Duplex with Separate
For Sale
$1,199,000
449 Angus Avenue, San Bruno, CA 94066
Two separately accessed units include private rear yards and individual garages.
Property Size1,220 SF
Price / SF$982.79
Days on Market365
Property Features for 449 Angus Avenue
General Information
Standard status
Active
Size
1,220 SF
Total Parking Spaces
2
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Parking per Unit
1
Amenities
in unit laundry
private rear yards
Building Details
Year Built
1917
Listing Agency:
Christie's International Real Estate Sereno
(650) 455-1528
Listed By:
Stephan A. Marshall · License #01487186
(650) 455-1528
Source:
Exitrealty
Added: Aug 31, 2025
Changed: Aug 30
Last Checked: Aug 30 at 6:55AM
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 Christie's International Real Estate Sereno
Investment Insights
Based on property information with market context.
This 1917 duplex includes a primary residence with three bedrooms, two full bathrooms, a formal dining room, a high-ceiling living room, hardwood floors, and a separate family room that can function as a fourth bedroom. The kitchen features a center island, while large windows provide natural light. The rear residence offers one bedroom, one full bathroom, a full-size kitchen, updated bathroom, custom tile flooring, a living room, and in-unit laundry.
Each residence has its own entrance, rear yard, garage, and extended driveway. The property measures 1,220 square feet and sits on an oversized lot. It is located near downtown San Bruno shopping and restaurants, with walkable access to BART and Caltrain and close proximity to freeway access.
Each residence has its own entrance, rear yard, garage, and extended driveway. The property measures 1,220 square feet and sits on an oversized lot. It is located near downtown San Bruno shopping and restaurants, with walkable access to BART and Caltrain and close proximity to freeway access.
Key Highlights
- Primary residence with 3 bedrooms, 2 full bathrooms, and a family room usable as a 4th bedroom
- Rear unit includes 1 bedroom, 1 full bathroom, full‑size kitchen, and in‑unit laundry
- Both units have private separate entrances and private separate rear yards
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
$35,453
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
2.96%
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%
$709,060
$709.1K
Cap Rate 7%
$506,471
$506.5K
Cap Rate 9%
$393,922
$393.9K
Market Conditions
NOI Build-Up for 1,220 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
$54.2K $44.40/SF
− Vacancy
−$3.5K −$2.89/SF
EGI
$50.6K $41.51/SF
− OpEx
−$15.2K −$12.45/SF
NOI
$35.5K $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%
$709,060
Cap Rate 7%
$506,471
Cap Rate 9%
$393,922
Alternative Uses
Best Use
Multifamily LT 5
$506.5K
$443.2K – $590.9K
NOI $35,453 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$474.4K
$415.1K – $553.4K
NOI $33,205 @ 7.0% cap · market cap 2.77%
Theoretical Best
Warehouse
$969.1K
$847.9K – $1.13M
NOI $67,834 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,362
Businesses Nearby
Explore this area
Business Placement
Demographics for 94066, CA
44,147
Population
16,736
Households
2.6
Avg Household Size
40
Median Age
44%
College-Educated
90%
High-School Grad
6.1 sq mi
ZIP Area
7,237
Density / Sq Mi
$135,976
Median Household Income
$66,057
Median Earnings
$2,696
Median Rent
$1,199,400
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?
Duplex - Two separately accessed units include private rear yards and individual garages.
Where is this duplex located?
The property is located at 449 Angus Avenue San Bruno, CA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Primary residence with 3 bedrooms, 2 full bathrooms, and a family room usable as a 4th bedroom; Rear unit includes 1 bedroom, 1 full bathroom, full‑size kitchen, and in‑unit laundry; Both units have private separate entrances and private separate rear yards
