15-Unit Apartment
For Sale
$4,950,000
Pending
431 44th Avenue, San Francisco, CA 94121
Residential Income, San Francisco, CA
Property Size12,456 SF
Lot Size0.14 Acres
Days on Market95
Property Features for 431 44th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
18
Rooms
Bedroom 16, Bedroom 17, Bedroom 15, Bedroom 7, Bedroom 3, Bedroom 12, Bedroom 9, Bedroom 5, Bedroom 14, Laundry Room, Bedroom 6, Bedroom 13, Bedroom 8, Bedroom 2, Bedroom 1, Bedroom 10, Bedroom 11, Bedroom 4, Bedroom 18
Parking
15
Parking features
Garage, Open, Side By Side
Interior features
Elevator
Accessibility
Accessible Elevator Installed
Lot features
Shape Regular, Shape Regular
View
Ocean
Subdivision
SF District 1
Standard status
Pending
APN
1476035
Size
12,456 SF
Lot size
0.14 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1964
Number of units
15
Roof type
Asphalt
Listing Agency:
Compass
(415) 660-9955
Listed By:
Kevin S Wong · License #01331542
(212) 913-9058
Added: Jun 1
Changed: Sep 1
Last Checked: Sep 3 at 5:06AM
MLS# 426148723
Copyright © 2026 San Francisco Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1964, this 12,456-square-foot apartment property contains 15 units arranged as 6 one-bedroom apartments, 6 two-bedroom, one-bath apartments, and 3 studios. Three units are scheduled for delivery vacant at closing. Interior features include an elevator, hardwood flooring, quartz countertops, ocean views in many units, and wood-burning fireplaces in 3 apartments. The property also includes 15 on-site parking spaces, public water and sewer service, an asphalt roof, and an accessible elevator.
The building is located at 431 44th Avenue in San Francisco’s Sutro Heights neighborhood. Transit access includes the 38/38R Geary, 5 Fulton, 31 Balboa, and 18 46th Avenue MUNI lines, with routes serving Downtown, SOMA, and other San Francisco neighborhoods. Completed soft-story seismic upgrades and an upgraded fire alarm system are in place. The garage and ground-level area may offer potential for ADU additions.
The building is located at 431 44th Avenue in San Francisco’s Sutro Heights neighborhood. Transit access includes the 38/38R Geary, 5 Fulton, 31 Balboa, and 18 46th Avenue MUNI lines, with routes serving Downtown, SOMA, and other San Francisco neighborhoods. Completed soft-story seismic upgrades and an upgraded fire alarm system are in place. The garage and ground-level area may offer potential for ADU additions.
Key Highlights
- 15‑unit apartment building with 12,456 SF of building area
- Unit mix: 6 one‑bedroom, 6 two‑bedroom/one‑bath, and 3 studio apartments
- 15 on‑site parking spaces, including open, side‑by‑side, and garage 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
$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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Unit mix includes studios, one-bedroom, and two-bedroom apartments with on-site parking.
Where is this apartment building located?
The property is located at 431 44th Avenue 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 with 12,456 SF of building area; Unit mix: 6 one‑bedroom, 6 two‑bedroom/one‑bath, and 3 studio apartments; 15 on‑site parking spaces, including open, side‑by‑side, and garage parking
