15-Unit Apartment
For Sale
$4,950,000
Pending
431 44th Ave, San Francisco, CA 94121
Mid-century multifamily property with updated interiors, on-site parking, and completed seismic improvements.
Property Size12,456 SF
Days on Market98
Property Features for 431 44th Ave
General Information
Standard status
Pending
Size
12,456 SF
Total Parking Spaces
15
Property subtype
Residential Income
Units
Unit Mix
6 x 1BR, 6 x 2BR/1BA, 3 x studio
Multifamily Units
15
Additional Details
Public Transit
Yes
Amenities
wood-burning fireplaces
Building Details
Buildings
1
Construction
mid-century
Listing Agency:
Compass
(415) 660-9955
Listed By:
Kevin Wong · License #01331542
(415) 290-2927
Source:
Exprealty
Added: Jun 1
Changed: Sep 4
Last Checked: Sep 6 at 10:33AM
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 Compass
Investment Insights
Based on property information with market context.
Located at 431 44th Ave in San Francisco, this 12,456-square-foot mid-century apartment building contains 15 units: 6 one-bedroom apartments, 6 two-bedroom/one-bath apartments, and 3 studios. Interior features include quartz countertops, hardwood flooring, and ocean views in many residences, while 3 units include wood-burning fireplaces. Three units are scheduled for delivery vacant at closing.
The property includes 15 on-site parking spaces, completed soft-story seismic upgrades, and an upgraded fire alarm system. Its location provides access to the 38/38R Geary, 5 Fulton, 31 Balboa, and 18 46th Avenue MUNI lines, with direct connections to Downtown, SOMA, and surrounding neighborhoods. The garage/ground level also offers potential for ADU additions.
The property includes 15 on-site parking spaces, completed soft-story seismic upgrades, and an upgraded fire alarm system. Its location provides access to the 38/38R Geary, 5 Fulton, 31 Balboa, and 18 46th Avenue MUNI lines, with direct connections to Downtown, SOMA, and surrounding neighborhoods. The garage/ground level also offers potential for ADU additions.
Key Highlights
- 15‑unit apartment building at 431 44th Ave, San Francisco
- Unit mix includes 6 one‑bedroom, 6 two‑bedroom/one‑bath, and 3 studio apartments
- 12,456 SF building with 15 on‑site parking spaces
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
$404,410
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
8.17%
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%
$8,088,200
$8.1M
Cap Rate 7%
$5,777,286
$5.8M
Cap Rate 9%
$4,493,444
$4.5M
Market Conditions
NOI Build-Up for 12,456 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
$784.7K $63.00/SF
− Vacancy
−$49.4K −$3.97/SF
EGI
$735.3K $59.03/SF
− OpEx
−$330.9K −$26.56/SF
NOI
$404.4K $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%
$8,088,200
Cap Rate 7%
$5,777,286
Cap Rate 9%
$4,493,444
Alternative Uses
Best Use
Apartment 5plus
$5.78M
$5.06M – $6.74M
NOI $404,410 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$60.84M
$53.24M – $70.98M
NOI $4,258,971 @ 7.0% cap · market cap 86.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
926
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Mid-century multifamily property with updated interiors, on-site parking, and completed seismic improvements.
Where is this apartment building located?
The property is located at 431 44th Ave San Francisco, CA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 15‑unit apartment building at 431 44th Ave, San Francisco; Unit mix includes 6 one‑bedroom, 6 two‑bedroom/one‑bath, and 3 studio apartments; 12,456 SF building with 15 on‑site parking spaces
