Renovated Six-Unit Apartment
For Sale
$4,975,000
3548 Pierce Street, San Francisco, CA 94123
Updated one- and two-bedroom residences offer a varied unit mix in San Francisco.
Property Size6,324 SF
Price / SF$786.69
Days on Market1296
Property Features for 3548 Pierce Street
General Information
Standard status
Active
Size
6,324 SF
Property subtype
Multi-family
Building Details
Year Built
1927
Listing Agency:
Marcus & Millichap
(415) 625-2159
Listed By:
Sam Runco · License #(S):CA:01977683
(714) 497-3550
Source:
Sevengables
Added: Feb 10, 2023
Changed: Aug 28
Last Checked: Aug 28 at 5:36PM
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.
Located at 3548 Pierce St in San Francisco, this 6,324-square-foot apartment building contains six residences: two one-bedroom, one-bath units and four two-bedroom, two-bath units. The interiors have been recently renovated with updated finishes, while the building has received a new heating system, water heaters, intercom system, and lobby renovation.
All four two-bedroom apartments are currently vacant. The cleared garage spaces may support potential ADU development, subject to applicable approvals. A Walk Score of 97 places the property near shopping, dining, and entertainment options, with convenient pedestrian access to surrounding amenities.
All four two-bedroom apartments are currently vacant. The cleared garage spaces may support potential ADU development, subject to applicable approvals. A Walk Score of 97 places the property near shopping, dining, and entertainment options, with convenient pedestrian access to surrounding amenities.
Key Highlights
- Six‑unit apartment building totaling 6,324 square feet
- Unit mix includes two 1‑bedroom/1‑bath units and four 2‑bedroom/2‑bath units
- All four 2‑bedroom units are currently vacant
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
$205,322
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
4.13%
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%
$4,106,440
$4.1M
Cap Rate 7%
$2,933,171
$2.9M
Cap Rate 9%
$2,281,356
$2.3M
Market Conditions
NOI Build-Up for 6,324 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
$398.4K $63.00/SF
− Vacancy
−$25.1K −$3.97/SF
EGI
$373.3K $59.03/SF
− OpEx
−$168.0K −$26.56/SF
NOI
$205.3K $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%
$4,106,440
Cap Rate 7%
$2,933,171
Cap Rate 9%
$2,281,356
Alternative Uses
Best Use
Apartment 5plus
$2.93M
$2.57M – $3.42M
NOI $205,322 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$30.89M
$27.03M – $36.04M
NOI $2,162,310 @ 7.0% cap · market cap 43.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,354
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 - Updated one- and two-bedroom residences offer a varied unit mix in San Francisco.
Where is this apartment building located?
The property is located at 3548 Pierce Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,975,000.
What are key features of this property?
This property features: Six‑unit apartment building totaling 6,324 square feet; Unit mix includes two 1‑bedroom/1‑bath units and four 2‑bedroom/2‑bath units; All four 2‑bedroom units are currently vacant
