Three-Unit Apartment
For Sale
Contact for pricing
633-635 Central Avenue, San Francisco, CA 94117
Well-maintained three-unit apartment building with on-site laundry, storage in the basement, and two parking spaces.
Property Size2,800 SF
Price / SF$535.71
Days on Market50
Property Features for 633-635 Central Avenue
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
RH-2
Occupancy
66%
Net Operating Income
$84,453
Additional Details
Multifamily Units
3
Building Details
Year Built
1904
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
Colliers - San Francisco, California
(415) 288-7847
Listed By:
Brad Lagomarsino · License #CA 01058500
Source:
Crexi
Added: Jul 13
Changed: Aug 23
Last Checked: Aug 29 at 2:58PM
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 Colliers - San Francisco, California
Investment Insights
Based on property information with market context.
633-635 Central Avenue is a well-maintained three-unit apartment building originally constructed in 1904. The property consists of two one-bedroom, one-bath units and one three-bedroom, two-bath unit, providing a mix of layouts. Building amenities include on-site laundry and a basement that offers storage potential. The gas service is separately metered.
The building also features completed Soft-Story seismic work and includes two on-site parking spaces.
Each unit offers classic San Francisco charm with functional layouts and abundant natural light, supporting comfortable everyday living for residents.
The building also features completed Soft-Story seismic work and includes two on-site parking spaces.
Each unit offers classic San Francisco charm with functional layouts and abundant natural light, supporting comfortable everyday living for residents.
Key Highlights
- Three‑unit apartment building built in 1904 with 2 one‑bedroom/1‑bath units and 1 three‑bedroom/2‑bath unit
- On‑site laundry and separately metered gas service
- Two 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
$99,511
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
6.63%
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%
$1,990,220
$2.0M
Cap Rate 7%
$1,421,586
$1.4M
Cap Rate 9%
$1,105,678
$1.1M
Market Conditions
NOI Build-Up for 2,800 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
$151.2K $54.00/SF
− Vacancy
−$9.0K −$3.23/SF
EGI
$142.2K $50.77/SF
− OpEx
−$42.6K −$15.23/SF
NOI
$99.5K $35.54/SF
Area
San Francisco, CA
Vacancy
5.98%
Lease Rate
$54.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,990,220
Cap Rate 7%
$1,421,586
Cap Rate 9%
$1,105,678
Alternative Uses
Best Use
Multifamily LT 5
$1.42M
$1.24M – $1.66M
NOI $99,511 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $90,908 @ 7.0% cap · market cap 6.06%
Theoretical Best
Specialty Retail
$13.68M
$11.97M – $15.96M
NOI $957,379 @ 7.0% cap · market cap 63.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,443
Businesses Nearby
Explore this area
Business Placement
Demographics for 94117, CA
38,451
Population
19,709
Households
2
Avg Household Size
36
Median Age
78%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
29,578
Density / Sq Mi
$175,096
Median Household Income
$106,542
Median Earnings
$2,786
Median Rent
$1,641,400
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?
Triplex - Well-maintained three-unit apartment building with on-site laundry, storage in the basement, and two parking spaces.
Where is this triplex located?
The property is located at 633-635 Central Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three‑unit apartment building built in 1904 with 2 one‑bedroom/1‑bath units and 1 three‑bedroom/2‑bath unit; On‑site laundry and separately metered gas service; Two on‑site parking spaces
