Renovated 8-Unit Apartment
For Sale
$15,500,000
200-214 4th Avenue, San Francisco, CA 94118
Recently upgraded multifamily property with individually metered utilities and dedicated storage.
Property Size15,137 SF
Price / SF$1,023
Days on Market29
Property Features for 200-214 4th Avenue
General Information
Standard status
Active
Size
15,137 SF
Property subtype
Multi-Family
Building Details
Year Built
1904
Listing Agency:
Touchstone Commercial Partners Inc
(415) 275-0229
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 26 at 12:52PM
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 Touchstone Commercial Partners Inc
Investment Insights
Based on property information with market context.
This 8-unit apartment building contains vacant residences in a mix of 2-, 3-, and 4-bedroom layouts. Recent improvements include wide-plank hardwood flooring, open-plan interiors, updated kitchens with gas ranges and eating bars, a new roof, upgraded plumbing and electrical systems, and a completed seismic upgrade. Seven storage spaces of about 150 SF each add functional support space.
The property is positioned near Laurel Village, the Clement commercial corridor, Presidio Heights, and the Lake Corridor, with access to key transportation arteries. Heating, electrical, and water are individually metered, with details available through the agent. Originally built in 1904, the building combines substantial system upgrades with a residential apartment configuration.
The property is positioned near Laurel Village, the Clement commercial corridor, Presidio Heights, and the Lake Corridor, with access to key transportation arteries. Heating, electrical, and water are individually metered, with details available through the agent. Originally built in 1904, the building combines substantial system upgrades with a residential apartment configuration.
Key Highlights
- 8 vacant apartments with 2-, 3-, and 4‑bedroom layouts
- Completed seismic upgrade, new roof, and upgraded plumbing and electrical systems
- 7 storage spaces of about 150 SF each
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
$491,454
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
3.17%
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%
$9,829,080
$9.8M
Cap Rate 7%
$7,020,771
$7.0M
Cap Rate 9%
$5,460,600
$5.5M
Market Conditions
NOI Build-Up for 15,137 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
$953.6K $63.00/SF
− Vacancy
−$60.1K −$3.97/SF
EGI
$893.6K $59.03/SF
− OpEx
−$402.1K −$26.56/SF
NOI
$491.5K $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%
$9,829,080
Cap Rate 7%
$7,020,771
Cap Rate 9%
$5,460,600
Alternative Uses
Best Use
Apartment 5plus
$7.02M
$6.14M – $8.19M
NOI $491,454 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$73.94M
$64.70M – $86.26M
NOI $5,175,662 @ 7.0% cap · market cap 33.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,825
Businesses Nearby
Explore this area
Business Placement
Demographics for 94118, CA
42,356
Population
19,052
Households
2.2
Avg Household Size
37
Median Age
72%
College-Educated
94%
High-School Grad
2.0 sq mi
ZIP Area
21,178
Density / Sq Mi
$159,550
Median Household Income
$92,946
Median Earnings
$2,695
Median Rent
$1,817,200
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 - Recently upgraded multifamily property with individually metered utilities and dedicated storage.
Where is this apartment building located?
The property is located at 200-214 4th Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $15,500,000.
What are key features of this property?
This property features: 8 vacant apartments with 2-, 3-, and 4‑bedroom layouts; Completed seismic upgrade, new roof, and upgraded plumbing and electrical systems; 7 storage spaces of about 150 SF each
