Triplex with Detached Front
For Sale
$1,300,000
Pending
453 Grand AVE, South San Francisco, CA 94080
Triplex includes a detached front house and rear duplex with separately metered utilities for tenant-paid expenses.
Property Size2,240 SF
Days on Market137
Property Features for 453 Grand AVE
General Information
Standard status
Pending
Size
2,240 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$10,985
Building Details
Building Size
2,240 SF
Year Built
1917
Listing Agency:
Economic Concepts
Listed By:
Michael Verdone · License #01918357
(650) 921-7203
Source:
Johnpaye
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 7 at 6:09AM
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 Economic Concepts
Investment Insights
Based on property information with market context.
This versatile triplex features a detached 2+ bedroom front house with a newly painted interior, a newer roof, an updated stove, and a newer water heater. The rear duplex includes a one-bedroom unit with dual-pane windows, plus a studio unit located above the enclosed garages, also with a new water heater. All utilities are separately metered, with tenants paying their own utilities individually.
The property is located at 453 Grand Ave in South San Francisco, CA 94080, on a spacious 7,000 sq. ft. lot zoned GAC. The offering is presented with redevelopment potential, including possible retail frontage with high-density residential above (approximately 914 units) and up to 65' maximum height.
Overall, the configuration provides two rear income units complemented by the detached front house, with recent key updates across the mix and tenant-managed utilities.
The property is located at 453 Grand Ave in South San Francisco, CA 94080, on a spacious 7,000 sq. ft. lot zoned GAC. The offering is presented with redevelopment potential, including possible retail frontage with high-density residential above (approximately 914 units) and up to 65' maximum height.
Overall, the configuration provides two rear income units complemented by the detached front house, with recent key updates across the mix and tenant-managed utilities.
Key Highlights
- Triplex built in 1917 with a detached 2+ bedroom front house and rear duplex featuring a 1‑bedroom unit plus a studio above enclosed garages
- Rear studio unit includes a new water heater; front house has newer water heater and updated stove
- Newly painted interior in the front house plus a newer roof
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
$65,094
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
5.01%
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%
$1,301,880
$1.3M
Cap Rate 7%
$929,914
$929.9K
Cap Rate 9%
$723,267
$723.3K
Market Conditions
NOI Build-Up for 2,240 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
$99.5K $44.40/SF
− Vacancy
−$6.5K −$2.89/SF
EGI
$93.0K $41.51/SF
− OpEx
−$27.9K −$12.45/SF
NOI
$65.1K $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%
$1,301,880
Cap Rate 7%
$929,914
Cap Rate 9%
$723,267
Alternative Uses
Best Use
Multifamily LT 5
$929.9K
$813.7K – $1.08M
NOI $65,094 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$870.9K
$762.1K – $1.02M
NOI $60,966 @ 7.0% cap · market cap 4.69%
Theoretical Best
Warehouse
$1.78M
$1.56M – $2.08M
NOI $124,548 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,897
Businesses Nearby
Explore this area
Business Placement
Demographics for 94080, CA
66,592
Population
23,364
Households
2.9
Avg Household Size
40
Median Age
40%
College-Educated
86%
High-School Grad
10.2 sq mi
ZIP Area
6,529
Density / Sq Mi
$135,966
Median Household Income
$61,138
Median Earnings
$2,840
Median Rent
$1,159,500
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 includes a detached front house and rear duplex with separately metered utilities for tenant-paid expenses.
Where is this triplex located?
The property is located at 453 Grand AVE South San Francisco, CA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Triplex built in 1917 with a detached 2+ bedroom front house and rear duplex featuring a 1‑bedroom unit plus a studio above enclosed garages; Rear studio unit includes a new water heater; front house has newer water heater and updated stove; Newly painted interior in the front house plus a newer roof
