Mixed-Use Property with
For Sale
$7,500,000
381 Broadway, San Francisco, CA 94133
Residential lodging and street-level commercial space provide two complementary income uses.
Property Size14,850 SF
Days on Market14
Property Features for 381 Broadway
General Information
Standard status
Active
Size
14,850 SF
Property subtype
Mixed-Use
Occupancy
92%
Units
Unit Mix
42 x SRO
Multifamily Units
42
Additional Details
Sprinkler System
Yes
Amenities
on-site coin-operated laundry
Prime Jackson Square location at the intersection of North Beach, Chinatown, and the Financial District
Extensively upgraded Property
Strong Commercial Tenant
Attractive lease structure with expense reimbursements, providing reliable income and reduced owner responsibilities
Durable urban infill asset surrounded by iconic dining, retail, and major employment hubs—steps from the Transamerica Pyramid
Building Details
Building Size
14,850 SF
Buildings
1
Units
43
Tenancy
Multi
Listing Agency:
Marcus & Millichap
(415) 625-2154
Listed By:
Nico Toracca · License #License(s): CA: 02173921
(415) 625-2154
Source:
Marcusmillichap
Added: Aug 17
Changed: Aug 24
Last Checked: Aug 30 at 1:02PM
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
Investment Insights
Based on property information with market context.
This 17,205-square-foot mixed-use building combines a 42-room residential hotel with a substantial commercial space at street level. The residential component includes on-site coin-operated laundry, 17 vacant units, and interior updates to lighting, flooring, and other finishes. Building improvements include a completed seismic retrofit, upgraded fire alarm equipment with horns, full sprinkler coverage, and double-paned energy-efficient windows.
The ground-floor space is occupied by Centerfolds, a Broadway corridor business operating for more than 40 years, under a new 10-year lease executed in late 2025. The lease includes reimbursement of approximately one-third of property taxes. The property is accessible from three sides, supporting maintenance and future improvement work. It is located near Jackson Square, the Transamerica Pyramid, North Beach, Chinatown, and the Financial District.
The ground-floor space is occupied by Centerfolds, a Broadway corridor business operating for more than 40 years, under a new 10-year lease executed in late 2025. The lease includes reimbursement of approximately one-third of property taxes. The property is accessible from three sides, supporting maintenance and future improvement work. It is located near Jackson Square, the Transamerica Pyramid, North Beach, Chinatown, and the Financial District.
Key Highlights
- 17,205‑square‑foot mixed‑use building with residential hotel and street‑level commercial space
- 42‑room residential hotel with 17 vacant units
- New 10‑year lease executed in late 2025 for the ground‑floor commercial space
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
$482,136
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
6.43%
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%
$9,642,720
$9.6M
Cap Rate 7%
$6,887,657
$6.9M
Cap Rate 9%
$5,357,067
$5.4M
Market Conditions
NOI Build-Up for 14,850 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
$935.6K $63.00/SF
− Vacancy
−$58.9K −$3.97/SF
EGI
$876.6K $59.03/SF
− OpEx
−$394.5K −$26.56/SF
NOI
$482.1K $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%
$9,642,720
Cap Rate 7%
$6,887,657
Cap Rate 9%
$5,357,067
Alternative Uses
Best Use
Retail
$67.70M
$59.24M – $78.98M
NOI $4,739,029 @ 7.0% cap · market cap 63.19%
Second Best
Apartment 5plus
$6.89M
$6.03M – $8.04M
NOI $482,136 @ 7.0% cap · market cap 6.43%
Theoretical Best
Specialty Retail
$72.54M
$63.47M – $84.63M
NOI $5,077,531 @ 7.0% cap · market cap 67.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
42
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
21,316
Businesses Nearby
Explore this area
Business Placement
Demographics for 94133, CA
26,751
Population
15,733
Households
1.7
Avg Household Size
41
Median Age
55%
College-Educated
80%
High-School Grad
0.7 sq mi
ZIP Area
38,216
Density / Sq Mi
$83,025
Median Household Income
$78,478
Median Earnings
$1,985
Median Rent
$1,519,100
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?
Mixed-use property - Residential lodging and street-level commercial space provide two complementary income uses.
Where is this mixed-use property located?
The property is located at 381 Broadway San Francisco, CA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 17,205‑square‑foot mixed‑use building with residential hotel and street‑level commercial space; 42‑room residential hotel with 17 vacant units; New 10‑year lease executed in late 2025 for the ground‑floor commercial space
