Seven-Unit Apartment
For Sale
$2,600,000
184 Valley St, San Francisco, CA 94131
Apartment property in Noe Valley with a permitted new-construction ADU and upgraded seismic and electrical systems.
Property Size4,379 SF
Days on Market30
Property Features for 184 Valley St
General Information
Standard status
Active
Size
4,379 SF
Property subtype
Multifamily
Occupancy
97%
Units
Unit Mix
6 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
7
Amenities
Prime Noe Valley location steps from 24th Street with significant rental upside
Permitted, all-new-construction ADU
Completed soft-story seismic retrofit and upgraded circuit-breaker panels
Building Details
Building Size
4,379 SF
Buildings
1
Units
7
Listing Agency:
Marcus & Millichap - Palo Alto
(650) 391-1734
Listed By:
Fred Rubio III · License #License(s): CA: 01984041
(650) 391-1734
Source:
Marcusmillichap
Added: Aug 1
Changed: Aug 26
Last Checked: Aug 29 at 6:08AM
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 - Palo Alto
Investment Insights
Based on property information with market context.
This seven-unit apartment building in San Francisco’s Noe Valley includes six one-bedroom, one-bath residences and one two-bedroom, one-bath ADU. The ADU is fully permitted and constructed as all-new construction, adding a distinct floor-plan option within the property’s residential configuration. Most units do not currently have in-unit laundry service.
Completed improvements include a soft-story seismic retrofit and upgraded electrical infrastructure with modern circuit-breaker panels. The building was constructed in 1908, combining an established apartment asset with documented structural and electrical updates. The property is located on Valley Street in Noe Valley, a San Francisco neighborhood identified in the property information as a consistently strong rental market.
Completed improvements include a soft-story seismic retrofit and upgraded electrical infrastructure with modern circuit-breaker panels. The building was constructed in 1908, combining an established apartment asset with documented structural and electrical updates. The property is located on Valley Street in Noe Valley, a San Francisco neighborhood identified in the property information as a consistently strong rental market.
Key Highlights
- Seven‑unit apartment building with six 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- Fully permitted ADU with all‑new construction
- Completed soft‑story seismic retrofit
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
$142,173
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
5.47%
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%
$2,843,460
$2.8M
Cap Rate 7%
$2,031,043
$2.0M
Cap Rate 9%
$1,579,700
$1.6M
Market Conditions
NOI Build-Up for 4,379 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
$275.9K $63.00/SF
− Vacancy
−$17.4K −$3.97/SF
EGI
$258.5K $59.03/SF
− OpEx
−$116.3K −$26.56/SF
NOI
$142.2K $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%
$2,843,460
Cap Rate 7%
$2,031,043
Cap Rate 9%
$1,579,700
Alternative Uses
Best Use
Apartment 5plus
$2.03M
$1.78M – $2.37M
NOI $142,173 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$21.39M
$18.72M – $24.95M
NOI $1,497,273 @ 7.0% cap · market cap 57.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
4,332
Businesses Nearby
Explore this area
Business Placement
Demographics for 94131, CA
28,810
Population
13,755
Households
2.1
Avg Household Size
41
Median Age
78%
College-Educated
98%
High-School Grad
2.0 sq mi
ZIP Area
14,405
Density / Sq Mi
$198,779
Median Household Income
$119,053
Median Earnings
$2,971
Median Rent
$1,749,500
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 - Apartment property in Noe Valley with a permitted new-construction ADU and upgraded seismic and electrical systems.
Where is this apartment building located?
The property is located at 184 Valley St San Francisco, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Seven‑unit apartment building with six 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit; Fully permitted ADU with all‑new construction; Completed soft‑story seismic retrofit
