34-Unit Mixed-Use
For Sale
Contact for pricing
637-639 Bush Street, San Francisco, CA 94108
Historic apartment property with two commercial spaces, elevator service, secure entry, and a balanced studio and one-bedroom layout.
Property Size16,824 SF
Price / SF$404.18
Days on Market9
Property Features for 637-639 Bush Street
General Information
Standard status
Active
Size
16,824 SF
Elevators
Yes
Property subtype
Mixed Use, Multifamily
Units
Unit Mix
21 x studio, 11 x 1BR
Multifamily Units
32
Amenities
secure Akuvox entry system
owner-controlled basement storage
Building Details
Year Built
1913
Listing Agency:
Colliers - San Francisco, California
Listed By:
Brad Lagomarsino · License #CA 01058500
(415) 288-7847
Source:
Crexi
Added: Sep 4
Changed: Sep 11
Last Checked: Sep 12 at 6:50AM
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.
Built in 1913, this mixed-use property contains approximately 16,824 square feet with 34 units, including 32 apartments and two commercial spaces. The residential component comprises 21 studios and 11 one-bedroom units. Interiors include hardwood or carpeted floors, wood-frame windows, closet space, gas ranges, granite countertops, stainless steel sinks, full-size refrigerators, tiled bathrooms, and clawfoot tub and shower combinations.
Common areas retain period features such as a marble entry landing, decorative lighting, plaster walls, and carpeted corridors. Residents have elevator access and a secure Akuvox entry system. The property also includes a newer boiler, fire protection on all floors, and basement storage controlled by ownership.
Located at 637-639 Bush Street near Bush and Powell Streets, the building is positioned in San Francisco’s Lower Nob Hill/Downtown area, with access to Union Square, Nob Hill, employment centers, dining, retail, and entertainment.
Common areas retain period features such as a marble entry landing, decorative lighting, plaster walls, and carpeted corridors. Residents have elevator access and a secure Akuvox entry system. The property also includes a newer boiler, fire protection on all floors, and basement storage controlled by ownership.
Located at 637-639 Bush Street near Bush and Powell Streets, the building is positioned in San Francisco’s Lower Nob Hill/Downtown area, with access to Union Square, Nob Hill, employment centers, dining, retail, and entertainment.
Key Highlights
- 34‑unit mixed‑use building with 32 residential units and 2 commercial spaces
- Approximately 16,824 square feet, constructed in 1913
- Residential mix includes 21 studio apartments and 11 one‑bedroom apartments
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
$546,226
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
8.03%
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%
$10,924,520
$10.9M
Cap Rate 7%
$7,803,229
$7.8M
Cap Rate 9%
$6,069,178
$6.1M
Market Conditions
NOI Build-Up for 16,824 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
$1.06M $63.00/SF
− Vacancy
−$66.8K −$3.97/SF
EGI
$993.1K $59.03/SF
− OpEx
−$446.9K −$26.56/SF
NOI
$546.2K $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%
$10,924,520
Cap Rate 7%
$7,803,229
Cap Rate 9%
$6,069,178
Alternative Uses
Best Use
Apartment 5plus
$7.80M
$6.83M – $9.10M
NOI $546,226 @ 7.0% cap · market cap 8.03%
Second Best
Mixed Use
$5.36M
$4.69M – $6.26M
NOI $375,386 @ 7.0% cap · market cap 5.52%
Theoretical Best
Specialty Retail
$82.18M
$71.91M – $95.87M
NOI $5,752,483 @ 7.0% cap · market cap 84.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
31,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 94108, CA
13,097
Population
7,730
Households
1.7
Avg Household Size
42
Median Age
45%
College-Educated
76%
High-School Grad
0.3 sq mi
ZIP Area
43,657
Density / Sq Mi
$63,864
Median Household Income
$53,617
Median Earnings
$1,562
Median Rent
$1,207,500
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?
Mixed-use property - Historic apartment property with two commercial spaces, elevator service, secure entry, and a balanced studio and one-bedroom layout.
Where is this mixed-use property located?
The property is located at 637-639 Bush Street San Francisco, CA.
What is the asking price?
The asking price for this property is $6,800,000.
What are key features of this property?
This property features: 34‑unit mixed‑use building with 32 residential units and 2 commercial spaces; Approximately 16,824 square feet, constructed in 1913; Residential mix includes 21 studio apartments and 11 one‑bedroom apartments
