8-Unit Apartment
For Sale
$3,450,000
2848 California Street, San Francisco, CA 94115
Eight residential units feature one-bedroom layouts, natural light, and open interiors with varying levels of updates.
Property Size5,952 SF
Days on Market20
Property Features for 2848 California Street
General Information
Standard status
Active
Size
5,952 SF
Total Parking Spaces
8
Property subtype
Multi Family
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Utilities to Site
Yes
Amenities
shared coin-operated laundry machines
Building Details
Building Size
5,952 SF
Year Built
1959
Buildings
1
Listing Agency:
Coldwell Banker Commercial Realty
(415) 474-1750
Listed By:
Dan McGue
Source:
Realestatenovo
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 30 at 10:47PM
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 Coldwell Banker Commercial Realty
Investment Insights
Based on property information with market context.
Built in 1959, this apartment property contains eight one-bedroom, one-bath residences with open floorplans and strong natural light. Unit interiors have been updated to varying degrees. Building systems include electric ranges and gas wall heaters, while gas and electricity are separately metered for each unit.
The property includes an eight-car garage and shared coin-operated laundry equipment owned by the seller. Water and trash service are paid by the owner. The building is located on California Street in San Francisco’s Pacific Heights neighborhood.
The property includes an eight-car garage and shared coin-operated laundry equipment owned by the seller. Water and trash service are paid by the owner. The building is located on California Street in San Francisco’s Pacific Heights neighborhood.
Key Highlights
- Eight one‑bedroom, one‑bath apartment units
- Eight‑car garage included with the property
- Units feature open floorplans and abundant natural light
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
$193,244
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
5.60%
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%
$3,864,880
$3.9M
Cap Rate 7%
$2,760,629
$2.8M
Cap Rate 9%
$2,147,156
$2.1M
Market Conditions
NOI Build-Up for 5,952 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
$375.0K $63.00/SF
− Vacancy
−$23.6K −$3.97/SF
EGI
$351.4K $59.03/SF
− OpEx
−$158.1K −$26.56/SF
NOI
$193.2K $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%
$3,864,880
Cap Rate 7%
$2,760,629
Cap Rate 9%
$2,147,156
Alternative Uses
Best Use
Apartment 5plus
$2.76M
$2.42M – $3.22M
NOI $193,244 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$29.07M
$25.44M – $33.92M
NOI $2,035,115 @ 7.0% cap · market cap 58.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
8,217
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 - Eight residential units feature one-bedroom layouts, natural light, and open interiors with varying levels of updates.
Where is this apartment building located?
The property is located at 2848 California Street San Francisco, CA.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Eight one‑bedroom, one‑bath apartment units; Eight‑car garage included with the property; Units feature open floorplans and abundant natural light
