Turnkey 14-Unit Apartment
For Sale
$2,475,000
677 Ellis St, San Francisco, CA 94109
Fully renovated 14-unit building with studio residences and updated electrical system throughout.
Property Size6,486 SF
Days on Market75
Property Features for 677 Ellis St
General Information
Standard status
Active
Size
6,486 SF
Property subtype
Multifamily
Occupancy
93%
Amenities
14-unit studio property located in a dense, transit-oriented San Francisco neighborhood with long-term rental demand.
Offered at ~$177K per unit with a 6.82% current cap rate and a projected 10.14% pro forma cap.
In-place rents average ~26% below market, creating a clear path to increased income through lease-up and rent repositioning.
Building Details
Building Size
6,486 SF
Units
14
Listing Agency:
Marcus & Millichap
Listed By:
Eymon Binesh · License #License(s): CA: 02060059
(415) 625-2161
Source:
Marcusmillichap
Added: Jun 23
Changed: Sep 4
Last Checked: Sep 5 at 3:48AM
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
Investment Insights
Based on property information with market context.
677 Ellis Street is a fully renovated, turnkey 14-unit apartment building, composed entirely of studio residences. The property has undergone recent capital improvements including brand-new electrical throughout the building. Each unit has been extensively renovated with designer finishes, creating a refreshed interior package.
The asset is offered for sale and is located at 677 Ellis Street in San Francisco, CA 94109.
With fourteen studio residences and completed building-wide electrical upgrades, this property presents as a low-maintenance multifamily option for an investor seeking in-place income.
The asset is offered for sale and is located at 677 Ellis Street in San Francisco, CA 94109.
With fourteen studio residences and completed building-wide electrical upgrades, this property presents as a low-maintenance multifamily option for an investor seeking in-place income.
Key Highlights
- Fully renovated 14‑unit apartment building with 14 studio residences
- Year built: 1908
- Recent capital improvement: brand‑new electrical throughout the building
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
$193,735
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
7.83%
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%
$3,874,700
$3.9M
Cap Rate 7%
$2,767,643
$2.8M
Cap Rate 9%
$2,152,611
$2.2M
Market Conditions
NOI Build-Up for 6,486 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
$375.9K $57.96/SF
− Vacancy
−$23.7K −$3.65/SF
EGI
$352.2K $54.31/SF
− OpEx
−$158.5K −$24.44/SF
NOI
$193.7K $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%
$3,874,700
Cap Rate 7%
$2,767,643
Cap Rate 9%
$2,152,611
Alternative Uses
Best Use
Apartment 5plus
$2.77M
$2.42M – $3.23M
NOI $193,735 @ 7.0% cap · market cap 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$29.57M
$25.87M – $34.50M
NOI $2,069,854 @ 7.0% cap · market cap 83.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
16,130
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 - Fully renovated 14-unit building with studio residences and updated electrical system throughout.
Where is this apartment building located?
The property is located at 677 Ellis St San Francisco, CA.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: Fully renovated 14‑unit apartment building with 14 studio residences; Year built: 1908; Recent capital improvement: brand‑new electrical throughout the building
