San Francisco Apartment Building Sales 2025: All 242 Sales, Prices and Cap Rates by District
Updated: Oct 8
By Kevin Caravelli and Steve Caravelli, Caravelli Group, Coldwell Banker Commercial. Published March 2026. Covers apartment and mixed-use buildings of 5+ units that sold in San Francisco from January 1 to December 31, 2025.
242 apartment buildings with 5 or more units sold in San Francisco in 2025, totaling 3,036 units and $1.08 billion. Sales volume more than doubled from 2024, led by buildings of 12+ units, while the median price was $345,833 per unit and the average cap rate was 5.90%.
Key findings
Volume up 126%: San Francisco multifamily sales volume rose from $481.4 million in 2024 to $1.09 billion in 2025.
Larger buildings led: sales of 12+ unit buildings rose 196%, from $244.6 million to $724.3 million. Sales of 5–11 unit buildings rose 55%, from $236.8 million to $366.0 million.
Price per unit: the median 2025 sale was $345,833 per unit; the average was $368,498 per unit, or $435 per square foot.
Cap rates: the average cap rate was 5.90% across the 178 sales with reported income, and the median was 5.79%.
Most expensive district: District 7 (Marina, Pacific Heights, Cow Hollow, Presidio Heights) averaged $481,279 per unit and $546 per square foot.
Most affordable districts: District 3 & 10 averaged $222,051 per unit, and District 8 south of California Street (Tenderloin, Downtown, Lower Nob Hill) averaged $226,849.
Most active district: District 5 (Noe Valley, Mission Dolores, Haight-Ashbury, Castro) had 57 sales, the most of any district.
Largest sale: 1000 Green Street in Russian Hill sold for $46,650,000 (62 units, $752,419 per unit).
Strong finish: 101 of the 242 sales closed in October through December, totaling $489 million.
Rents: the average San Francisco rent rose 14.4%, from $3,130 in 2024 to $3,582 in 2025.
The 2025 market, question by question
How many apartment buildings sold in San Francisco in 2025?
242 apartment buildings of 5+ units sold in 2025, with 3,036 units in total. 145 were 5–11 unit buildings and 97 had 12 or more units. The median sale was an 8-unit building at $2.9 million.
What did San Francisco apartment buildings sell for per unit in 2025?
The median price was $345,833 per unit and the average was $368,498 per unit. Prices ranged from $95,313 per unit (1120 Jackson Street, Nob Hill) to $1,040,000 per unit (514 Castro Street, Castro). District 7 was the most expensive district at $481,279 per unit.
What were cap rates for San Francisco apartment buildings in 2025?
The average cap rate was 5.90% and the median was 5.79%, across the 178 sales with reported income. District 4 had the lowest average cap rate at 4.99%, and District 8 south of California Street had the highest at 6.64%.
What were the largest apartment building sales in San Francisco in 2025?
Address | Units | Sale price | Per unit |
1000 Green St, Russian Hill | 62 | $46,650,000 | $752,419 |
1155 Ellis St, Cathedral Hill | 108 | $35,000,000 | $324,074 |
2055 Sacramento St, Pacific Heights | 86 | $31,900,000 | $370,930 |
1310 Jones St, Nob Hill | 56 | $22,559,167 | $402,842 |
2201 Pacific Ave, Pacific Heights | 38 | $20,059,417 | $527,879 |
3322 Buchanan St, Marina | 28 | $17,500,000 | $625,000 |
1060 Bush St, Lower Nob Hill | 75 | $16,500,000 | $220,000 |
501 Taylor St, Downtown | 81 | $15,150,000 | $187,037 |
How much did San Francisco rents rise in 2025?
The average San Francisco rent rose 14.4%, from $3,130 in 2024 to $3,582 in 2025. Average one-bedroom rents rose fastest in Nob Hill (+19.0%), the Marina (+18.5%) and Russian Hill (+18.2%).
Avg 1-bed rent | 2024 | 2025 | Change |
Nob Hill | $2,900 | $3,450 | +19.0% |
Marina | $3,250 | $3,850 | +18.5% |
Russian Hill | $3,300 | $3,900 | +18.2% |
North Beach | $3,150 | $3,595 | +14.1% |
Hayes Valley | $3,350 | $3,750 | +11.9% |
Downtown | $2,650 | $2,890 | +9.1% |
Mission | $2,800 | $3,050 | +8.9% |
How did portfolio sales affect the 2025 market?
