Mixed-Use Apartment and Retail
For Sale
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423 South Van Ness Avenue, San Francisco, CA 94103
Six-unit Victorian with three ground-floor retail suites and three residential flats near Mission BART and Highway 101.
Property Size10,367 SF
Price / SF$359.31
Days on Market56
Property Features for 423 South Van Ness Avenue
General Information
Standard status
Active
Size
10,367 SF
Property subtype
Retail, Multifamily, Mixed Use
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Tenancy
Multi
Listing Agency:
Urban Capital of San Francisco
Listed By:
Cris Lamas · License #02034056
Source:
Crexi
Added: Jun 12
Changed: Jul 10
Last Checked: Aug 6 at 9:38AM
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 Urban Capital of San Francisco
Investment Insights
Based on property information with market context.
423 South Van Ness Avenue is a six-unit, mixed-use Victorian featuring three large three-bedroom residential flats above three ground-floor commercial suites. The property combines long-term commercial income with on-site residential units in a single, vertically integrated building.
The building sits at the crossroads of the Mission, SoMa, and Civic Center submarkets along the South Van Ness/Mission/Folsom corridor. It is one block from 16th Street Mission BART and steps from Highway 101, with nearby retail and dining along the Valencia corridor. Whole Foods, Safeway, and a dense concentration of coffee shops and restaurants are within walking distance.
Commercial income is supported by three long-term tenants on an approximately six-year weighted-average term, with the principal anchor secured through March 2036. The remarks indicate about $1.1M of committed commercial rent remaining at in-place rates. Beneath that stability, the three residential flats are described as carrying meaningful upside, with in-place rents roughly 55% below market and a stated path to a pro forma cap rate above 10%.
The building sits at the crossroads of the Mission, SoMa, and Civic Center submarkets along the South Van Ness/Mission/Folsom corridor. It is one block from 16th Street Mission BART and steps from Highway 101, with nearby retail and dining along the Valencia corridor. Whole Foods, Safeway, and a dense concentration of coffee shops and restaurants are within walking distance.
Commercial income is supported by three long-term tenants on an approximately six-year weighted-average term, with the principal anchor secured through March 2036. The remarks indicate about $1.1M of committed commercial rent remaining at in-place rates. Beneath that stability, the three residential flats are described as carrying meaningful upside, with in-place rents roughly 55% below market and a stated path to a pro forma cap rate above 10%.
Key Highlights
- Six‑unit Victorian building with 3 ground‑floor commercial suites and 3 residential flats
- Residential component features three large 3‑bedroom flats above the retail units
- Leasing stability: three long‑term commercial tenants with roughly six‑year weighted‑average term
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
$336,586
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
9.04%
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%
$6,731,720
$6.7M
Cap Rate 7%
$4,808,371
$4.8M
Cap Rate 9%
$3,739,844
$3.7M
Market Conditions
NOI Build-Up for 10,367 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
$653.1K $63.00/SF
− Vacancy
−$41.1K −$3.97/SF
EGI
$612.0K $59.03/SF
− OpEx
−$275.4K −$26.56/SF
NOI
$336.6K $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%
$6,731,720
Cap Rate 7%
$4,808,371
Cap Rate 9%
$3,739,844
Alternative Uses
Best Use
Retail
$47.26M
$41.35M – $55.14M
NOI $3,308,384 @ 7.0% cap · market cap 88.82%
Second Best
Apartment 5plus
$4.81M
$4.21M – $5.61M
NOI $336,586 @ 7.0% cap · market cap 9.04%
Theoretical Best
Specialty Retail
$50.64M
$44.31M – $59.08M
NOI $3,544,698 @ 7.0% cap · market cap 95.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
8,400
Businesses Nearby
Explore this area
Business Placement
Demographics for 94103, CA
37,843
Population
20,920
Households
1.8
Avg Household Size
37
Median Age
56%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
27,031
Density / Sq Mi
$122,339
Median Household Income
$83,348
Median Earnings
$2,146
Median Rent
$1,057,600
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 - Six-unit Victorian with three ground-floor retail suites and three residential flats near Mission BART and Highway 101.
Where is this apartment building located?
The property is located at 423 South Van Ness Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $3,725,000.
What are key features of this property?
This property features: Six‑unit Victorian building with 3 ground‑floor commercial suites and 3 residential flats; Residential component features three large 3‑bedroom flats above the retail units; Leasing stability: three long‑term commercial tenants with roughly six‑year weighted‑average term
