Telegraph Hill Multifamily Investment
For Sale
$2,350,000
Pending
447 Green Street, San Francisco, CA 94133
Two-building compound with five flats, development potential, prime location.
Property Size6,375 SF
Lot Size0.15 Acres
Days on Market103
Property Features for 447 Green Street
General Information
Standard status
Pending
Size
6,375 SF
Lot size
0.15 Acres
Property subtype
Multi Family
Building Details
Building Size
6,375 SF
Year Built
1907
Listing Agency:
Maven Commercial, Inc.
Listed By:
Matthew C Sheridan · License #01878802
Source:
Paytonslist
Added: May 22
Changed: Aug 23
Last Checked: Aug 31 at 12:22AM
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 Maven Commercial, Inc.
Investment Insights
Based on property information with market context.
Located on the western slope of Telegraph Hill, 447 Green Street presents a rare opportunity to acquire a two-building compound. The property, situated on two parcels totaling approximately 6,375 square feet, features five full-floor, three-bedroom flats. These flats include formal living and dining rooms, hardwood floors, in-unit washer and dryers, abundant natural light, and views of Coit Tower from most units. Several units feature renovated kitchens and baths. The front building on Green Street contains three flats, including one unit that will be delivered vacant, along with two-car tandem parking delivered vacant and storage space. A courtyard beside the rear building leads to two additional flats, a private deck, and an entrance on Pollard Place off Vallejo Street. Residents cover water, heat, and garbage, contributing to low operating expenses. This property presents an investment opportunity for both investors and owner-users seeking upside through the vacant flat and parking. The rear structure offers the opportunity to convert the flats to condominiums, while the front building provides sufficient height and space for a potential additional dwelling unit. The property is located steps from North Beach's restaurants, cafes, nightlife, and retail corridors, and blocks from Jackson Square and the Financial District.
Key Highlights
- Rare 2‑building compound on Telegraph Hill with sweeping Coit Tower views.
- One vacant 3‑bedroom flat and two‑car tandem parking delivered vacant**, offering immediate upside.
- Excellent location near North Beach restaurants, cafes, and the Financial District.
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
$206,977
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
8.81%
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%
$4,139,540
$4.1M
Cap Rate 7%
$2,956,814
$3.0M
Cap Rate 9%
$2,299,744
$2.3M
Market Conditions
NOI Build-Up for 6,375 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
$401.6K $63.00/SF
− Vacancy
−$25.3K −$3.97/SF
EGI
$376.3K $59.03/SF
− OpEx
−$169.3K −$26.56/SF
NOI
$207.0K $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%
$4,139,540
Cap Rate 7%
$2,956,814
Cap Rate 9%
$2,299,744
Alternative Uses
Best Use
Apartment 5plus
$2.96M
$2.59M – $3.45M
NOI $206,977 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$31.14M
$27.25M – $36.33M
NOI $2,179,748 @ 7.0% cap · market cap 92.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
20,446
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?
Apartment building - Two-building compound with five flats, development potential, prime location.
Where is this apartment building located?
The property is located at 447 Green Street San Francisco, CA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Rare 2‑building compound on Telegraph Hill with **sweeping Coit Tower views**.; One vacant 3‑bedroom flat and two‑car tandem parking delivered vacant**, offering immediate upside.; Excellent location near North Beach restaurants, cafes, and the Financial District.
