18-Unit Apartment
For Sale
$10,250,000
2490 Greenwich Street, San Francisco, CA 94123
Corner-lot property with separately metered utilities, on-site parking, and classic San Francisco architectural details.
Property Size15,954 SF
Days on Market85
Property Features for 2490 Greenwich Street
General Information
Standard status
Active
Size
15,954 SF
Property subtype
Multi Family
Building Details
Building Size
15,954 SF
Year Built
1928
Listing Agency:
Colliers International
(415) 788-3100
Listed By:
Dustin Dolby · License #01963487
Source:
Elevationrealestate
Added: Jun 8
Changed: Aug 29
Last Checked: Aug 30 at 10:43PM
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 International
Investment Insights
Based on property information with market context.
This 18-unit apartment property occupies a prominent corner lot in San Francisco’s Cow Hollow neighborhood. The unit mix includes nine studios and nine one-bedroom apartments, with natural light, period architectural details, and functional layouts. Twelve on-site parking spaces support the residential offering. Originally built in 1928, the building has a concrete foundation and complies with the City’s 2021 Fire Alarm Ordinance. Utilities are separately metered.
The property is positioned near Union Street, Chestnut Street, the Marina Green, Crissy Field, and the Presidio. These nearby destinations provide access to dining, shopping, recreation, and outdoor amenities, while the neighborhood is described as highly walkable and close to major employment centers. The location and balanced unit mix provide a clear multifamily profile within an established San Francisco residential district.
The property is positioned near Union Street, Chestnut Street, the Marina Green, Crissy Field, and the Presidio. These nearby destinations provide access to dining, shopping, recreation, and outdoor amenities, while the neighborhood is described as highly walkable and close to major employment centers. The location and balanced unit mix provide a clear multifamily profile within an established San Francisco residential district.
Key Highlights
- 18‑unit apartment building with nine studios and nine one‑bedroom apartments
- 12 on‑site parking spaces
- Prominent corner‑lot setting in Cow Hollow
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
$517,979
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
5.05%
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%
$10,359,580
$10.4M
Cap Rate 7%
$7,399,700
$7.4M
Cap Rate 9%
$5,755,322
$5.8M
Market Conditions
NOI Build-Up for 15,954 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
$1.01M $63.00/SF
− Vacancy
−$63.3K −$3.97/SF
EGI
$941.8K $59.03/SF
− OpEx
−$423.8K −$26.56/SF
NOI
$518.0K $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%
$10,359,580
Cap Rate 7%
$7,399,700
Cap Rate 9%
$5,755,322
Alternative Uses
Best Use
Apartment 5plus
$7.40M
$6.47M – $8.63M
NOI $517,979 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$77.93M
$68.19M – $90.92M
NOI $5,455,012 @ 7.0% cap · market cap 53.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,965
Businesses Nearby
Explore this area
Business Placement
Demographics for 94123, CA
26,131
Population
14,883
Households
1.8
Avg Household Size
35
Median Age
86%
College-Educated
98%
High-School Grad
1.1 sq mi
ZIP Area
23,755
Density / Sq Mi
$222,689
Median Household Income
$142,336
Median Earnings
$3,248
Median Rent
$2,000,001
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 - Corner-lot property with separately metered utilities, on-site parking, and classic San Francisco architectural details.
Where is this apartment building located?
The property is located at 2490 Greenwich Street San Francisco, CA.
What is the asking price?
The asking price for this property is $10,250,000.
What are key features of this property?
This property features: 18‑unit apartment building with nine studios and nine one‑bedroom apartments; 12 on‑site parking spaces; Prominent corner‑lot setting in Cow Hollow
