North Beach Multifamily
For Sale
$4,900,000
717-723 Union Street, San Francisco, CA 94133
Seven-unit multifamily on one parcel across two buildings, including a detached 4-bedroom carriage house.
Property Size7,682 SF
Price / SF$637.85
Days on Market52
Property Features for 717-723 Union Street
General Information
Standard status
Active
Size
7,682 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
7
Building Details
Building Size
7,682 SF
Year Built
1910
Listing Agency:
Anchor Realty
Listed By:
Mark A Campana
(415) 621-2700
Source:
Gregglynn
Added: Jul 17
Changed: Sep 5
Last Checked: Sep 6 at 9:14AM
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 Anchor Realty
Investment Insights
Based on property information with market context.
This well-maintained seven-unit multifamily property is arranged across two buildings on a single parcel, totaling approximately 7,682 square feet. The unit mix includes four 2-bedroom, 1-bath apartments and two 3-bedroom, 1-bath apartments, plus a detached two-story 4-bedroom, 2-bath carriage house. Several units have updated interiors, with renovated kitchens and remodeled bathrooms.
The property is located directly across from Washington Square Park in the heart of North Beach. With a Walk Score of 99, it offers close proximity to restaurants, cafes, shops, nightlife, Downtown San Francisco, and the waterfront.
The combination of residential unit variety and on-site carriage house configuration provides a practical layout for rental housing within a central, walkable neighborhood setting.
The property is located directly across from Washington Square Park in the heart of North Beach. With a Walk Score of 99, it offers close proximity to restaurants, cafes, shops, nightlife, Downtown San Francisco, and the waterfront.
The combination of residential unit variety and on-site carriage house configuration provides a practical layout for rental housing within a central, walkable neighborhood setting.
Key Highlights
- Seven‑unit multifamily across two buildings on one parcel, totaling approx. 7,682 SF
- Unit mix: four 2BD/1BA, two 3BD/1BA, plus a detached two‑story 4BD/2BA carriage house
- Several units feature renovated kitchens and remodeled bathrooms
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
$249,412
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
5.09%
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%
$4,988,240
$5.0M
Cap Rate 7%
$3,563,029
$3.6M
Cap Rate 9%
$2,771,244
$2.8M
Market Conditions
NOI Build-Up for 7,682 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
$484.0K $63.00/SF
− Vacancy
−$30.5K −$3.97/SF
EGI
$453.5K $59.03/SF
− OpEx
−$204.1K −$26.56/SF
NOI
$249.4K $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%
$4,988,240
Cap Rate 7%
$3,563,029
Cap Rate 9%
$2,771,244
Alternative Uses
Best Use
Apartment 5plus
$3.56M
$3.12M – $4.16M
NOI $249,412 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$37.52M
$32.83M – $43.78M
NOI $2,626,639 @ 7.0% cap · market cap 53.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
12,062
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 - Seven-unit multifamily on one parcel across two buildings, including a detached 4-bedroom carriage house.
Where is this apartment building located?
The property is located at 717-723 Union Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Seven‑unit multifamily across two buildings on one parcel, totaling approx. 7,682 SF; Unit mix: four 2BD/1BA, two 3BD/1BA, plus a detached two‑story 4BD/2BA carriage house; Several units feature renovated kitchens and remodeled bathrooms
