34-Unit Mixed-Use Apartment
New
For Sale
$6,800,000
637 Bush Street, San Francisco, CA 94108
The property combines 32 residential units with two commercial spaces in a centrally located San Francisco building.
Property Size16,824 SF
Price / SF$404.18
Days on Market3
Property Features for 637 Bush Street
General Information
Standard status
Active
Size
16,824 SF
Elevators
Yes
Property subtype
Mixed Use
Units
Unit Mix
21 x studio, 11 x 1BR
Multifamily Units
32
Amenities
secure entry system
building-owned laundry
basement storage
Building Details
Building Size
16,824 SF
Year Built
1913
Buildings
1
Listing Agency:
Colliers International
Listed By:
Brad Lagomarsino · License #01058500
(415) 288-7847
Source:
Bonniespindler
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 6 at 8:22AM
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 Colliers International
Investment Insights
Based on property information with market context.
Built in 1913, this mixed-use property contains approximately 16,824 square feet with 34 total units: 21 studios, 11 one-bedroom apartments, and two commercial spaces. Residential interiors include wood and carpet flooring, closet storage, wood-frame windows, gas cooking appliances, granite countertops, stainless steel sinks, full-size refrigerators, tiled bathrooms, and clawfoot tub/shower combinations. Common areas retain period details such as a marble entry landing, decorative lighting, plaster walls, and carpeted corridors.
Building infrastructure includes elevator service, secure Akuvox access, two washers, two dryers, a newer boiler system, fire protection on every floor, and owner-controlled basement storage. The property is located at 637 Bush Street near Bush and Powell Streets, with access to Downtown San Francisco, Union Square, Nob Hill, and nearby employment, dining, shopping, and entertainment amenities.
Building infrastructure includes elevator service, secure Akuvox access, two washers, two dryers, a newer boiler system, fire protection on every floor, and owner-controlled basement storage. The property is located at 637 Bush Street near Bush and Powell Streets, with access to Downtown San Francisco, Union Square, Nob Hill, and nearby employment, dining, shopping, and entertainment amenities.
Key Highlights
- 34‑unit configuration with 32 residential units and two commercial spaces
- Residential mix includes 21 studios and 11 one‑bedroom apartments
- Approximately 16,824 square feet; constructed in 1913
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
Property Profile
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines 32 residential units with two commercial spaces in a centrally located San Francisco building.
Where is this mixed-use property located?
The property is located at 637 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 configuration with 32 residential units and two commercial spaces; Residential mix includes 21 studios and 11 one‑bedroom apartments; Approximately 16,824 square feet; constructed in 1913
