Renovated Duplex With
For Sale
$1,588,000
901-903 Hanover ST, Daly City, CA 94014
Permitted upper and lower residences offer updated interiors, separate utilities, private entrances, and shared outdoor space.
Property Size2,524 SF
Days on Market9
Property Features for 901-903 Hanover ST
General Information
Standard status
Active
Size
2,524 SF
Total Parking Spaces
2
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
courtyard
in-unit washer/dryer
electric fireplace
dual-pane windows
individual heating controls
Building Details
Building Size
2,524 SF
Year Built
1928
Buildings
1
Listing Agency:
CENTURY 21 Masters
(650) 703-9384
Listed By:
Irene L. Castillo · License #01774995
(650) 703-9384
Source:
Johnpaye
Added: Aug 1
Changed: Aug 8
Last Checked: Aug 8 at 9:36AM
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 CENTURY 21 Masters
Investment Insights
Based on property information with market context.
Built in 1928, this duplex contains permitted upper and lower residences with separate private entrances. One residence has 3 bedrooms and 1 remodeled bathroom, while the other provides 2 bedrooms and 2 remodeled bathrooms. Both include remodeled kitchens with Samsung stainless steel appliances, quartz countertops, contemporary cabinetry, luxury vinyl plank flooring, and updated porcelain tile bathrooms.
The property includes more than 55 recessed LED lights, individual heating controls in each bedroom, oversized Samsung washers and dryers in both residences, and separate laundry areas. Additional improvements include dual-pane windows, updated doors, a newer roof, separate electric meters, and a contemporary electric fireplace with a ready-to-enjoy TV setup in the main residence. A detached two-car garage has separate automatic doors, and the private courtyard provides additional outdoor space.
The property includes more than 55 recessed LED lights, individual heating controls in each bedroom, oversized Samsung washers and dryers in both residences, and separate laundry areas. Additional improvements include dual-pane windows, updated doors, a newer roof, separate electric meters, and a contemporary electric fireplace with a ready-to-enjoy TV setup in the main residence. A detached two-car garage has separate automatic doors, and the private courtyard provides additional outdoor space.
Key Highlights
- Permitted duplex with upper and lower residences and private entrances
- 3‑bedroom, 1‑bath residence paired with a 2‑bedroom, 2‑bath residence
- Remodeled kitchens with Samsung stainless steel appliances and quartz countertops
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
$56,696
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
3.57%
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%
$1,133,920
$1.1M
Cap Rate 7%
$809,943
$809.9K
Cap Rate 9%
$629,956
$630.0K
Market Conditions
NOI Build-Up for 2,524 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
$86.3K $34.20/SF
− Vacancy
−$5.3K −$2.11/SF
EGI
$81.0K $32.09/SF
− OpEx
−$24.3K −$9.63/SF
NOI
$56.7K $22.46/SF
Area
Daly City, CA
Vacancy
6.17%
Lease Rate
$34.20 /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%
$1,133,920
Cap Rate 7%
$809,943
Cap Rate 9%
$629,956
Alternative Uses
Best Use
Multifamily LT 5
$809.9K
$708.7K – $944.9K
NOI $56,696 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$720.9K
$630.8K – $841.1K
NOI $50,465 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$1.11M
$972.4K – $1.30M
NOI $77,788 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,264
Businesses Nearby
Explore this area
Business Placement
Demographics for 94014, CA
48,677
Population
15,643
Households
3.1
Avg Household Size
39
Median Age
33%
College-Educated
84%
High-School Grad
6.4 sq mi
ZIP Area
7,606
Density / Sq Mi
$115,513
Median Household Income
$49,144
Median Earnings
$2,089
Median Rent
$979,500
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?
Duplex - Permitted upper and lower residences offer updated interiors, separate utilities, private entrances, and shared outdoor space.
Where is this duplex located?
The property is located at 901-903 Hanover ST Daly City, CA.
What is the asking price?
The asking price for this property is $1,588,000.
What are key features of this property?
This property features: Permitted duplex with upper and lower residences and private entrances; 3‑bedroom, 1‑bath residence paired with a 2‑bedroom, 2‑bath residence; Remodeled kitchens with Samsung stainless steel appliances and quartz countertops