Portfolio sales, where several buildings sell together under one agreement, brought institutional buyers back to San Francisco in 2025. The largest was a 20-building portfolio from Ballast Properties sold to a newly formed institutional group. There were also 5 smaller portfolio sales of 2–4 properties each. A separate 79-building Veritas Properties portfolio in San Francisco and Oakland sold to PCCP, but it is left out of this data because it does not reflect middle-market pricing.
The 22 buildings in this report that sold as part of a portfolio are marked with an asterisk (*) in the district tables. Their per-unit prices reflect blended portfolio pricing and may not match single-building values.
2025 apartment building prices by San Francisco district
District 7 had the highest prices and District 8 north of California Street had the most dollar volume. Districts follow the San Francisco Association of Realtors (SFAR) district map.
District | Sales | Avg per unit | Cap rate |
1: Richmond | 13 | $346,774 | 6.26% |
2: Sunset, Parkside | 12 | $349,528 | 5.72% |
3 & 10: Ingleside, Crocker Amazon | 3 | $222,051 | 6.47% |
4: Twin Peaks, Forest Knolls | 3 | $308,611 | 4.99% |
5: Noe Valley, Mission Dolores, Haight, Castro | 57 | $390,728 | 5.83% |
6: Lower Pac Heights, Alamo Square, Hayes Valley | 25 | $336,342 | 5.99% |
7: Marina, Pacific Heights, Cow Hollow | 33 | $481,279 | 5.19% |
8 North: Nob Hill, Russian Hill, Telegraph Hill | 48 | $402,739 | 5.62% |
8 South: Tenderloin, Lower Nob Hill, Downtown | 16 | $226,849 | 6.64% |
9: Mission, SOMA, Potrero Hill | 32 | $292,464 | 6.59% |
Volume, price per square foot and gross rent multiplier (GRM) by district:
District | Volume | Per sq ft | GRM |
1 | $49.3M | $438 | 10.56 |
2 | $37.2M | $439 | 11.84 |
3 & 10 | $5.6M | $265 | 9.90 |
4 | $12.0M | $330 | 11.60 |
5 | $179.9M | $433 | 11.22 |
6 | $88.9M | $439 | 10.90 |
7 | $243.8M | $546 | 12.37 |
8 NoC | $263.2M | $468 | 11.70 |
8 SoC | $121.7M | $324 | 9.46 |
9 | $81.9M | $351 | 9.94 |
District 1 (Richmond): $346,774 per unit
13 buildings sold for $49.3 million. The largest was 4005 California Street in the Inner Richmond at $9,500,000 for 12 units, sold as part of a portfolio.
District 2 (Sunset and Parkside): $349,528 per unit
12 buildings sold for $37.2 million. The largest was 4326 Irving Street in the Outer Sunset at $7,650,000 for 17 units ($450,000 per unit).
District 3 & 10 (Ingleside, Crocker Amazon, Silver Terrace): $222,051 per unit
Only 3 buildings sold, for $5.6 million, all with 8 or 9 units. The district had the city's lowest average price per square foot at $265.
District 4 (Twin Peaks, Forest Knolls): $308,611 per unit
3 buildings of 12+ units sold for $12.0 million. Its 4.99% average cap rate was the lowest in the city.
District 5 (Noe Valley, Mission Dolores, Haight-Ashbury, Castro): $390,728 per unit
57 buildings sold for $179.9 million, the most sales of any district. The largest was 1601 Haight Street at $8,575,000 for 12 units, and 514 Castro Street set the city's highest price per unit at $1,040,000.
District 6 (Lower Pacific Heights, Alamo Square, Hayes Valley): $336,342 per unit
25 buildings sold for $88.9 million. The largest was 1530 Gough Street in Lower Pacific Heights at $9,825,000 for 38 units.
District 7 (Marina, Pacific Heights, Cow Hollow): $481,279 per unit
33 buildings sold for $243.8 million at the city's highest average prices: $481,279 per unit and $546 per square foot. The largest was 2055 Sacramento Street in Pacific Heights at $31,900,000 for 86 units.
