Six-Unit Apartment
For Sale
$1,495,000
20 Joice Street, San Francisco, CA 94108
Six-unit multifamily with three studios and three one-bedroom units, fully occupied and partially recently updated.
Property Size3,750 SF
Days on Market63
Property Features for 20 Joice Street
General Information
Standard status
Active
Size
3,750 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Cap Rate
9.37%
Multifamily Units
6
Building Details
Building Size
3,750 SF
Year Built
1914
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Kevin S Wong · License #01331542
(212) 913-9058
Source:
Elevationrealestate
Added: Jul 6
Changed: Aug 31
Last Checked: Sep 6 at 8:50AM
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
Investment Insights
Based on property information with market context.
Built in 1913, this six-unit apartment building features a mix of three studio units and three one-bedroom apartments. Four of the units have been recently updated, and the property is currently fully occupied. Reported performance includes a 9.37% cap rate and an 8.17 GRM.
The building includes a large storage area in the back and offers views of downtown from the roof. Located in Nob Hill with a 100 Walk Score, it provides convenient access to Chinatown, the Financial District, Union Square, cable cars, and public transit.
The building includes a large storage area in the back and offers views of downtown from the roof. Located in Nob Hill with a 100 Walk Score, it provides convenient access to Chinatown, the Financial District, Union Square, cable cars, and public transit.
Key Highlights
- 6‑unit multifamily with 3 studios and 3 one‑bedroom apartments
- Fully occupied; 4 units have been recently updated
- Yielding a 9.37% cap rate and 8.17 GRM
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
$121,751
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
8.14%
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%
$2,435,020
$2.4M
Cap Rate 7%
$1,739,300
$1.7M
Cap Rate 9%
$1,352,789
$1.4M
Market Conditions
NOI Build-Up for 3,750 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
$236.3K $63.00/SF
− Vacancy
−$14.9K −$3.97/SF
EGI
$221.4K $59.03/SF
− OpEx
−$99.6K −$26.56/SF
NOI
$121.8K $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%
$2,435,020
Cap Rate 7%
$1,739,300
Cap Rate 9%
$1,352,789
Alternative Uses
Best Use
Apartment 5plus
$1.74M
$1.52M – $2.03M
NOI $121,751 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$18.32M
$16.03M – $21.37M
NOI $1,282,205 @ 7.0% cap · market cap 85.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
31,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 94108, CA
13,097
Population
7,730
Households
1.7
Avg Household Size
42
Median Age
45%
College-Educated
76%
High-School Grad
0.3 sq mi
ZIP Area
43,657
Density / Sq Mi
$63,864
Median Household Income
$53,617
Median Earnings
$1,562
Median Rent
$1,207,500
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 - Six-unit multifamily with three studios and three one-bedroom units, fully occupied and partially recently updated.
Where is this apartment building located?
The property is located at 20 Joice Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 6‑unit multifamily with 3 studios and 3 one‑bedroom apartments; Fully occupied; 4 units have been recently updated; Yielding a 9.37% cap rate and 8.17 GRM
