Russian Hill Six-Unit
For Sale
Contact for pricing
1159-1169 Union Street, San Francisco, CA 94109
Six-unit building in Russian Hill with Golden Gate views.
Property Size9,123 SF
Price / SF$416.53
Days on Market105
Property Features for 1159-1169 Union Street
General Information
Standard status
Active
Size
9,123 SF
Total Parking Spaces
6
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$156,914
Building Details
Year Built
1925
Year Renovated
2000
Units
6
Tenancy
Multi
Listing Agency:
Marcus & Millichap - San Francisco
Listed By:
Philip Batlin · License #CA01873218
(650) 391-1700
Source:
Crexi
Added: May 22
Changed: Aug 8
Last Checked: Sep 2 at 8:13AM
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.
The property at 1159-1169 Union Street is a six-unit building located in Russian Hill, one-half block from the Hyde Street Cable Car line. Upper floors offer views of the Golden Gate Bridge. The building features two flats per floor across three residential levels, situated above a six-car garage with rear access from Warner Place. Each unit includes hardwood floors, original detailing, and a layout with two or three bedrooms. The formal dining room in each flat can be converted into a third bedroom. Units 1159 and 1169 have an additional dedicated room suitable for a home office. All six flats have southern views. The four units on the second and third floors are dual-aspect, providing direct views of the Bay from the front and Downtown from the rear. The ground floor includes a tenant laundry room, private tenant storage, and the six-car garage. A common rear deck is available for all six units. Each unit averages 1,521 square feet. In-place rents are below current market rates, offering potential upside through turnover. The property is available individually, and with 1067-1071 Union as a two-property portfolio.
Key Highlights
- Golden Gate Bridge views from upper floors.
- Located one‑half block from Hyde Street Cable Car line.
- Each unit averages 1,521 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
$272,501
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
7.17%
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%
$5,450,020
$5.5M
Cap Rate 7%
$3,892,871
$3.9M
Cap Rate 9%
$3,027,789
$3.0M
Market Conditions
NOI Build-Up for 9,123 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
$528.8K $57.96/SF
− Vacancy
−$33.3K −$3.65/SF
EGI
$495.5K $54.31/SF
− OpEx
−$223.0K −$24.44/SF
NOI
$272.5K $29.87/SF
Area
ZIP 94109
Vacancy
6.30%
Lease Rate
$57.96 /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%
$5,450,020
Cap Rate 7%
$3,892,871
Cap Rate 9%
$3,027,789
Alternative Uses
Best Use
Apartment 5plus
$3.89M
$3.41M – $4.54M
NOI $272,501 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$41.59M
$36.39M – $48.52M
NOI $2,911,391 @ 7.0% cap · market cap 76.62%
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 94109, CA
58,501
Population
39,043
Households
1.5
Avg Household Size
38
Median Age
65%
College-Educated
90%
High-School Grad
1.1 sq mi
ZIP Area
53,183
Density / Sq Mi
$112,201
Median Household Income
$89,841
Median Earnings
$2,172
Median Rent
$1,390,000
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 - Six-unit building in Russian Hill with Golden Gate views.
Where is this apartment building located?
The property is located at 1159-1169 Union Street San Francisco, CA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Golden Gate Bridge views from upper floors.; Located one‑half block from Hyde Street Cable Car line.; Each unit averages 1,521 square feet.
