Six-Unit Apartment Building with Rooftop
For Sale
$4,650,000
2334 California Street, San Francisco, CA 94115
San Francisco, CA
Property Size5,500 SF
Price / SF$845.45
Days on Market32
Property Features for 2334 California Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
6
Rooms
Bedroom 1, Bedroom 5, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 6
Standard status
Active
Size
5,500 SF
Amenities
private rooftop deck
built-in sauna
side courtyard / rear backyard
Building Details
Year built
1900
Listing Agency:
Engel & Volkers San Francisco Union Street · Engel & Völkers
(415) 689-8592
Listed By:
Michael B Johnston
(415) 794-6453
Added: Aug 3
Changed: Aug 20
Last Checked: Sep 3 at 4:06PM
MLS# 426149438
Copyright © 2026 Engel & Völkers. 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.
Built in 1900, this converted mansion-style property contains six occupied apartments with a total reported size of 5,500 square feet. The configuration includes three one-bedroom, one-bathroom flats entered through a dedicated walk-up at 2332 California Street, two garden studios reached from the side alley and rear courtyard, and a two-story owner's residence spanning over 2,000 square feet. The owner's unit includes three bedrooms, four bathrooms, a private rooftop deck with city views, and a built-in sauna.
All residences share a side courtyard and rear backyard. The property is located at 2334 California Street in San Francisco's Pacific Heights neighborhood, near the Fillmore Street corridor, Alta Plaza Park, restaurants, boutique shopping, coffee shops, and bars. Public transportation options include the 1 California, 22 Fillmore, 28 Divisadero, and 38 Geary Muni lines.
All residences share a side courtyard and rear backyard. The property is located at 2334 California Street in San Francisco's Pacific Heights neighborhood, near the Fillmore Street corridor, Alta Plaza Park, restaurants, boutique shopping, coffee shops, and bars. Public transportation options include the 1 California, 22 Fillmore, 28 Divisadero, and 38 Geary Muni lines.
Key Highlights
- Six‑unit multifamily property with a reported 5,500 square feet
- Three one‑bedroom / one‑bathroom flats, two garden studios, and a two‑story owner's residence
- Owner's residence spans over 2,000 square feet and includes three bedrooms and four bathrooms
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
$178,569
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
3.84%
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%
$3,571,380
$3.6M
Cap Rate 7%
$2,550,986
$2.6M
Cap Rate 9%
$1,984,100
$2.0M
Market Conditions
NOI Build-Up for 5,500 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
$346.5K $63.00/SF
− Vacancy
−$21.8K −$3.97/SF
EGI
$324.7K $59.03/SF
− OpEx
−$146.1K −$26.56/SF
NOI
$178.6K $32.47/SF
Area
San Francisco, CA
Vacancy
6.30%
Lease Rate
$63.00 /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%
$3,571,380
Cap Rate 7%
$2,550,986
Cap Rate 9%
$1,984,100
Alternative Uses
Best Use
Apartment 5plus
$2.55M
$2.23M – $2.98M
NOI $178,569 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$26.87M
$23.51M – $31.34M
NOI $1,880,567 @ 7.0% cap · market cap 40.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,963
Businesses Nearby
Explore this area
Business Placement
Demographics for 94115, CA
35,853
Population
19,312
Households
1.9
Avg Household Size
38
Median Age
74%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
32,594
Density / Sq Mi
$154,264
Median Household Income
$103,538
Median Earnings
$2,380
Median Rent
$1,684,100
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?
Apartment building - Converted mansion-style property with varied residences, shared outdoor space, and access to Fillmore Street amenities.
Where is this apartment building located?
The property is located at 2334 California Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: Six‑unit multifamily property with a reported 5,500 square feet; Three one‑bedroom / one‑bathroom flats, two garden studios, and a two‑story owner's residence; Owner's residence spans over 2,000 square feet and includes three bedrooms and four bathrooms
