Historic Seven-Story Apartment
For Sale
$20,000,000
973 Market Street, San Francisco, CA 94103
Reimagined 1904 residences offer modern finishes, rooftop amenities, fitness facilities, and controlled access in a transit-rich setting.
Property Size39,339 SF
Days on Market181
Property Features for 973 Market Street
General Information
Standard status
Active
Size
39,339 SF
Property subtype
Mixed Use
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
67
Amenities
roof terrace
rooftop lounge with BBQ kitchen
fitness center with spin/yoga space
clubhouse and lounge
bike storage
package room
community-wide Wi Fi
controlled-access
Building Details
Building Size
39,339 SF
Year Built
1904
Year Renovated
2014
Buildings
1
Stories
7
Listing Agency:
Colliers International
(415) 288-7847
Listed By:
Brad Lagomarsino · License #01058500
Source:
Swanngroupsf
Added: Mar 2
Changed: Aug 29
Last Checked: Aug 29 at 3:08PM
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.
The Wilson is a seven-story apartment property with 67 studio, one-bedroom, two-bedroom, and loft-style residences in a 1904 building redeveloped in 2014. Interior features include exposed brick, quartz countertops, hardwood floors, high ceilings, and in-unit washer/dryers. Controlled access and professional management support the residential experience.
Community amenities include a roof terrace, rooftop lounge with BBQ kitchen, fitness center with spin and yoga areas, clubhouse, lounge, bike storage, package room, and community-wide Wi-Fi. The property is on Market Street in San Francisco’s South of Market neighborhood, with access to public transportation, downtown employment, dining, nightlife, and cultural venues. The location carries a 99 Walk Score and 100 Transit Score.
Community amenities include a roof terrace, rooftop lounge with BBQ kitchen, fitness center with spin and yoga areas, clubhouse, lounge, bike storage, package room, and community-wide Wi-Fi. The property is on Market Street in San Francisco’s South of Market neighborhood, with access to public transportation, downtown employment, dining, nightlife, and cultural venues. The location carries a 99 Walk Score and 100 Transit Score.
Key Highlights
- 67 residences spanning studio, one‑bedroom, two‑bedroom, and loft‑style layouts
- 1904 apartment building redeveloped in 2014
- Roof terrace and rooftop lounge with BBQ kitchen
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
$1,277,221
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
6.39%
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%
$25,544,420
$25.5M
Cap Rate 7%
$18,246,014
$18.2M
Cap Rate 9%
$14,191,344
$14.2M
Market Conditions
NOI Build-Up for 39,339 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
$2.48M $63.00/SF
− Vacancy
−$156.1K −$3.97/SF
EGI
$2.32M $59.03/SF
− OpEx
−$1.04M −$26.56/SF
NOI
$1.28M $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%
$25,544,420
Cap Rate 7%
$18,246,014
Cap Rate 9%
$14,191,344
Alternative Uses
Best Use
Apartment 5plus
$18.25M
$15.97M – $21.29M
NOI $1,277,221 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$192.15M
$168.14M – $224.18M
NOI $13,450,840 @ 7.0% cap · market cap 67.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
67
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
20,986
Businesses Nearby
Explore this area
Business Placement
Demographics for 94103, CA
37,843
Population
20,920
Households
1.8
Avg Household Size
37
Median Age
56%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
27,031
Density / Sq Mi
$122,339
Median Household Income
$83,348
Median Earnings
$2,146
Median Rent
$1,057,600
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 - Reimagined 1904 residences offer modern finishes, rooftop amenities, fitness facilities, and controlled access in a transit-rich setting.
Where is this apartment building located?
The property is located at 973 Market Street San Francisco, CA.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: 67 residences spanning studio, one‑bedroom, two‑bedroom, and loft‑style layouts; 1904 apartment building redeveloped in 2014; Roof terrace and rooftop lounge with BBQ kitchen
