14-Unit Apartment
For Sale
$4,400,000
1451 Larkin Street, San Francisco, CA 94109
A studio-heavy unit mix includes a two-bedroom apartment with a private backyard.
Property Size7,572 SF
Days on Market8
Property Features for 1451 Larkin Street
General Information
Standard status
Active
Size
7,572 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/1BA, 13 x studio
Multifamily Units
14
Additional Details
Utilities to Site
Yes
Building Details
Building Size
7,572 SF
Year Built
1911
Buildings
1
Listing Agency:
Coldwell Banker Commercial Realty
Listed By:
Dan McGue
(415) 474-1750
Source:
Elevationrealestate
Added: Sep 25
Changed: Sep 29
Last Checked: Oct 1 at 5:48PM
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 Coldwell Banker Commercial Realty
Investment Insights
Based on property information with market context.
The 7,572-square-foot apartment building contains 14 units: thirteen studios and one two-bedroom, one-bath apartment. Renovation work has been completed in approximately half of the units, while the remainder have received updates to varying degrees. Select apartments retain period features such as hardwood floors, built-in cabinetry, box-beam ceilings, and bay windows. Natural light reaches all units, and the two-bedroom apartment includes a private backyard.
Built in 1911, the property is separately metered for electricity. Tenants pay for heat; the owner pays for water and trash. The building is at 1451 Larkin Street in San Francisco’s Nob Hill neighborhood.
Built in 1911, the property is separately metered for electricity. Tenants pay for heat; the owner pays for water and trash. The building is at 1451 Larkin Street in San Francisco’s Nob Hill neighborhood.
Key Highlights
- 14 apartment units: 13 studios and one two‑bedroom, one‑bath apartment
- 7,572 square feet; built in 1911
- Approximately 50% of units have undergone extensive renovations
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
$226,173
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
5.14%
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%
$4,523,460
$4.5M
Cap Rate 7%
$3,231,043
$3.2M
Cap Rate 9%
$2,513,033
$2.5M
Market Conditions
NOI Build-Up for 7,572 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
$438.9K $57.96/SF
− Vacancy
−$27.6K −$3.65/SF
EGI
$411.2K $54.31/SF
− OpEx
−$185.1K −$24.44/SF
NOI
$226.2K $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%
$4,523,460
Cap Rate 7%
$3,231,043
Cap Rate 9%
$2,513,033
Alternative Uses
Best Use
Apartment 5plus
$3.23M
$2.83M – $3.77M
NOI $226,173 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$34.52M
$30.21M – $40.27M
NOI $2,416,426 @ 7.0% cap · market cap 54.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
14
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
14,443
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - A studio-heavy unit mix includes a two-bedroom apartment with a private backyard.
Where is this apartment building located?
The property is located at 1451 Larkin Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: 14 apartment units: 13 studios and one two‑bedroom, one‑bath apartment; 7,572 square feet; built in 1911; Approximately 50% of units have undergone extensive renovations
