8-Unit Apartment Building with
For Sale
$2,800,000
Pending
1321 Columbus Avenue, San Francisco, CA 94133
Mid-century multifamily property with renovated units, garages, storage, and transit access in North Beach.
Property Size6,545 SF
Days on Market22
Property Features for 1321 Columbus Avenue
General Information
Standard status
Pending
Size
6,545 SF
Property subtype
Multi Family
Building Details
Building Size
6,545 SF
Year Built
1961
Listing Agency:
Sotheby's International Realty
(415) 971-2535
Listed By:
Marla Moresi-Valdes · License #01320998
Source:
Gregglynn
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 25 at 11:21AM
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 Sotheby's International Realty
Investment Insights
Based on property information with market context.
This mid-century apartment building contains eight units across approximately 5,350 +/- square feet of net rentable space on a 3,484 square-foot L-shaped lot. The unit mix includes one large studio, four one-bedroom/one-bathroom apartments, and three two-bedroom/one-bathroom apartments. Three residences have undergone full renovations with updated flooring, equipped kitchens, in-unit laundry, and double-paned windows. Building amenities include an elevator serving all levels, three separate garages with five-car parking, multiple storage rooms, and a shared laundry room.
Capital improvements include a completed soft-story seismic retrofit, a fire alarm upgrade identified under SFFC Section 1103.7.6.1, new gas meters, roof and skylight replacement, and cosmetic work in the common areas. The property is in North Beach, within walking distance of Ghirardelli Square, Aquatic Park, Fisherman's Wharf, Washington Square Park, Grant Avenue shops, cafes, restaurants, and nightlife. Public transit provides access toward the financial district and downtown, and the property has a 97 Walk Score.
Capital improvements include a completed soft-story seismic retrofit, a fire alarm upgrade identified under SFFC Section 1103.7.6.1, new gas meters, roof and skylight replacement, and cosmetic work in the common areas. The property is in North Beach, within walking distance of Ghirardelli Square, Aquatic Park, Fisherman's Wharf, Washington Square Park, Grant Avenue shops, cafes, restaurants, and nightlife. Public transit provides access toward the financial district and downtown, and the property has a 97 Walk Score.
Key Highlights
- 8‑unit apartment building with one studio, four 1‑bedroom/1‑bathroom units, and three 2‑bedroom/1‑bathroom units
- Approximately 5,350 +/- square feet of net rentable space on a 3,484 square‑foot L‑shaped lot
- Three renovated units feature equipped kitchens, in‑unit laundry, updated flooring, and double‑paned windows
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
$212,497
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
7.59%
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%
$4,249,940
$4.2M
Cap Rate 7%
$3,035,671
$3.0M
Cap Rate 9%
$2,361,078
$2.4M
Market Conditions
NOI Build-Up for 6,545 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
$412.3K $63.00/SF
− Vacancy
−$26.0K −$3.97/SF
EGI
$386.4K $59.03/SF
− OpEx
−$173.9K −$26.56/SF
NOI
$212.5K $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%
$4,249,940
Cap Rate 7%
$3,035,671
Cap Rate 9%
$2,361,078
Alternative Uses
Best Use
Apartment 5plus
$3.04M
$2.66M – $3.54M
NOI $212,497 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$31.97M
$27.97M – $37.30M
NOI $2,237,875 @ 7.0% cap · market cap 79.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,510
Businesses Nearby
Explore this area
Business Placement
Demographics for 94133, CA
26,751
Population
15,733
Households
1.7
Avg Household Size
41
Median Age
55%
College-Educated
80%
High-School Grad
0.7 sq mi
ZIP Area
38,216
Density / Sq Mi
$83,025
Median Household Income
$78,478
Median Earnings
$1,985
Median Rent
$1,519,100
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 - Mid-century multifamily property with renovated units, garages, storage, and transit access in North Beach.
Where is this apartment building located?
The property is located at 1321 Columbus Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 8‑unit apartment building with one studio, four 1‑bedroom/1‑bathroom units, and three 2‑bedroom/1‑bathroom units; Approximately 5,350 +/- square feet of net rentable space on a 3,484 square‑foot L‑shaped lot; Three renovated units feature equipped kitchens, in‑unit laundry, updated flooring, and double‑paned windows
