8-Unit Apartment
For Sale
$4,850,000
1620 Jones St, San Francisco, CA 94133
Eight larger-format apartments with six units available for lease-up and recent capital improvements.
Property Size7,135 SF
Days on Market53
Property Features for 1620 Jones St
General Information
Standard status
Active
Size
7,135 SF
Property subtype
Multifamily
Occupancy
97%
Units
Unit Mix
4 x 2BR, 4 x 3BR
Multifamily Units
8
Additional Details
Public Transit
Yes
Amenities
Premier Central Location At the Intersection of Nob hill & Russian Hill
6 of 8 Units Delivered Vacant (75% Vacancy)
Four 3-Bedroom Units / Four 2-Bedroom Units
Significant San Francisco Skyline & Bay Bridge Views
Building Details
Building Size
7,135 SF
Units
8
Listing Agency:
Marcus & Millichap - San Francisco
(415) 625-2154
Listed By:
Nico Toracca · License #License(s): CA: 02173921
(415) 625-2154
Source:
Marcusmillichap
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 1:12PM
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 - San Francisco
Investment Insights
Based on property information with market context.
Located at 1620 Jones St in San Francisco, this eight-unit apartment property includes four two-bedroom residences and four three-bedroom residences. Six units are expected to be delivered vacant, creating substantial near-term leasing availability within the building. Select upper rear apartments offer views toward the Financial District skyline and Bay Bridge.
The property has remained under the same family’s ownership for over 60 years and has received ongoing capital work. Improvements include a newer roof, multiple renovated apartments, and a completed seismic retrofit in 2018. The building sits near Nob Hill and Russian Hill, with access to North Beach, Chinatown, the Polk Street corridor, employment centers, and public transportation options.
The property has remained under the same family’s ownership for over 60 years and has received ongoing capital work. Improvements include a newer roof, multiple renovated apartments, and a completed seismic retrofit in 2018. The building sits near Nob Hill and Russian Hill, with access to North Beach, Chinatown, the Polk Street corridor, employment centers, and public transportation options.
Key Highlights
- Eight‑unit apartment building with four two‑bedroom and four three‑bedroom residences
- Six of the eight units expected to be delivered vacant
- Select upper rear units offer Financial District skyline and Bay Bridge views
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
$231,652
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
4.78%
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%
$4,633,040
$4.6M
Cap Rate 7%
$3,309,314
$3.3M
Cap Rate 9%
$2,573,911
$2.6M
Market Conditions
NOI Build-Up for 7,135 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
$449.5K $63.00/SF
− Vacancy
−$28.3K −$3.97/SF
EGI
$421.2K $59.03/SF
− OpEx
−$189.5K −$26.56/SF
NOI
$231.7K $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%
$4,633,040
Cap Rate 7%
$3,309,314
Cap Rate 9%
$2,573,911
Alternative Uses
Best Use
Apartment 5plus
$3.31M
$2.90M – $3.86M
NOI $231,652 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$34.85M
$30.50M – $40.66M
NOI $2,439,608 @ 7.0% cap · market cap 50.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
15,416
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 - Eight larger-format apartments with six units available for lease-up and recent capital improvements.
Where is this apartment building located?
The property is located at 1620 Jones St San Francisco, CA.
What is the asking price?
The asking price for this property is $4,850,000.
What are key features of this property?
This property features: Eight‑unit apartment building with four two‑bedroom and four three‑bedroom residences; Six of the eight units expected to be delivered vacant; Select upper rear units offer Financial District skyline and Bay Bridge views
