Five-Unit Victorian Apartment
New
For Sale
$2,150,000
765-769 Grove Street, San Francisco, CA 94102
Two parcels combine historic character with renovated units, on-site laundry, rear decks, and bike parking.
Property Size4,648 SF
Price / SF$462.56
Days on Market3
Property Features for 765-769 Grove Street
General Information
Standard status
Active
Size
4,648 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
5
Amenities
on-site laundry
rear decks
bike parking
Building Details
Building Size
4,648 SF
Year Built
1900
Buildings
2
Construction
Victorian
Listing Agency:
Maven Commercial, Inc.
Listed By:
Matthew C Sheridan · License #01878802
Source:
Cityrealestatesf
Added: Sep 21
Changed: Sep 22
Last Checked: Sep 22 at 1:51PM
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.
This 4,648-square-foot multifamily property includes two Victorian apartment buildings across two lots, with a total of five residential units. The Grove Street building contains three units: a one-bedroom garden apartment, a one-bedroom flat, and a two-bedroom flat. The Ivy Street building adds two additional flats. Three units have been fully renovated, while capital work includes a new foundation at the Ivy Street building and removal of knob-and-tube wiring. On-site laundry, rear decks, bike parking, bay windows, period millwork, and abundant natural light in the upper units add to the physical appeal.
The property is located at 765-769 Grove Street and 666-668 Ivy Street in Hayes Valley, with Alamo Square, Alamo Square Park, Trader Joe’s, retail, and dining within the surrounding area. The two separate parcels may support exploration of a future lot split, subject to applicable requirements. Built in 1900, the property offers a distinctive multifamily configuration with completed improvements and multiple residential layouts.
The property is located at 765-769 Grove Street and 666-668 Ivy Street in Hayes Valley, with Alamo Square, Alamo Square Park, Trader Joe’s, retail, and dining within the surrounding area. The two separate parcels may support exploration of a future lot split, subject to applicable requirements. Built in 1900, the property offers a distinctive multifamily configuration with completed improvements and multiple residential layouts.
Key Highlights
- Five residential units across two Victorian apartment buildings
- 4,648 square feet on 2 lots with separate Grove Street and Ivy Street parcels
- Unit mix includes one‑bedroom, two‑bedroom, and garden apartment layouts
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
$150,907
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
7.02%
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%
$3,018,140
$3.0M
Cap Rate 7%
$2,155,814
$2.2M
Cap Rate 9%
$1,676,744
$1.7M
Market Conditions
NOI Build-Up for 4,648 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
$292.8K $63.00/SF
− Vacancy
−$18.4K −$3.97/SF
EGI
$274.4K $59.03/SF
− OpEx
−$123.5K −$26.56/SF
NOI
$150.9K $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%
$3,018,140
Cap Rate 7%
$2,155,814
Cap Rate 9%
$1,676,744
Alternative Uses
Best Use
Apartment 5plus
$2.16M
$1.89M – $2.52M
NOI $150,907 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$22.70M
$19.87M – $26.49M
NOI $1,589,250 @ 7.0% cap · market cap 73.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
8,706
Businesses Nearby
Explore this area
Business Placement
Demographics for 94102, CA
39,432
Population
23,153
Households
1.7
Avg Household Size
40
Median Age
42%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
56,331
Density / Sq Mi
$64,781
Median Household Income
$55,873
Median Earnings
$1,517
Median Rent
$996,300
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 parcels combine historic character with renovated units, on-site laundry, rear decks, and bike parking.
Where is this apartment building located?
The property is located at 765-769 Grove Street San Francisco, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Five residential units across two Victorian apartment buildings; 4,648 square feet on 2 lots with separate Grove Street and Ivy Street parcels; Unit mix includes one‑bedroom, two‑bedroom, and garden apartment layouts
