Contemporary Multifamily
For Sale
$1,588,000
901903 Hanover Street, Daly City, CA 94014
R3-zoned multifamily property with established improvements and a selection of built-in kitchen appliances.
Property Size2,524 SF
Price / SF$629.16
Days on Market9
Property Features for 901903 Hanover Street
General Information
Standard status
Active
Size
2,524 SF
Property subtype
Residential Income
Zoning
R3
Amenities
Electric
Dishwasher, Freezer, Gas Cooktop, Disposal, Ice Maker, Refrigerator, Range Hood, Vented Exhaust Fan
City Lights
Contemporary
Building Details
Building Size
2,524 SF
Year Built
1928
Buildings
1
Stories
2
Listing Agency:
CENTURY 21 Masters
(650) 703-9384
Listed By:
Irene L. Castillo · License #01774995
(650) 703-9384
Source:
Evrealestate
Added: Aug 1
Changed: Aug 5
Last Checked: Aug 8 at 6:37AM
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.
This multifamily property was built in 1928 and is identified as a contemporary-style improvement. Interior features include electric service and a kitchen equipped with a dishwasher, freezer, gas cooktop, disposal, ice maker, refrigerator, range hood, and vented exhaust fan. The property size is listed as 2,524.
The property is located on Hanover Street in Daly City, San Mateo County, with city-light views noted among the exterior features. R3 zoning is reported for the site.
The property is located on Hanover Street in Daly City, San Mateo County, with city-light views noted among the exterior features. R3 zoning is reported for the site.
Key Highlights
- R3 zoning for multifamily use
- Built in 1928
- Property size listed as 2,524
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
$50,465
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
3.18%
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%
$1,009,300
$1.0M
Cap Rate 7%
$720,929
$720.9K
Cap Rate 9%
$560,722
$560.7K
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
$98.1K $38.88/SF
− Vacancy
−$6.4K −$2.53/SF
EGI
$91.8K $36.35/SF
− OpEx
−$41.3K −$16.36/SF
NOI
$50.5K $19.99/SF
Area
Daly City, CA
Vacancy
6.50%
Lease Rate
$38.88 /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%
$1,009,300
Cap Rate 7%
$720,929
Cap Rate 9%
$560,722
Alternative Uses
Best Use
Apartment 5plus
$720.9K
$630.8K – $841.1K
NOI $50,465 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
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
Location Intelligence
Trade Area within ½ mile
1,128
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - R3-zoned multifamily property with established improvements and a selection of built-in kitchen appliances.
Where is this multifamily property located?
The property is located at 901903 Hanover Street 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: R3 zoning for multifamily use; Built in 1928; Property size listed as 2,524
