Updated Triplex with Private
For Sale
$1,690,000
Pending
635637 Spruce Street, San Francisco, CA 94118
Three residential units offer separate access, in-unit laundry, and a level backyard in Laurel Heights.
Property Size1,952 SF
Days on Market66
Property Features for 635637 Spruce Street
General Information
Standard status
Pending
Size
1,952 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2 BR + OFFICE / 1 BA, 2 x 2 BR/1 BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,200
Amenities
washer and dryer in each unit
backyard
Building Details
Year Built
1900
Buildings
1
Construction
Edwardian
Tenancy
Multi
Listing Agency:
Christina Andrade, Broker
(408) 272-7442
Listed By:
Christina Andrade · License #00642504
(408) 272-7442
Source:
Exitrealty
Added: Jun 26
Changed: Aug 25
Last Checked: Aug 24 at 3:42AM
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 Christina Andrade, Broker
Investment Insights
Based on property information with market context.
This three-unit residential property includes two upper-level apartments and a remodeled ground-floor residence. The top unit offers two bedrooms, an office, one bathroom, hardwood floors, bay windows, high ceilings, natural light, and a remodeled kitchen with stainless steel appliances and slow-close cabinetry. The middle unit features two bedrooms, one bathroom, an open layout, bay windows, vinyl flooring, and high ceilings. The ground-level unit is a two-bedroom, one-bathroom residence renovated in 2025 with new hardwood floors, cabinets, appliances, and paint.
Each residence has its own entrance, washer, and dryer. Outdoor space includes a large, level backyard with a grass lawn. The units are located at 635, 637, and 637A Spruce St, with 635 and 637 occupied month to month and 637A subject to a one-year lease that began February 2026. The property is near Laurel Village shopping center, Target, Trader Joe’s, the Presidio, and Golden Gate Park, with access to transit and biking options.
Each residence has its own entrance, washer, and dryer. Outdoor space includes a large, level backyard with a grass lawn. The units are located at 635, 637, and 637A Spruce St, with 635 and 637 occupied month to month and 637A subject to a one-year lease that began February 2026. The property is near Laurel Village shopping center, Target, Trader Joe’s, the Presidio, and Golden Gate Park, with access to transit and biking options.
Key Highlights
- Three‑unit property at 635, 637, and 637A Spruce St
- Top‑floor 2 BR + office / 1 BA unit with bay windows and curved staircase
- Ground‑level 2 BR / 1 BA unit fully remodeled in 2025
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
$69,373
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
4.10%
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%
$1,387,460
$1.4M
Cap Rate 7%
$991,043
$991.0K
Cap Rate 9%
$770,811
$770.8K
Market Conditions
NOI Build-Up for 1,952 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
$105.4K $54.00/SF
− Vacancy
−$6.3K −$3.23/SF
EGI
$99.1K $50.77/SF
− OpEx
−$29.7K −$15.23/SF
NOI
$69.4K $35.54/SF
Area
San Francisco, CA
Vacancy
5.98%
Lease Rate
$54.00 /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%
$1,387,460
Cap Rate 7%
$991,043
Cap Rate 9%
$770,811
Alternative Uses
Best Use
Multifamily LT 5
$991.0K
$867.2K – $1.16M
NOI $69,373 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$905.4K
$792.2K – $1.06M
NOI $63,376 @ 7.0% cap · market cap 3.75%
Theoretical Best
Specialty Retail
$9.53M
$8.34M – $11.12M
NOI $667,430 @ 7.0% cap · market cap 39.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 94118, CA
42,356
Population
19,052
Households
2.2
Avg Household Size
37
Median Age
72%
College-Educated
94%
High-School Grad
2.0 sq mi
ZIP Area
21,178
Density / Sq Mi
$159,550
Median Household Income
$92,946
Median Earnings
$2,695
Median Rent
$1,817,200
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 - Three residential units offer separate access, in-unit laundry, and a level backyard in Laurel Heights.
Where is this triplex located?
The property is located at 635637 Spruce Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Three‑unit property at 635, 637, and 637A Spruce St; Top‑floor 2 BR + office / 1 BA unit with bay windows and curved staircase; Ground‑level 2 BR / 1 BA unit fully remodeled in 2025
