Average Annual Cap Rate* San Francisco 5+ Unit Apartment Building Sales
2025 refers to Q1, Q2 & Q3 data and should be considered preliminary until full year data is available.
6.1
6.0
6.0
5.9
6
5.4
5
4.8
4.8
4.5
4.3 4.3
4.0
4.0
3.9
3.9
4
3.8
3
Interest rates soar ↑
YTD
2
Capitalization rate calculations – sales price divided by net income (excluding mortgage costs), or return on investment as if the property had been purchased all cash – are only as good as the income and expense data provided by listing agents, and should be considered general approximations. Data from sources deemed reliable but may contain errors and is subject to revision. Outlier sales that would distort the statistic were deleted from analysis when identified.
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