21-Unit Apartment
For Sale
$8,700,000
Pending
1440 Union St, San Francisco, CA 94109
Russian Hill property with a shared roof deck, garage parking, and proximity to Polk Street shops and restaurants.
Property Size13,953 SF
Days on Market14
Property Features for 1440 Union St
General Information
Standard status
Pending
Size
13,953 SF
Total Parking Spaces
21
Property subtype
Residential Income
Units
Unit Mix
11 x 1BR, 4 x 2BR, 6 x studio
Multifamily Units
21
Amenities
common roof deck
Building Details
Buildings
1
Listing Agency:
Compass Commercial
(415) 516-9843
Listed By:
Adam D. Filly · License #01354775
(415) 516-9843
Source:
Exprealty
Added: Jul 31
Changed: Aug 12
Last Checked: Aug 12 at 3:24AM
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 Compass Commercial
Investment Insights
Based on property information with market context.
1440 Union Street is a 13,953-square-foot apartment property in San Francisco’s Russian Hill neighborhood. The 21-unit configuration includes 11 one-bedroom apartments, 4 two-bedroom apartments, and 6 studios. Some residences have views toward the Golden Gate Bridge and the Bay, while residents share access to a roof deck.
The property is located a half block from the retail and dining along Polk Street. On-site parking includes 21 garage spaces, with five currently vacant. Recent exterior improvements include paint and deck repairs. Three apartments are expected to be delivered vacant at closing, providing immediate possession of those units.
The property is located a half block from the retail and dining along Polk Street. On-site parking includes 21 garage spaces, with five currently vacant. Recent exterior improvements include paint and deck repairs. Three apartments are expected to be delivered vacant at closing, providing immediate possession of those units.
Key Highlights
- 21‑unit apartment building totaling 13,953 square feet
- Unit mix includes 11 one‑bedrooms, 4 two‑bedrooms, and 6 studios
- 21 garage spaces, including five 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
$416,772
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
4.79%
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%
$8,335,440
$8.3M
Cap Rate 7%
$5,953,886
$6.0M
Cap Rate 9%
$4,630,800
$4.6M
Market Conditions
NOI Build-Up for 13,953 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
$808.7K $57.96/SF
− Vacancy
−$50.9K −$3.65/SF
EGI
$757.8K $54.31/SF
− OpEx
−$341.0K −$24.44/SF
NOI
$416.8K $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%
$8,335,440
Cap Rate 7%
$5,953,886
Cap Rate 9%
$4,630,800
Alternative Uses
Best Use
Apartment 5plus
$5.95M
$5.21M – $6.95M
NOI $416,772 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$63.61M
$55.66M – $74.21M
NOI $4,452,772 @ 7.0% cap · market cap 51.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
7,670
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 - Russian Hill property with a shared roof deck, garage parking, and proximity to Polk Street shops and restaurants.
Where is this apartment building located?
The property is located at 1440 Union St San Francisco, CA.
What is the asking price?
The asking price for this property is $8,700,000.
What are key features of this property?
This property features: 21‑unit apartment building totaling 13,953 square feet; Unit mix includes 11 one‑bedrooms, 4 two‑bedrooms, and 6 studios; 21 garage spaces, including five currently vacant
