Triplex with Front Duplex and
For Sale
$1,139,000
Pending
40-44 San Carlos Street, San Francisco, CA 94110
Triplex layout with front duplex and rear cottage; each unit has its own water and PG&E meter.
Property Size2,825 SF
Days on Market153
Property Features for 40-44 San Carlos Street
General Information
Standard status
Pending
Size
2,825 SF
Property subtype
Triplex
Building Details
Building Size
2,825 SF
Year Built
1908
Listing Agency:
Century 21 Baldini Realty
Listed By:
Karla Melara
(415) 939-4212
Source:
Elevationrealestate
Added: Apr 9
Changed: Aug 15
Last Checked: Sep 8 at 10:53AM
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 Century 21 Baldini Realty
Investment Insights
Based on property information with market context.
This property is configured as a triplex, with a duplex at the front and a cottage toward the back. Both buildings feature tall basements, providing additional below-grade space for each structure. Each unit is separately metered, with its own water and PG&E meter, supporting independent utility tracking.
The building is located on San Carlos Street, positioned between Mission and Valencia Streets in San Francisco. The overall layout combines the front duplex with the rear cottage, offering a multi-unit residential income configuration within the same property.
For buyers evaluating an owner-occupied or investment residential setup, the key operational detail is the separation of utilities across individual units, along with the presence of tall basements in both the front and rear structures.
The building is located on San Carlos Street, positioned between Mission and Valencia Streets in San Francisco. The overall layout combines the front duplex with the rear cottage, offering a multi-unit residential income configuration within the same property.
For buyers evaluating an owner-occupied or investment residential setup, the key operational detail is the separation of utilities across individual units, along with the presence of tall basements in both the front and rear structures.
Key Highlights
- 1908‑built triplex with a front duplex and a rear cottage
- Front duplex and rear cottage both have tall basements
- Each unit has its own water meter
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
$94,822
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
8.33%
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%
$1,896,440
$1.9M
Cap Rate 7%
$1,354,600
$1.4M
Cap Rate 9%
$1,053,578
$1.1M
Market Conditions
NOI Build-Up for 2,825 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
$144.1K $51.00/SF
− Vacancy
−$8.6K −$3.05/SF
EGI
$135.5K $47.95/SF
− OpEx
−$40.6K −$14.39/SF
NOI
$94.8K $33.57/SF
Area
ZIP 94110
Vacancy
5.98%
Lease Rate
$51.00 /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%
$1,896,440
Cap Rate 7%
$1,354,600
Cap Rate 9%
$1,053,578
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.19M – $1.58M
NOI $94,822 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,352 @ 7.0% cap · market cap 7.67%
Theoretical Best
Specialty Retail
$13.80M
$12.07M – $16.10M
NOI $965,928 @ 7.0% cap · market cap 84.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,916
Businesses Nearby
Explore this area
Business Placement
Demographics for 94110, CA
68,336
Population
30,685
Households
2.2
Avg Household Size
38
Median Age
61%
College-Educated
87%
High-School Grad
2.4 sq mi
ZIP Area
28,473
Density / Sq Mi
$152,403
Median Household Income
$80,431
Median Earnings
$2,404
Median Rent
$1,500,200
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 - Triplex layout with front duplex and rear cottage; each unit has its own water and PG&E meter.
Where is this triplex located?
The property is located at 40-44 San Carlos Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,139,000.
What are key features of this property?
This property features: 1908‑built triplex with a front duplex and a rear cottage; Front duplex and rear cottage both have tall basements; Each unit has its own water meter
