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San Francisco Apartment Market Snapshot – October 2025

OCTOBER 2025

SF Apartment Market Snapshot

Signs of Real Buyer Demand

San Francisco’s multifamily market continued its steady rebound this month. Transaction volume is up 22% year-over-year, led by mid-size sales. Over twenty 5+ unit multifamily sales closed across the city’s core districts, with an average cap rate of 5.8%, slightly down from the end of 3rd Quarter - suggesting that cash buyers and 1031 exchanges are re-entering the market tightening fundamentals. Transaction activity spanned value-add neighborhood buildings to trophy Pacific Heights and Marina assets, demonstrating that private and institutional capital are both back in play.

Sales Comparables

Forest Knolls

455 Warren Drive

  • Sold for $4,210,000 | 12 Units

  • 13 Parking Spaces

  • Price Per Unit ≈ $351 K

  • Price Per SqFt $397

  • Cap Rate 4.9 % | GRM 13.2

 
 

Noe Valley

1 Clipper Street

  • Sold for $1,830,000 | 6 Units

  • 3 Parking Spaces

  • Price Per Unit ≈ $305 K

  • Price Per SqFt $389

  • Cap Rate 6.1 % | GRM 11.9

North Panhandle

1814-1818 Fell Street

  • Sold for $2,190,825 | 5 Units

  • No Parking Spaces

  • Price Per Unit ≈ $438 K

  • Price Per SqFt $487

  • Cap Rate 5.8 % | GRM 11.5
 

Marina District

3820 Divisadero Street

  • Sold for $3,250,000 | 6 Units

  • 2 Parking Spaces

  • Price Per Unit ≈ $542 K

  • Price Per SqFt $545

  • Cap Rate 4.3 % | GRM 14.8

Presidio Heights

3967 Sacramento Street

  • Sold for $3,300,000 | 14 Units

  • 14 Parking Spaces

  • Price Per Unit ≈ $235 K

  • Price Per SqFt $374

  • Cap Rate 5.5 % | GRM 9.8
 

Pacific Heights

2323 Laguna Street

  • Sold for $7,360,000 | 8 Condos

  • 9 Parking Spaces

  • Price Per Unit ≈ $920 K

  • Price Per SqFt $596

  • Cap Rate 4.5 % | GRM 14.6

Marina District

3301 Broderick Street

  • Sold for $7,810,000 | 12 Units

  • 13 Parking Spaces

  • Price Per Unit ≈ $651 K

  • Price Per SqFt $686

  • Cap Rate 5.1 % | GRM 13.3
 

Telegraph Hill

407-411 Lombard Street

  • Sold for $4,999,000 | 9 Units

  • 4 Parking Spaces

  • Price Per Unit ≈ 555 K

  • Price Per SqFt $757

  • Cap Rate 6.3 % | GRM 11.5

Nob Hill

1501-1519 Polk Street

  • Sold for $7,950,000 | 34 Units

  • No Parking Spaces

  • Price Per Unit ≈ $234 K

  • Price Per SqFt $333

  • Cap Rate 7.7 % | GRM 8.1
 

Marina District

50 Capra Way

  • Sold for $7,250,000| 18 Units

  • 10 Parking Spaces

  • Price Per Unit ≈ $403 K

  • Price Per SqFt $631

  • Cap Rate 4.7% | GRM 14.4

Sales Comp Summary

Average Cap Rates

5.8 % (Range 4.47 – 7.65 %)
 
 
 

Average Price per Sq. Ft.

$463
 

Average Days on Market

50 days
 

Most active buyer types

Private 1031 exchangers & local family capital
 

BROKER INSIGHT

 

“Market Stabilizes as Buyers Focus

on Quality and Upside”

 

The October data confirms a market that’s stabilizing but still sensitive to debt costs. Buyers are prioritizing clean operations + vacancy upside over pure yield. For owners, this means pricing discipline pays off: if your building offers clear capital-improvement history, you’ll still see strong demand — especially under $10 M.
 
 
 
 

Get a complimentary, confidential property valuation within 48 hours. Share your property details, and we’ll assess location, income, condition, and market trends to provide an accurate estimate.

 
Get A Property Valuation
 

Mark Bonn

 

Senior Vice President

415.225.8658

[email protected]

 

DRE#01008844
 

Mirella Webb

 

Senior Investment Advisor

415.640.4133

[email protected]

 

DRE#01409540
 

Dylan Kenneally

 

Investment Associate

M: 415.933.7452

[email protected]

 

DRE# 02251803
 
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 01527235, 01527365. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

 

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