440 Hyde Street Sold: 16-Unit Tenderloin Apartment Building at a 6.53% Cap Rate
Updated: Oct 7
By Kevin Caravelli and Steve Caravelli, Caravelli Group, Coldwell Banker Commercial.
Caravelli Group sold 440 Hyde Street, a 16-unit apartment building in San Francisco's Tenderloin, for $2,600,000 in November 2025. The buyer paid $25,000 over the asking price, at a 6.53% cap rate: the lowest cap rate of any 2025 Tenderloin apartment sale with reported income, according to Caravelli Group's sales data.
440 Hyde Street sale at a glance
Detail | 440 Hyde Street |
Address | 440 Hyde Street, San Francisco, CA |
Neighborhood | Tenderloin (District 8, south of California Street) |
Sale price | $2,600,000 |
List price | $2,575,000 |
Sale date | November 30, 2025 |
Units | 16: 15 studios and 1 one-bedroom |
Renovated units | 14 of 16 |
Building size | 8,460 sq ft |
Price per unit | $162,500 |
Price per sq ft | $307 |
Cap rate | 6.53% |
Gross rent multiplier (GRM) | 8.17 |
Seller | Private owner of 10+ years |
Seller's broker | Caravelli Group, Coldwell Banker Commercial |
How the sale came together
What kind of building is 440 Hyde Street?
440 Hyde Street is a 16-unit apartment building in San Francisco's Tenderloin, with 15 studios and one one-bedroom unit. The owner had held it for more than 10 years, renovated 14 of the 16 units, and used professional third-party management. It had a long record of steady operations and easy-to-rent units.
Why was 440 Hyde Street a challenging sale?
The Tenderloin has drawn years of negative press, and many buyers discount any building there before looking at its numbers. The risk was that 440 Hyde would be priced on its location rather than on its renovations and income.
How did Caravelli Group market 440 Hyde Street?
We positioned it as a turnkey, cash-flowing building rather than a location question mark. The marketing led with what buyers could verify: the renovations, unit finishes, operating history and how quickly units lease. The process had four parts:
Targeted outreach to local owners, private capital groups and experienced multifamily buyers.
Curated private tours.
A data-driven investment case built on the building's operations.
A competitive offer structure to bring bids in together.
What did 440 Hyde Street sell for?
440 Hyde Street sold for $2,600,000 in November 2025, $25,000 above its $2,575,000 list price. That works out to $162,500 per unit and $307 per square foot, at a 6.53% cap rate and an 8.17 gross rent multiplier.
What does this sale show about the Tenderloin apartment market?
Buyers still pay a premium for renovated, well-run buildings in the Tenderloin. 440 Hyde sold at a lower cap rate and a higher price per square foot than the other 2025 Tenderloin sales in our data. Condition and operating history moved the price more than the neighborhood's reputation did.
How 440 Hyde compares with other 2025 Tenderloin sales
440 Hyde had the highest price per square foot and the lowest cap rate of the four Tenderloin apartment sales in 2025. Only two of the four reported income, so the cap rate comparison is between 440 Hyde (6.53%) and 417 Hyde (7.25%).
Address | Sold | Units | Sale price | Price per unit | Price per sq ft | Cap rate | GRM |
440 Hyde St | Nov 2025 | 16 | $2,600,000 | $162,500 | $307 | 6.53% | 8.17 |
417 Hyde St | Jun 2025 | 9 | $1,103,000 | $122,556 | $176 | 7.25% | 7.30 |
860 Geary St | Mar 2025 | 41 | $7,250,000 | $176,829 | $238 | ||
225 Jones St | Feb 2025 | 20 | $2,025,000 | $101,250 | $215 | ||
District 8 South average, 16 sales | 2025 | $226,849 | $324 | 6.64% | 9.46 |
The District 8 South average also includes Lower Nob Hill, Downtown and Civic Center sales, which run higher per unit than the Tenderloin. Source: Caravelli Group 2025 San Francisco Multifamily Transaction Report.
FAQ
What did 440 Hyde Street in San Francisco sell for? $2,600,000 in November 2025, or $162,500 per unit for its 16 units, $25,000 over the list price.
What cap rate do Tenderloin apartment buildings sell at? In 2025, the two Tenderloin apartment sales with reported income sold at 6.53% (440 Hyde Street) and 7.25% (417 Hyde Street). The average across District 8 south of California Street was 6.64%.
Can you get a strong price for an apartment building in the Tenderloin? Yes, when the building is renovated and well run. 440 Hyde sold over asking at a lower cap rate than other Tenderloin sales because buyers could see its renovations and operating history.
How can I find out what my San Francisco apartment building is worth? Caravelli Group provides confidential opinions of value based on current sales in your district. Contact Kevin Caravelli at 415.271.8517 or Steve Caravelli at 415.706.0008.
About Caravelli Group
Caravelli Group advises owners and investors on the sale of San Francisco apartment buildings, focusing on the 5-to-75 unit middle market. Founded in 1985, the team is part of the San Francisco office of Coldwell Banker Commercial Realty.
Kevin Caravelli, partner. DRE #01988049 · 415.271.8517
Steve Caravelli, founder, with nearly four decades of experience and more than $1.7 billion in closed transactions. DRE #00879834 · 415.706.0008
Comments