Apartment Building with 5-Unit Remodel
For Sale
$1,295,000
859-861 Baker Street, San Francisco, CA 94115
Remodel plans are submitted for five units, including three studios, one 1-bedroom, and one 3-bedroom.
Property Size1,535 SF
Price / SF$843.65
Days on Market87
Property Features for 859-861 Baker Street
General Information
Standard status
Active
Size
1,535 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
5
Building Details
Building Size
1,535 SF
Year Built
1900
Tenancy
Multi
Listing Agency:
KW Advisors
(415) 334-0100
Listed By:
Tim A Brown
Source:
Cityrealestatesf
Added: May 18
Changed: Aug 8
Last Checked: Aug 12 at 3:17PM
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 KW Advisors
Investment Insights
Based on property information with market context.
This apartment building at 859-861 Baker Street has plans submitted for remodeling five units. The proposed unit mix includes three studios, one 1-bedroom, and one 3-bedroom, with two units currently occupied by tenants.
The property is being offered for sale, and it presents an opportunity for buyers ready to coordinate remodeling through their preferred development and contracting team.
For prospective investors or owner-operators, the existing occupancy and clearly defined unit mix can help guide budgeting and planning around the submitted remodel scope.
The property is being offered for sale, and it presents an opportunity for buyers ready to coordinate remodeling through their preferred development and contracting team.
For prospective investors or owner-operators, the existing occupancy and clearly defined unit mix can help guide budgeting and planning around the submitted remodel scope.
Key Highlights
- Plans submitted to remodel a 5‑unit property built in 1900
- Unit mix includes three studios, one 1‑bedroom, and one 3‑bedroom
- Two of the units are currently occupied by tenants
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
$49,837
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
3.85%
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%
$996,740
$996.7K
Cap Rate 7%
$711,957
$712.0K
Cap Rate 9%
$553,744
$553.7K
Market Conditions
NOI Build-Up for 1,535 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
$96.7K $63.00/SF
− Vacancy
−$6.1K −$3.97/SF
EGI
$90.6K $59.03/SF
− OpEx
−$40.8K −$26.56/SF
NOI
$49.8K $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%
$996,740
Cap Rate 7%
$711,957
Cap Rate 9%
$553,744
Alternative Uses
Best Use
Apartment 5plus
$712.0K
$623.0K – $830.6K
NOI $49,837 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.50M
$6.56M – $8.75M
NOI $524,849 @ 7.0% cap · market cap 40.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,161
Businesses Nearby
Explore this area
Business Placement
Demographics for 94115, CA
35,853
Population
19,312
Households
1.9
Avg Household Size
38
Median Age
74%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
32,594
Density / Sq Mi
$154,264
Median Household Income
$103,538
Median Earnings
$2,380
Median Rent
$1,684,100
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 - Remodel plans are submitted for five units, including three studios, one 1-bedroom, and one 3-bedroom.
Where is this apartment building located?
The property is located at 859-861 Baker Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Plans submitted to remodel a 5‑unit property built in 1900; Unit mix includes three studios, one 1‑bedroom, and one 3‑bedroom; Two of the units are currently occupied by tenants
