Mixed-Use Asset in Outer
For Sale
Contact for pricing
3405 Anza St, San Francisco, CA 94121
Three-unit mixed-use property in San Francisco's Outer Richmond.
Property Size2,700 SF
Price / SF$425.93
Days on Market173
Property Features for 3405 Anza St
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Mixed Use, Multifamily
Zoning
RM-1-40-X
Building Details
Year Built
1914
Listing Agency:
Marcus & Millichap - San Francisco
(415) 963-3000
Listed By:
Angelo Baglieri · License #CA 01996324
Source:
Crexi
Added: Feb 16
Changed: Aug 8
Last Checked: Aug 8 at 6:33AM
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 Marcus & Millichap - San Francisco
Investment Insights
Based on property information with market context.
The property at 3405 Anza Street is a three-unit mixed-use asset located in San Francisco’s Outer Richmond neighborhood. The property includes two residential flats above a ground-floor commercial space. The residential unit mix includes one three-bedroom, one-bath flat, and one two-bedroom, one-bath unit. The ground floor residential unit is currently delivered vacant. The commercial tenant operates on a month-to-month basis. The building is separately metered for water, gas, and electricity. The property is located three blocks from Golden Gate Park and two blocks from Clement Street. The property is suited for investors seeking long-term appreciation with rental upside, or an owner-user looking to occupy the vacant unit while maintaining income from the remaining spaces. The property size is 2700 square feet.
Key Highlights
- Prime location: Just 3 blocks from Golden Gate Park and 2 blocks from Clement Street's restaurants and retail.
- Mixed‑use property: Features two residential units and a ground‑floor commercial space for income diversification.
- Value‑add opportunity: Vacant ground floor unit allows for renovation and increased rental income.
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
$95,957
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
8.34%
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%
$1,919,140
$1.9M
Cap Rate 7%
$1,370,814
$1.4M
Cap Rate 9%
$1,066,189
$1.1M
Market Conditions
NOI Build-Up for 2,700 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
$145.8K $54.00/SF
− Vacancy
−$8.7K −$3.23/SF
EGI
$137.1K $50.77/SF
− OpEx
−$41.1K −$15.23/SF
NOI
$96.0K $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%
$1,919,140
Cap Rate 7%
$1,370,814
Cap Rate 9%
$1,066,189
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.20M – $1.60M
NOI $95,957 @ 7.0% cap · market cap 8.34%
Second Best
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,661 @ 7.0% cap · market cap 7.62%
Theoretical Best
Specialty Retail
$13.19M
$11.54M – $15.39M
NOI $923,187 @ 7.0% cap · market cap 80.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,811
Businesses Nearby
Explore this area
Business Placement
Demographics for 94121, CA
43,115
Population
19,742
Households
2.2
Avg Household Size
42
Median Age
64%
College-Educated
92%
High-School Grad
2.5 sq mi
ZIP Area
17,246
Density / Sq Mi
$138,353
Median Household Income
$74,646
Median Earnings
$2,327
Median Rent
$1,634,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit mixed-use property in San Francisco's Outer Richmond.
Where is this mixed-use property located?
The property is located at 3405 Anza St San Francisco, CA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Prime location: Just 3 blocks from Golden Gate Park and 2 blocks from Clement Street's restaurants and retail.; Mixed‑use property: Features two residential units and a ground‑floor commercial space for income diversification.; Value‑add opportunity: Vacant ground floor unit allows for renovation and increased rental income.
