Five-Unit Apartment
For Sale
$1,995,000
Pending
1821-1823 Oak Street, San Francisco, CA 94117
Well-maintained five-unit building with updated systems, separate metering, and a landscaped rear yard.
Property Size4,457 SF
Days on Market112
Property Features for 1821-1823 Oak Street
General Information
Standard status
Pending
Size
4,457 SF
Total Parking Spaces
1
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
5
Building Details
Building Size
4,457 SF
Year Built
1900
Tenancy
Multi
Listing Agency:
Engel & Voelkers San Francisco
Listed By:
Michael B Johnston
(415) 689-8592
Source:
Cityrealestatesf
Added: May 20
Changed: Aug 23
Last Checked: Jul 24 at 2:02PM
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 Engel & Voelkers San Francisco
Investment Insights
Based on property information with market context.
1821-1823 Oak Street is a well-maintained five-unit apartment building. The property includes three 2-bedroom/1-bath units, one 1-bedroom/1-bath unit, and one studio apartment, for a total approximate size of 4,457 square feet. The building is fully occupied and professionally managed. Recent and completed improvements include an earthquake retrofit, updated electrical systems, and separate gas and electric metering for each unit. Several apartments have been remodeled with updated kitchens and baths, while retaining bright, spacious, functional layouts. Outside, the property features a large landscaped rear yard with direct access from the expansive ground-floor flat. Additional amenities include a large one-car garage and dedicated tenant storage areas.
The building is located in San Francisco and described as being in the heart of the NOPA neighborhood, within a sought-after residential rental area. The offering is positioned as a clean, well-cared-for multifamily asset with thoughtful long-term maintenance.
For tenants and operators, the unit mix supports a range of household needs, from studios to two-bedroom layouts. For buyers, the separate utility metering and completed earthquake retrofit work are practical, building-level upgrades, while the combination of remodeled interiors and established outdoor space supports continued resident satisfaction. The presence of an on-site garage and tenant storage also adds day-to-day convenience for residents.
The building is located in San Francisco and described as being in the heart of the NOPA neighborhood, within a sought-after residential rental area. The offering is positioned as a clean, well-cared-for multifamily asset with thoughtful long-term maintenance.
For tenants and operators, the unit mix supports a range of household needs, from studios to two-bedroom layouts. For buyers, the separate utility metering and completed earthquake retrofit work are practical, building-level upgrades, while the combination of remodeled interiors and established outdoor space supports continued resident satisfaction. The presence of an on-site garage and tenant storage also adds day-to-day convenience for residents.
Key Highlights
- Five‑unit apartment building totaling approx. 4,457 SF in San Francisco’s NOPA neighborhood
- Unit mix: three 2BD/1BA units, one 1BD/1BA unit, and one studio
- Completed earthquake retrofit and updated electrical systems
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
$144,706
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
7.25%
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%
$2,894,120
$2.9M
Cap Rate 7%
$2,067,229
$2.1M
Cap Rate 9%
$1,607,844
$1.6M
Market Conditions
NOI Build-Up for 4,457 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
$280.8K $63.00/SF
− Vacancy
−$17.7K −$3.97/SF
EGI
$263.1K $59.03/SF
− OpEx
−$118.4K −$26.56/SF
NOI
$144.7K $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%
$2,894,120
Cap Rate 7%
$2,067,229
Cap Rate 9%
$1,607,844
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.41M
NOI $144,706 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$21.77M
$19.05M – $25.40M
NOI $1,523,943 @ 7.0% cap · market cap 76.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,215
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained five-unit building with updated systems, separate metering, and a landscaped rear yard.
Where is this apartment building located?
The property is located at 1821-1823 Oak Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Five‑unit apartment building totaling approx. 4,457 SF in San Francisco’s NOPA neighborhood; Unit mix: three 2BD/1BA units, one 1BD/1BA unit, and one studio; Completed earthquake retrofit and updated electrical systems