District 8 North of California (Nob Hill, Russian Hill, Telegraph Hill): $402,739 per unit
48 buildings sold for $263.2 million, the most dollar volume of any district. It included the year's largest sale, 1000 Green Street in Russian Hill at $46,650,000 for 62 units.
District 8 South of California (Tenderloin, Lower Nob Hill, Downtown): $226,849 per unit
16 buildings sold for $121.7 million, mostly larger buildings: 14 of the 16 had 12 or more units. The largest was 1155 Ellis Street in Cathedral Hill at $35,000,000 for 108 units.
District 9 (Mission, SOMA, Potrero Hill, Bernal Heights): $292,464 per unit
32 buildings sold for $81.9 million. The largest was 655 Kansas Street in Potrero Hill at $9,975,000 for 35 units.
2025 apartment building prices by neighborhood
Pacific Heights had the highest average price per unit among neighborhoods with 5 or more sales, at $534,000, followed by the Marina and Russian Hill at $510,000. Nob Hill had the most sales with 23.
Neighborhood | Sales | Avg per unit | Cap rate |
Nob Hill | 23 | $351,000 | 5.64% |
Inner Mission | 21 | $304,000 | 6.30% |
Marina | 16 | $510,000 | 5.27% |
Mission Dolores | 14 | $396,000 | 5.84% |
Russian Hill | 13 | $510,000 | 5.84% |
Noe Valley | 12 | $369,000 | 5.63% |
Haight-Ashbury | 10 | $402,000 | 6.42% |
Pacific Heights | 8 | $534,000 | 5.04% |
Telegraph Hill | 8 | $364,000 | 5.49% |
Lower Pacific Heights | 8 | $314,000 | 5.96% |
Cow Hollow | 6 | $415,000 | 5.12% |
Eureka Valley | 6 | $366,000 | 5.63% |
Alamo Square | 5 | $363,000 | 5.47% |
Hayes Valley | 5 | $297,000 | 6.40% |
Inner Sunset | 5 | $327,000 | 5.15% |
Lower Nob Hill | 5 | $235,000 | 6.90% |
Outer Richmond | 5 | $305,000 | 6.02% |
SOMA | 5 | $240,000 | 8.18% |
Neighborhoods with fewer than 5 sales are left out of this table; their sales appear in the district tables. Prices are rounded to the nearest $1,000.
How this data was compiled
This report covers closed sales of apartment and mixed-use buildings with 5 or more units in San Francisco during calendar year 2025. Sales data comes from public records, MLS, brokerage disclosures and Caravelli Group's database of San Francisco multifamily sales, which covers more than 10 years of transactions.
Averages are simple averages across the sales in each group.
Cap rates and gross rent multipliers (GRM) are reported only where reliable income data was available, which is 178 of the 242 sales. Vacant deliveries and off-market sales often lack it.
Buildings sold as part of a portfolio are marked with an asterisk (*) and reflect blended portfolio pricing.
The 79-building Veritas Properties portfolio sale is left out because it does not reflect middle-market pricing.
Rent figures reflect citywide and neighborhood leasing activity observed by Caravelli Group in 2024 and 2025.
This report is for information only and is not a forecast or an appraisal.
About the authors
Kevin Caravelli is a partner at Caravelli Group and an investment sales agent in the San Francisco office of Coldwell Banker Commercial Realty, specializing in multifamily and mixed-use buildings. He has worked in San Francisco investment sales since 2016 and is a CCIM candidate. DRE #01988049 · 415.271.8517
Steve Caravelli founded Caravelli Group and has nearly four decades of experience and more than $1.7 billion in closed transactions. He was named Coldwell Banker Commercial's #1 Investment Professional in 2014 and 2017. DRE #00879834 · 415.706.0008
Caravelli Group, founded in 1985, advises owners and investors on the sale of San Francisco apartment buildings, focusing on the 5-to-75 unit middle market.
FAQ
Which San Francisco neighborhood had the most expensive apartment buildings in 2025? Pacific Heights, at an average of $534,000 per unit across 8 sales. By district, District 7 (Marina, Pacific Heights, Cow Hollow, Presidio Heights) was highest at $481,279 per unit.
Does this report include 2–4 unit buildings or condos? No. It covers apartment and mixed-use buildings with 5 or more residential units only.
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.
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