Mixed-Unit Multifamily
For Sale
$4,400,000
1338 Larkin Street, San Francisco, CA 94109
Fee simple sale of a multifamily building with three 3-bedroom units and three 2-bedroom units plus ground-floor garage parking.
Property Size8,949 SF
Days on Market585
Property Features for 1338 Larkin Street
General Information
Standard status
Active
Size
8,949 SF
Total Parking Spaces
5
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
6
Building Details
Building Size
8,949 SF
Year Built
1909
Tenancy
Multi
Listing Agency:
Touchstone Commercial Partners Inc.
Listed By:
Robert Mann · License #01112906
(415) 989-1200
Source:
Elevationrealestate
Added: Jan 31, 2025
Changed: Sep 2
Last Checked: Sep 8 at 10:50AM
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 Touchstone Commercial Partners Inc.
Investment Insights
Based on property information with market context.
This fee simple multifamily offering includes 1338–1348 Larkin Street, comprised of three 3-bedroom/2-bath units and three 2-bedroom/2-bath units. The property features a ground-floor garage with five parking spaces. Public remarks indicate the building is maintained, and unit 1340 is expected to be delivered at close.
The building is described as being around the corner from Trader Joe’s and steps to bars and restaurants along the Polk Street corridor, positioned in the heart of Nob Hill.
With a mix of unit sizes and on-site garage parking, the property provides a straightforward income-producing configuration for an investor looking to acquire a multi-unit residential asset.
The building is described as being around the corner from Trader Joe’s and steps to bars and restaurants along the Polk Street corridor, positioned in the heart of Nob Hill.
With a mix of unit sizes and on-site garage parking, the property provides a straightforward income-producing configuration for an investor looking to acquire a multi-unit residential asset.
Key Highlights
- Fee simple sale of a multifamily building built in 1909
- Six units total: three 3bd/2ba units and three 2bd/2ba units
- Ground‑floor garage includes five parking spaces
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
$267,304
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
6.08%
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%
$5,346,080
$5.3M
Cap Rate 7%
$3,818,629
$3.8M
Cap Rate 9%
$2,970,044
$3.0M
Market Conditions
NOI Build-Up for 8,949 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
$518.7K $57.96/SF
− Vacancy
−$32.7K −$3.65/SF
EGI
$486.0K $54.31/SF
− OpEx
−$218.7K −$24.44/SF
NOI
$267.3K $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%
$5,346,080
Cap Rate 7%
$3,818,629
Cap Rate 9%
$2,970,044
Alternative Uses
Best Use
Apartment 5plus
$3.82M
$3.34M – $4.46M
NOI $267,304 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$40.80M
$35.70M – $47.60M
NOI $2,855,863 @ 7.0% cap · market cap 64.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
14,443
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 - Fee simple sale of a multifamily building with three 3-bedroom units and three 2-bedroom units plus ground-floor garage parking.
Where is this apartment building located?
The property is located at 1338 Larkin Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: Fee simple sale of a multifamily building built in 1909; Six units total: three 3bd/2ba units and three 2bd/2ba units; Ground‑floor garage includes five parking spaces
