Six-Unit Multifamily
For Sale
$4,650,000
2334 California Street, San Francisco, CA 94115
Fully occupied six-unit property with shared side courtyard and a walk-up entrance for three one-bedroom units.
Property Size5,500 SF
Price / SF$845.45
Days on Market20
Property Features for 2334 California Street
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Multi Family
Building Details
Building Size
5,500 SF
Year Built
1900
Listing Agency:
Engel & Voelkers San Francisco
(415) 689-8592
Listed By:
Michael B Johnston
Source:
Cityrealestatesf
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 11 at 1:01PM
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.
This six-unit multifamily property at 2334 California Street is a converted former mansion with a unit mix that includes three one-bedroom, one-bath flats with a dedicated walk-up entrance at 2332 California Street, two garden studio apartments accessed from the side alley and rear courtyard, and an expansive two-story owner’s residence. The owner’s unit features three bedrooms, four bathrooms, a private rooftop deck, and a built-in sauna. All units share a side courtyard and rear backyard.
The property is positioned in San Francisco’s Pacific Heights neighborhood, with access to the Fillmore Street corridor and nearby transit options including the 1 California, 22 Fillmore, 28 Divisadero, and 38 Geary Muni lines.
The overall configuration combines separate entry points for the one-bedroom flats with side-alley and courtyard access for the studios, plus common outdoor space serving the building.
The property is positioned in San Francisco’s Pacific Heights neighborhood, with access to the Fillmore Street corridor and nearby transit options including the 1 California, 22 Fillmore, 28 Divisadero, and 38 Geary Muni lines.
The overall configuration combines separate entry points for the one-bedroom flats with side-alley and courtyard access for the studios, plus common outdoor space serving the building.
Key Highlights
- Fully occupied six‑unit multifamily property in San Francisco (Pacific Heights), built in 1900.
- Unit mix: three 1BD/1BA flats with a dedicated walk‑up entrance at 2332 California Street.
- Two garden studio apartments accessed from the side alley and rear courtyard.
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
$178,569
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
3.84%
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%
$3,571,380
$3.6M
Cap Rate 7%
$2,550,986
$2.6M
Cap Rate 9%
$1,984,100
$2.0M
Market Conditions
NOI Build-Up for 5,500 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
$346.5K $63.00/SF
− Vacancy
−$21.8K −$3.97/SF
EGI
$324.7K $59.03/SF
− OpEx
−$146.1K −$26.56/SF
NOI
$178.6K $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%
$3,571,380
Cap Rate 7%
$2,550,986
Cap Rate 9%
$1,984,100
Alternative Uses
Best Use
Apartment 5plus
$2.55M
$2.23M – $2.98M
NOI $178,569 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$26.87M
$23.51M – $31.34M
NOI $1,880,567 @ 7.0% cap · market cap 40.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8,963
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 - Fully occupied six-unit property with shared side courtyard and a walk-up entrance for three one-bedroom units.
Where is this apartment building located?
The property is located at 2334 California Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: Fully occupied six‑unit multifamily property in San Francisco (Pacific Heights), built in 1900.; Unit mix: three 1BD/1BA flats with a dedicated walk‑up entrance at 2332 California Street.; Two garden studio apartments accessed from the side alley and rear courtyard.
