Six-Unit Apartment
New
For Sale
$2,149,000
454 Railroad Avenue, South San Francisco, CA 94080
Residential Income, South San Francisco, CA
Property Size5,669 SF
Lot Size0.14 Acres
Price / SF$379.08
Days on Market1
Property Features for 454 Railroad Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 5, Bedroom 4, Bedroom 6
Parking
6
Parking features
Garage
Security features
Security
Appliances
Gas Water Heater, Free-Standing Electric Range
Lot features
Sidewalk
Subdivision
Old South SF/Rocca
Standard status
Active
APN
012323470
Size
5,669 SF
Lot size
0.14 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Amenities
on-site laundry
additional storage
Building Details
Year built
1974
Floors in Building
2
Number of units
6
Building materials
Wood, Stucco
Architectural style
Other
Listing Agency:
eXp Realty of California, Inc
(510) 776-7727
Listed By:
Sol A Martinez · License #01432128
(707) 315-2871
Added: Sep 17
Last Checked: Sep 17 at 2:06PM
MLS# 426162912
Copyright © 2026 Bay Area Real Estate Information Services, Inc. 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.
Located at 454 Railroad Avenue in South San Francisco, this 1974 apartment property contains six one-bedroom, one-bath units within 5,669 square feet. The building is constructed with wood and stucco and includes wall-furnace heating, a garage, off-street parking, on-site laundry, and additional storage. Separate gas and electric meters serve the units.
The 0.1377-acre site is in the Old South SF/Rocca area, with access to transportation, shopping, employment centers, SFO, and major Peninsula commuter routes. Public water and public sewer serve the property. Unit interiors include free-standing electric ranges and gas water heaters.
The 0.1377-acre site is in the Old South SF/Rocca area, with access to transportation, shopping, employment centers, SFO, and major Peninsula commuter routes. Public water and public sewer serve the property. Unit interiors include free-standing electric ranges and gas water heaters.
Key Highlights
- Six one‑bedroom, one‑bath units in a 5,669‑square‑foot apartment property
- Built in 1974 on a 0.1377‑acre site
- Garage and off‑street parking
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
$154,294
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
7.18%
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%
$3,085,880
$3.1M
Cap Rate 7%
$2,204,200
$2.2M
Cap Rate 9%
$1,714,378
$1.7M
Market Conditions
NOI Build-Up for 5,669 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
$295.9K $52.20/SF
− Vacancy
−$15.4K −$2.71/SF
EGI
$280.5K $49.49/SF
− OpEx
−$126.2K −$22.27/SF
NOI
$154.3K $27.22/SF
Area
San Mateo County, CA
Vacancy
5.20%
Lease Rate
$52.20 /SF/Yr
Expense Ratio
45.00%
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%
$3,085,880
Cap Rate 7%
$2,204,200
Cap Rate 9%
$1,714,378
Alternative Uses
Best Use
Apartment 5plus
$2.20M
$1.93M – $2.57M
NOI $154,294 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.50M
$3.94M – $5.25M
NOI $315,207 @ 7.0% cap · market cap 14.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,091
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Individual residences offer one-bedroom, one-bath layouts with shared laundry, storage, and parking.
Where is this apartment building located?
The property is located at 454 Railroad Avenue South San Francisco, CA.
What is the asking price?
The asking price for this property is $2,149,000.
What are key features of this property?
This property features: Six one‑bedroom, one‑bath units in a 5,669‑square‑foot apartment property; Built in 1974 on a 0.1377‑acre site; Garage and off‑street parking
