Mixed-Use Building with Residential
For Sale
$2,430,000
1704-1708 Waller Street, San Francisco, CA 94117
Two residential units are positioned above an open commercial floor with a private office and bathroom.
Property Size4,275 SF
Days on Market24
Property Features for 1704-1708 Waller Street
General Information
Standard status
Active
Size
4,275 SF
Property subtype
Other Residential
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
common garden patio
Building Details
Building Size
4,275 SF
Year Built
1900
Buildings
1
Listing Agency:
Sotheby's International Realty - San Francisco Brokerage - Marina
Listed By:
John Asdourian
(415) 308-0499
Source:
Gregglynn
Added: Sep 9
Changed: Oct 2
Last Checked: Oct 1 at 6:35PM
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 - San Francisco Brokerage - Marina
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use property combines two residential flats with a ground-level commercial area. The upper residence includes 2 bedrooms and 1 bathroom, while the middle flat provides 5 rooms along with 2 bedrooms and 1 bathroom. The commercial floor features an open layout, a private office, and 1 bathroom, creating a flexible arrangement for an owner-user seeking residential and business space in one building.
The property is located near Cole Valley and the Upper Haight, approximately one block from Golden Gate Park. Walk Score 98 reflects access to nearby neighborhood services and transit. The N Judah Muni line connects toward the Sunset and Downtown, while the 7, 33, and 43 bus routes provide additional city connections. All units share access to a garden patio with city views and mature trees along Waller and Stanyan Streets.
The property is located near Cole Valley and the Upper Haight, approximately one block from Golden Gate Park. Walk Score 98 reflects access to nearby neighborhood services and transit. The N Judah Muni line connects toward the Sunset and Downtown, while the 7, 33, and 43 bus routes provide additional city connections. All units share access to a garden patio with city views and mature trees along Waller and Stanyan Streets.
Key Highlights
- Mixed‑use building constructed in 1900
- Two residential flats above a ground‑floor commercial space
- Top‑floor unit includes 2 bedrooms and 1 bathroom
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
$151,932
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
6.25%
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%
$3,038,640
$3.0M
Cap Rate 7%
$2,170,457
$2.2M
Cap Rate 9%
$1,688,133
$1.7M
Market Conditions
NOI Build-Up for 4,275 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
$230.9K $54.00/SF
− Vacancy
−$13.8K −$3.23/SF
EGI
$217.0K $50.77/SF
− OpEx
−$65.1K −$15.23/SF
NOI
$151.9K $35.54/SF
Area
San Francisco, CA
Vacancy
5.98%
Lease Rate
$54.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,038,640
Cap Rate 7%
$2,170,457
Cap Rate 9%
$1,688,133
Alternative Uses
Best Use
Multifamily LT 5
$2.17M
$1.90M – $2.53M
NOI $151,932 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,797 @ 7.0% cap · market cap 5.71%
Theoretical Best
Specialty Retail
$20.88M
$18.27M – $24.36M
NOI $1,461,713 @ 7.0% cap · market cap 60.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6,159
Businesses Nearby
Explore this area
Business Placement
Demographics for 94117, CA
38,451
Population
19,709
Households
2
Avg Household Size
36
Median Age
78%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
29,578
Density / Sq Mi
$175,096
Median Household Income
$106,542
Median Earnings
$2,786
Median Rent
$1,641,400
Median Home Value
Market
Vacancy Rate% for Office in San Francisco, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential units are positioned above an open commercial floor with a private office and bathroom.
Where is this mixed-use property located?
The property is located at 1704-1708 Waller Street San Francisco, CA.
What is the asking price?
The asking price for this property is $2,430,000.
What are key features of this property?
This property features: Mixed‑use building constructed in 1900; Two residential flats above a ground‑floor commercial space; Top‑floor unit includes 2 bedrooms and 1 bathroom
