Six-Unit Apartment
For Sale
$3,400,000
1874 Vallejo St, San Francisco, CA 94123
Fully occupied one-bedroom apartments in a 1924 building with RM-1 zoning.
Property Size6,681 SF
Lot Size0.08 Acres
Price / SF$508.91
Days on Market15
Property Features for 1874 Vallejo St
General Information
Standard status
Active
Size
6,681 SF
Lot size
0.08 Acres
Property subtype
Multifamily
Zoning
RM-1
Occupancy
97%
Net Operating Income
$145,602
Financials
Asking Price
$3,400,000
Cap Rate
4.28%
Gross Income
$231,174
Gross Rent Multiplier
14.54
Units
Unit Mix
6 x 1BR
Multifamily Units
6
Amenities
Prime Pacific Heights/Marina Location near Union & Chestnut Street
Large, Classic Marina Style 1-Bedroom Units
Beautiful, Private Backyard
One of San Francisco's Most Desirable Neighborhoods
Building Details
Building Size
6,681 SF
Year Built
1924
Buildings
1
Units
6
Listing Agency:
Marcus & Millichap
(415) 625-2121
Listed By:
Rick Romano · License #License(s): CA: 02298397
(415) 625-2121
Source:
Marcusmillichap
Added: Aug 16
Changed: Aug 27
Last Checked: Aug 30 at 1:08PM
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.
This 1924 apartment building contains six one-bedroom units within 6,681 SF of improvements on a 0.08-acre lot. Each apartment averages approximately 1,114 SF, providing a consistent unit configuration across the property. The building is fully occupied and carries RM-1 (Residential – Mixed, Low Density) zoning.
The property is located at 1874 Vallejo St in San Francisco’s Pacific Heights / Marina submarket, near neighborhood amenities, retail, dining, parks, and transportation. Current performance reflects a 4.28% cap rate and a 14.54 GRM, while projected performance is stated at a 6.48% pro forma cap rate.
The property is located at 1874 Vallejo St in San Francisco’s Pacific Heights / Marina submarket, near neighborhood amenities, retail, dining, parks, and transportation. Current performance reflects a 4.28% cap rate and a 14.54 GRM, while projected performance is stated at a 6.48% pro forma cap rate.
Key Highlights
- Six‑unit apartment building with a one‑bedroom unit mix
- 6,681 SF building on a 0.08‑acre lot
- Units average approximately 1,114 SF each
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
$216,912
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
6.38%
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%
$4,338,240
$4.3M
Cap Rate 7%
$3,098,743
$3.1M
Cap Rate 9%
$2,410,133
$2.4M
Market Conditions
NOI Build-Up for 6,681 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
$420.9K $63.00/SF
− Vacancy
−$26.5K −$3.97/SF
EGI
$394.4K $59.03/SF
− OpEx
−$177.5K −$26.56/SF
NOI
$216.9K $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%
$4,338,240
Cap Rate 7%
$3,098,743
Cap Rate 9%
$2,410,133
Alternative Uses
Best Use
Apartment 5plus
$3.10M
$2.71M – $3.62M
NOI $216,912 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$32.63M
$28.55M – $38.07M
NOI $2,284,376 @ 7.0% cap · market cap 67.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
9,077
Businesses Nearby
Explore this area
Business Placement
Demographics for 94123, CA
26,131
Population
14,883
Households
1.8
Avg Household Size
35
Median Age
86%
College-Educated
98%
High-School Grad
1.1 sq mi
ZIP Area
23,755
Density / Sq Mi
$222,689
Median Household Income
$142,336
Median Earnings
$3,248
Median Rent
$2,000,001
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 occupied one-bedroom apartments in a 1924 building with RM-1 zoning.
Where is this apartment building located?
The property is located at 1874 Vallejo St San Francisco, CA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Six‑unit apartment building with a one‑bedroom unit mix; 6,681 SF building on a 0.08‑acre lot; Units average approximately 1,114 SF each
