Mixed-Use Building with
For Sale
$3,850,000
215-219 Church Street, San Francisco, CA 94114
Fully leased mixed-use property with a ground-floor restaurant and two occupied residential flats above.
Property Size5,674 SF
Days on Market77
Property Features for 215-219 Church Street
General Information
Standard status
Active
Size
5,674 SF
Property subtype
Mixed Use
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Building Size
5,674 SF
Year Built
1905
Stories
2
Tenancy
Multi
Listing Agency:
Engel & Voelkers San Francisco
(415) 689-8592
Listed By:
Michael B Johnston
Source:
Realestatenovo
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 29 at 4:58PM
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.
215-219 Church Street is a fully leased mixed-use building with a restaurant on the ground floor and two residential flats on the upper levels. The restaurant space is set up with a dining room, full commercial kitchen, bar area, outdoor patio seating, and rear storage, with access to a large basement storage area. The restaurant recently completed a substantial renovation and executed a new 10-year lease, and it reimburses approximately $2,500 per month in NNN expenses while paying its own utilities.
The upper floors consist of two spacious 4-bedroom, 1.5-bath flats, each fully occupied. Both units have updated kitchens and bathrooms, offer spacious floorplans, and include abundant natural light, with finishes that have supported quality occupancy. The building has been well maintained, including a freshly painted front facade.
This property is suited to buyers seeking an in-place, stabilized income mix with dedicated food-service space and two separate residential units above. Tenants pay their own utilities, which can help reduce operating expenses, and the building’s upkeep appears geared toward minimizing day-to-day management needs while sustaining current tenancy.
The upper floors consist of two spacious 4-bedroom, 1.5-bath flats, each fully occupied. Both units have updated kitchens and bathrooms, offer spacious floorplans, and include abundant natural light, with finishes that have supported quality occupancy. The building has been well maintained, including a freshly painted front facade.
This property is suited to buyers seeking an in-place, stabilized income mix with dedicated food-service space and two separate residential units above. Tenants pay their own utilities, which can help reduce operating expenses, and the building’s upkeep appears geared toward minimizing day-to-day management needs while sustaining current tenancy.
Key Highlights
- Mixed‑use building built in 1905 with a ground‑floor restaurant plus two residential flats above
- Restaurant space is fully leased to The Rustic on a new 10‑year lease for long‑term income security
- Restaurant reimburses approximately $2,500/month in NNN expenses and pays its own utilities
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
$201,651
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
5.24%
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%
$4,033,020
$4.0M
Cap Rate 7%
$2,880,729
$2.9M
Cap Rate 9%
$2,240,567
$2.2M
Market Conditions
NOI Build-Up for 5,674 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
$306.4K $54.00/SF
− Vacancy
−$18.3K −$3.23/SF
EGI
$288.1K $50.77/SF
− OpEx
−$86.4K −$15.23/SF
NOI
$201.7K $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%
$4,033,020
Cap Rate 7%
$2,880,729
Cap Rate 9%
$2,240,567
Alternative Uses
Best Use
Specialty Retail
$27.72M
$24.25M – $32.33M
NOI $1,940,061 @ 7.0% cap · market cap 50.39%
Second Best
Multifamily LT 5
$2.88M
$2.52M – $3.36M
NOI $201,651 @ 7.0% cap · market cap 5.24%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
8,206
Businesses Nearby
Explore this area
Business Placement
Demographics for 94114, CA
33,683
Population
18,686
Households
1.8
Avg Household Size
40
Median Age
79%
College-Educated
98%
High-School Grad
1.4 sq mi
ZIP Area
24,059
Density / Sq Mi
$196,528
Median Household Income
$117,677
Median Earnings
$2,898
Median Rent
$1,771,700
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?
Duplex - Fully leased mixed-use property with a ground-floor restaurant and two occupied residential flats above.
Where is this duplex located?
The property is located at 215-219 Church Street San Francisco, CA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Mixed‑use building built in 1905 with a ground‑floor restaurant plus two residential flats above; Restaurant space is fully leased to The Rustic on a new 10‑year lease for long‑term income security; Restaurant reimburses approximately $2,500/month in NNN expenses and pays its own utilities
