Russian Hill Multifamily Investment
For Sale
Contact for pricing
1067 Union Street, San Francisco, CA 94133
Five full-floor flats with significant rental upside potential.
Property Size6,075 SF
Price / SF$411.52
Days on Market104
Property Features for 1067 Union Street
General Information
Standard status
Active
Size
6,075 SF
Class
B
Total Parking Spaces
3
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$97,050
Building Details
Year Built
1908
Year Renovated
2016
Buildings
2
Units
5
Tenancy
Multi
Listing Agency:
Marcus & Millichap - San Francisco
Listed By:
Philip Batlin · License #CA01873218
(650) 391-1700
Source:
Crexi
Added: May 22
Changed: Aug 13
Last Checked: Aug 28 at 10:36PM
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 Marcus & Millichap - San Francisco
Investment Insights
Based on property information with market context.
Located on the upper crest of Russian Hill, one block from the Hyde Street cable car, the property at 1067-1071 Union Street comprises two buildings on a single lot. The property features frontage on both Union Street and Macondray Lane. Constructed in 1908, the wood-frame building contains five full-floor flats above a three-car garage. Three units have Union Street addresses (1067, 1069, 1071), while two units are addressed on Macondray Lane (128 and 130), a pedestrian street that has been part of Russian Hill since the 1880s. Each flat features a five-room floor plan averaging 1,215 square feet. The units are larger than typical two-bedroom apartments in San Francisco and can be configured as either a two- or three-bedroom layout. The building retains hardwood floors and original period details. The in-place rents are below market value, offering potential for increased rental income through turnover. The property is available individually and with 1159-1169 Union as a two-property portfolio. The property size is 6,075 square feet.
Key Highlights
- Prime Russian Hill location, one block from Hyde Street cable car.
- Two buildings on a single lot with frontage on both Union Street and Macondray Lane.
- Five full‑floor flats, each averaging 1,215 square feet.
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
$197,237
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
7.89%
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%
$3,944,740
$3.9M
Cap Rate 7%
$2,817,671
$2.8M
Cap Rate 9%
$2,191,522
$2.2M
Market Conditions
NOI Build-Up for 6,075 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
$382.7K $63.00/SF
− Vacancy
−$24.1K −$3.97/SF
EGI
$358.6K $59.03/SF
− OpEx
−$161.4K −$26.56/SF
NOI
$197.2K $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%
$3,944,740
Cap Rate 7%
$2,817,671
Cap Rate 9%
$2,191,522
Alternative Uses
Best Use
Apartment 5plus
$2.82M
$2.47M – $3.29M
NOI $197,237 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$29.67M
$25.96M – $34.62M
NOI $2,077,172 @ 7.0% cap · market cap 83.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,841
Businesses Nearby
Explore this area
Business Placement
Demographics for 94133, CA
26,751
Population
15,733
Households
1.7
Avg Household Size
41
Median Age
55%
College-Educated
80%
High-School Grad
0.7 sq mi
ZIP Area
38,216
Density / Sq Mi
$83,025
Median Household Income
$78,478
Median Earnings
$1,985
Median Rent
$1,519,100
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 - Five full-floor flats with significant rental upside potential.
Where is this apartment building located?
The property is located at 1067 Union Street San Francisco, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Prime Russian Hill location, one block from Hyde Street cable car.; Two buildings on a single lot with frontage on both Union Street and Macondray Lane.; Five full‑floor flats, each averaging 1,215 square feet.
