Luxury Condominiums Near Ocean
For Sale
Contact for pricing
3535 Wawona St, San Francisco, CA 94116
Sixteen luxury condominiums with retail space in San Francisco.
Property Size19,216 SF
Price / SF$936.72
Days on Market179
Property Features for 3535 Wawona St
General Information
Standard status
Active
Size
19,216 SF
Property subtype
Multifamily
Zoning
NC-2-100-A
Building Details
Year Built
2020
Listing Agency:
Cushman & Wakefield - San Francisco, California
(415) 773-3592
Listed By:
Zachary Greenwood · License #CA 01960296
Source:
Crexi
Added: Mar 5
Changed: Aug 31
Last Checked: Jul 23 at 12:10PM
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 Cushman & Wakefield - San Francisco, California
Investment Insights
Based on property information with market context.
This offering presents the opportunity to acquire sixteen newly constructed luxury condominiums in bulk, comprising fifteen two-bedroom units and one three-bedroom unit, within a 56-unit boutique condominium community. The residences feature high-end interiors, including quartzite countertops, European cabinetry, premium appliance packages, hardwood flooring, spa-quality bathrooms, and private outdoor space. Expansive windows and select corner layouts offer ocean, city, and zoo views. The property includes co-working spaces, owner lounges, ocean-view patios with firepits, landscaped outdoor areas, and secure parking. Additionally, there is approximately 19,200 square feet of integrated ground-floor retail space designed for a neighborhood serving market and restaurant. The property is located one block from Ocean Beach and adjacent to the San Francisco Zoo, within the Sunset District. The location provides access to neighborhood public schools and connectivity to Downtown San Francisco, UCSF, Mission Bay, and Peninsula employment centers. The property is designed for premium resale.
Key Highlights
- Rare opportunity to acquire 16 newly constructed luxury condominiums in bulk in a supply‑constrained coastal San Francisco neighborhood.
- High‑end interiors with quartzite countertops, European cabinetry, premium appliances, hardwood flooring, and spa‑quality bathrooms.
- Resort‑caliber amenity suite including co‑working spaces, owner lounges, ocean‑view patios with firepits, landscaped outdoor areas, and secure parking.
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
$594,178
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
3.30%
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%
$11,883,560
$11.9M
Cap Rate 7%
$8,488,257
$8.5M
Cap Rate 9%
$6,601,978
$6.6M
Market Conditions
NOI Build-Up for 19,216 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
$1.15M $60.00/SF
− Vacancy
−$72.6K −$3.78/SF
EGI
$1.08M $56.22/SF
− OpEx
−$486.1K −$25.30/SF
NOI
$594.2K $30.92/SF
Area
ZIP 94116
Vacancy
6.30%
Lease Rate
$60.00 /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%
$11,883,560
Cap Rate 7%
$8,488,257
Cap Rate 9%
$6,601,978
Alternative Uses
Best Use
Apartment 5plus
$8.49M
$7.43M – $9.90M
NOI $594,178 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$87.60M
$76.65M – $102.21M
NOI $6,132,335 @ 7.0% cap · market cap 34.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Explore this area
Business Placement
Demographics for 94116, CA
44,092
Population
16,406
Households
2.7
Avg Household Size
44
Median Age
57%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
17,637
Density / Sq Mi
$152,587
Median Household Income
$79,675
Median Earnings
$2,938
Median Rent
$1,450,000
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 - Sixteen luxury condominiums with retail space in San Francisco.
Where is this apartment building located?
The property is located at 3535 Wawona St San Francisco, CA.
What is the asking price?
The asking price for this property is $18,000,000.
What are key features of this property?
This property features: Rare opportunity to acquire 16 newly constructed luxury condominiums in bulk in a supply‑constrained coastal San Francisco neighborhood.; High‑end interiors with quartzite countertops, European cabinetry, premium appliances, hardwood flooring, and spa‑quality bathrooms.; Resort‑caliber amenity suite including co‑working spaces, owner lounges, ocean‑view patios with firepits, landscaped outdoor areas, and secure parking.
