12-Unit Apartment
For Sale
Contact for pricing
2240 Pacific Ave, San Francisco, CA 94115
Wood-frame residences offer one-bedroom layouts, elevator service, secured entry, and on-site laundry.
Property Size12,138 SF
Lot Size0.12 Acres
Price / SF$506.67
Days on Market202
Property Features for 2240 Pacific Ave
General Information
Standard status
Active
Size
12,138 SF
Total Parking Spaces
10
Elevators
Yes
Lot size
0.12 Acres
Property subtype
Multifamily
Units
Unit Mix
12 x 1BR/1BA
Multifamily Units
12
Amenities
elevator
on-site laundry
secured entry
Building Details
Year Built
1949
Buildings
1
Units
12
Construction
wood-frame
Listing Agency:
Colliers - San Francisco, California
(415) 788-3100
Listed By:
Annie Evans · License #01963487
Source:
Crexi
Added: Feb 9
Changed: Aug 29
Last Checked: Aug 29 at 5:54PM
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 Colliers - San Francisco, California
Investment Insights
Based on property information with market context.
The apartment property at 2240 Pacific Avenue is a 12-unit wood-frame building completed in 1949. Its approximately 12,138 square feet are arranged as twelve one-bedroom, one-bathroom residences, with interiors featuring hardwood floors, crown molding, broad windows, granite kitchen counters, wood cabinetry, modern appliances, tiled bathrooms, and updated fixtures. A concrete foundation and stucco exterior with brick at the rear support the building’s construction profile.
On-site amenities include ten parking spaces, elevator access, laundry facilities, and secured entry. The property occupies a 5,304 square foot lot in San Francisco’s Pacific Heights neighborhood. Building improvements include a modified bitumen roof replaced in 2023, providing a recent update to a major building system.
On-site amenities include ten parking spaces, elevator access, laundry facilities, and secured entry. The property occupies a 5,304 square foot lot in San Francisco’s Pacific Heights neighborhood. Building improvements include a modified bitumen roof replaced in 2023, providing a recent update to a major building system.
Key Highlights
- Twelve (12) one‑bedroom, one‑bathroom residences
- Approximately 12,138 square feet on a 5,304 square foot lot
- Ten on‑site parking spaces
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
$394,085
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
6.41%
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%
$7,881,700
$7.9M
Cap Rate 7%
$5,629,786
$5.6M
Cap Rate 9%
$4,378,722
$4.4M
Market Conditions
NOI Build-Up for 12,138 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
$764.7K $63.00/SF
− Vacancy
−$48.2K −$3.97/SF
EGI
$716.5K $59.03/SF
− OpEx
−$322.4K −$26.56/SF
NOI
$394.1K $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%
$7,881,700
Cap Rate 7%
$5,629,786
Cap Rate 9%
$4,378,722
Alternative Uses
Best Use
Apartment 5plus
$5.63M
$4.93M – $6.57M
NOI $394,085 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$59.29M
$51.88M – $69.17M
NOI $4,150,240 @ 7.0% cap · market cap 67.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
11,104
Businesses Nearby
Explore this area
Business Placement
Demographics for 94115, CA
35,853
Population
19,312
Households
1.9
Avg Household Size
38
Median Age
74%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
32,594
Density / Sq Mi
$154,264
Median Household Income
$103,538
Median Earnings
$2,380
Median Rent
$1,684,100
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 - Wood-frame residences offer one-bedroom layouts, elevator service, secured entry, and on-site laundry.
Where is this apartment building located?
The property is located at 2240 Pacific Ave San Francisco, CA.
What is the asking price?
The asking price for this property is $6,150,000.
What are key features of this property?
This property features: Twelve (12) one‑bedroom, one‑bathroom residences; Approximately 12,138 square feet on a 5,304 square foot lot; Ten on‑site parking spaces
