Vacancy
−$19.4K −$3.23/SF
EGI
$304.6K $50.77/SF
− OpEx
−$91.4K −$15.23/SF
NOI
$213.2K $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%
$4,264,740
Cap Rate 7%
$3,046,243
Cap Rate 9%
$2,369,300
Alternative Uses
Best Use
Multifamily LT 5
$3.05M
$2.67M – $3.55M
NOI $213,237 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$2.78M
$2.44M – $3.25M
NOI $194,802 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$29.31M
$25.64M – $34.19M
NOI $2,051,528 @ 7.0% cap · market cap 45.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11,715
Businesses Nearby
Explore this area
Business Placement
Demographics for 94115, CA
35,853
Population
19,312
Households
1.9
Avg Household Size
38
Median Age
74%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
32,594
Density / Sq Mi
$154,264
Median Household Income
$103,538
Median Earnings
$2,380
Median Rent
$1,684,100
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-unit property combines two occupied flats with a larger residence available vacant at closing.
Where is this triplex located?
The property is located at 2275 California Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 6,000‑square‑foot triplex at 2275 California Street; Built in 1900 with three residential units; Two tenant‑occupied flats: 3 bedrooms/1.5 baths and 2 bedrooms/1.5 baths
