Duplex with Separate
For Sale
$1,625,000
823 Cedar Street, Redwood City, CA 94063
Updated two-unit property with private fenced yards, separate garages, and convenient access to downtown Redwood City.
Property Size1,960 SF
Price / SF$829.08
Days on Market38
Property Features for 823 Cedar Street
General Information
Standard status
Active
Size
1,960 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$17,907
Amenities
updated eat-in kitchens
modern bathrooms
large rooms
private fenced yard
Listing Agency:
Compass
(650) 799-4294
Listed By:
Judy Decker
(650) 799-4294
Source:
Exprealty
Added: Jul 15
Changed: Aug 20
Last Checked: Aug 21 at 10:24AM
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 Compass
Investment Insights
Based on property information with market context.
This duplex contains 1,960 square feet across two distinct units, each offering spacious rooms, an eat-in kitchen, and updated bathroom finishes. The units have no connecting walls, providing physical separation between residences. Each side also includes its own garage and private fenced yard.
The property is located in Redwood City, within a short walk of downtown restaurants and entertainment. Both units have been privately rented to the owner's family and employees, providing an established rental history within the current ownership arrangement.
The property is located in Redwood City, within a short walk of downtown restaurants and entertainment. Both units have been privately rented to the owner's family and employees, providing an established rental history within the current ownership arrangement.
Key Highlights
- Two‑unit duplex totaling 1,960 square feet
- Updated eat‑in kitchens and modern bathrooms in both units
- No connecting walls between the units
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
$56,957
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
3.51%
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%
$1,139,140
$1.1M
Cap Rate 7%
$813,671
$813.7K
Cap Rate 9%
$632,856
$632.9K
Market Conditions
NOI Build-Up for 1,960 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
$87.0K $44.40/SF
− Vacancy
−$5.7K −$2.89/SF
EGI
$81.4K $41.51/SF
− OpEx
−$24.4K −$12.45/SF
NOI
$57.0K $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%
$1,139,140
Cap Rate 7%
$813,671
Cap Rate 9%
$632,856
Alternative Uses
Best Use
Multifamily LT 5
$813.7K
$712.0K – $949.3K
NOI $56,957 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$762.1K
$666.8K – $889.1K
NOI $53,345 @ 7.0% cap · market cap 3.28%
Theoretical Best
Warehouse
$1.56M
$1.36M – $1.82M
NOI $108,980 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,375
Businesses Nearby
Explore this area
Business Placement
Demographics for 94063, CA
35,836
Population
12,162
Households
2.9
Avg Household Size
34
Median Age
35%
College-Educated
74%
High-School Grad
6.5 sq mi
ZIP Area
5,513
Density / Sq Mi
$115,528
Median Household Income
$50,960
Median Earnings
$2,802
Median Rent
$1,077,100
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 - Updated two-unit property with private fenced yards, separate garages, and convenient access to downtown Redwood City.
Where is this duplex located?
The property is located at 823 Cedar Street Redwood City, CA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,960 square feet; Updated eat‑in kitchens and modern bathrooms in both units; No connecting walls between the units
