Triplex with Attached
New
For Sale
$1,798,000
349 Spring ST, Redwood City, CA 94063
Three residential units combine varied living arrangements with private outdoor areas and on-site parking.
Property Size4,180 SF
Days on Market5
Property Features for 349 Spring ST
General Information
Standard status
Active
Size
4,180 SF
Total Parking Spaces
4
Property subtype
Triplex
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/1.5BA
Multifamily Units
3
Amenities
laundry hookups
private side yard
Building Details
Building Size
4,180 SF
Year Built
1980
Buildings
2
Listing Agency:
Golden Gate Sotheby's International Realty
Listed By:
John Shroyer · License #00613370
(650) 787-2121
Source:
Johnpaye
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 14 at 7:32AM
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 Golden Gate Sotheby's International Realty
Investment Insights
Based on property information with market context.
This triplex includes a single-family residence and a separate duplex, creating three distinct residential units within one property. The home offers 3 bedrooms, 2 bathrooms, and an attached 2-car garage. Each duplex unit includes 2 bedrooms, 1.5 bathrooms, an attached 1-car garage, laundry hookups, and a private side yard. Built in 1980, the property provides a mix of larger and smaller living spaces within the same asset.
The property is located near downtown restaurants and shops, with access to commute routes. Its combination of a standalone home and two duplex units supports a range of residential occupancy arrangements, including owner-user and multi-generational living configurations.
The property is located near downtown restaurants and shops, with access to commute routes. Its combination of a standalone home and two duplex units supports a range of residential occupancy arrangements, including owner-user and multi-generational living configurations.
Key Highlights
- Three‑unit property with a single‑family home and separate duplex
- Single‑family residence includes 3 bedrooms, 2 bathrooms, and an attached 2‑car garage
- Each duplex unit offers 2 bedrooms, 1.5 bathrooms, and an attached 1‑car garage
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
$121,470
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
6.76%
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%
$2,429,400
$2.4M
Cap Rate 7%
$1,735,286
$1.7M
Cap Rate 9%
$1,349,667
$1.3M
Market Conditions
NOI Build-Up for 4,180 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
$185.6K $44.40/SF
− Vacancy
−$12.1K −$2.89/SF
EGI
$173.5K $41.51/SF
− OpEx
−$52.1K −$12.45/SF
NOI
$121.5K $29.06/SF
Area
San Mateo County, CA
Vacancy
6.50%
Lease Rate
$44.40 /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%
$2,429,400
Cap Rate 7%
$1,735,286
Cap Rate 9%
$1,349,667
Alternative Uses
Best Use
Multifamily LT 5
$1.74M
$1.52M – $2.02M
NOI $121,470 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$1.63M
$1.42M – $1.90M
NOI $113,767 @ 7.0% cap · market cap 6.33%
Theoretical Best
Warehouse
$3.32M
$2.91M – $3.87M
NOI $232,416 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,850
Businesses Nearby
Explore this area
Business Placement
Demographics for 94063, CA
35,836
Population
12,162
Households
2.9
Avg Household Size
34
Median Age
35%
College-Educated
74%
High-School Grad
6.5 sq mi
ZIP Area
5,513
Density / Sq Mi
$115,528
Median Household Income
$50,960
Median Earnings
$2,802
Median Rent
$1,077,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Triplex - Three residential units combine varied living arrangements with private outdoor areas and on-site parking.
Where is this triplex located?
The property is located at 349 Spring ST Redwood City, CA.
What is the asking price?
The asking price for this property is $1,798,000.
What are key features of this property?
This property features: Three‑unit property with a single‑family home and separate duplex; Single‑family residence includes 3 bedrooms, 2 bathrooms, and an attached 2‑car garage; Each duplex unit offers 2 bedrooms, 1.5 bathrooms, and an attached 1‑car garage
