9-Unit Apartment
For Sale
Contact for pricing
1043 Fell Street, San Francisco, CA 94117
RM-1 property with renovated residences, onsite laundry, storage rooms, and upgraded building systems.
Property Size7,669 SF
Price / SF$515.06
Days on Market203
Property Features for 1043 Fell Street
General Information
Standard status
Active
Size
7,669 SF
Property subtype
Multifamily, Mixed Use
Zoning
RM-1
Occupancy
100%
Net Operating Income
$225,568
Building Details
Year Built
1905
Stories
4
Units
9
Tenancy
Multi
Listing Agency:
Maven Commercial, Inc
Listed By:
Matthew C. Sheridan · License #01878802
Source:
Crexi
Added: Feb 11
Changed: Aug 31
Last Checked: Sep 1 at 4:31AM
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 Maven Commercial, Inc
Investment Insights
Based on property information with market context.
Built in 1905, this 9-unit apartment property contains four two-bedroom flats, one additional two-bedroom unit, one one-bedroom unit, and three studios. Most residences have been renovated, and several flats may be reconfigured for three-bedroom use. Unit features include dishwashers in most apartments, on-demand water heaters, onsite laundry, and substantial storage rooms.
The building is located at 1043 Fell Street in San Francisco, one block from Alamo Square and near Divisadero Street. Restaurants, retail, and nightlife are located along the nearby commercial corridor. Building improvements include a completed soft-story retrofit and a recent fire alarm upgrade. The property comprises 7,669 square feet and is zoned RM-1.
The building is located at 1043 Fell Street in San Francisco, one block from Alamo Square and near Divisadero Street. Restaurants, retail, and nightlife are located along the nearby commercial corridor. Building improvements include a completed soft-story retrofit and a recent fire alarm upgrade. The property comprises 7,669 square feet and is zoned RM-1.
Key Highlights
- 9‑unit apartment building with 4 two‑bedroom flats, 1 two‑bedroom unit, 1 one‑bedroom unit, and 3 studios
- 7,669‑square‑foot property built in 1905
- Most units renovated; several flats may be adapted to three‑bedroom layouts
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
$248,990
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
6.30%
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%
$4,979,800
$5.0M
Cap Rate 7%
$3,557,000
$3.6M
Cap Rate 9%
$2,766,556
$2.8M
Market Conditions
NOI Build-Up for 7,669 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
$483.1K $63.00/SF
− Vacancy
−$30.4K −$3.97/SF
EGI
$452.7K $59.03/SF
− OpEx
−$203.7K −$26.56/SF
NOI
$249.0K $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%
$4,979,800
Cap Rate 7%
$3,557,000
Cap Rate 9%
$2,766,556
Alternative Uses
Best Use
Apartment 5plus
$3.56M
$3.11M – $4.15M
NOI $248,990 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$37.46M
$32.78M – $43.70M
NOI $2,622,194 @ 7.0% cap · market cap 66.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,058
Businesses Nearby
Explore this area
Business Placement
Demographics for 94117, CA
38,451
Population
19,709
Households
2
Avg Household Size
36
Median Age
78%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
29,578
Density / Sq Mi
$175,096
Median Household Income
$106,542
Median Earnings
$2,786
Median Rent
$1,641,400
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 - RM-1 property with renovated residences, onsite laundry, storage rooms, and upgraded building systems.
Where is this apartment building located?
The property is located at 1043 Fell Street San Francisco, CA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 9‑unit apartment building with 4 two‑bedroom flats, 1 two‑bedroom unit, 1 one‑bedroom unit, and 3 studios; 7,669‑square‑foot property built in 1905; Most units renovated; several flats may be adapted to three‑bedroom layouts
