San Francisco Russian Hill Apartment Portfolio Sells for $6.25 Million After 50 Years With One Family
San Francisco, California | September 25, 2026: Two multifamily properties in San Francisco's sought-after Russian Hill neighborhood have changed hands for a combined $6.25 million, or about $568,000 per apartment, ending more than five decades of ownership by the same family.
The 11-unit portfolio includes properties at 1159-1169 Union Street and 1067-1071 Union Street. The buyer, Ballast, plans to hold the assets long term and gradually reposition individual units as they become available, highlighting continued investor interest in established San Francisco multifamily neighborhoods.
Two Russian Hill Properties Trade for $6.25 Million
The portfolio comprises two apartment properties located north of Broadway and east of Van Ness Avenue.
Combined, the properties offer:
- 11 apartment units
- $6.25 million total sale price
- Approximately $568,000 per unit
- Nine garage spaces
- More than 15,000 sq ft of combined building area
- More than 50 years of ownership by the same family
The buyer plans to retain the properties as a long-term investment rather than pursue an immediate redevelopment.
1159-1169 Union Street Has Six Apartments
The larger property at 1159-1169 Union Street was built in 1925 and contains approximately 9,100 sq ft of space.
It comprises six two-bedroom, one-bathroom apartments across three residential levels.
The property also includes:
- Six garage spaces
- Two flats per floor
- A 0.12-acre parcel
- Rear access from Warner Place
- Upper-floor views toward the Golden Gate Bridge
The property is also located about half a block from the Hyde Street cable car line, adding a notable transit and neighborhood-location feature to the asset.
1067-1071 Union Street Adds Five More Units
The second property, at 1067-1071 Union Street, was built in 1908 and contains approximately 6,100 sq ft.
It includes five two-bedroom, one-bathroom apartments on a 0.07-acre parcel.
The property consists of two buildings on one lot with frontage along Union Street and Macondray Lane. Two of the apartments carry 128 and 130 Macondray Lane addresses.
Together with the Union Street property, the portfolio provides nine garage spaces for its 11 residential units.
Buyer Plans Long-Term Repositioning
Ballast plans to hold the portfolio over the long term and gradually reposition apartments as they become vacant.
That strategy allows the buyer to make improvements over time rather than undertaking an immediate large-scale redevelopment.
For multifamily investors, such a strategy can provide an opportunity to upgrade individual units while retaining an existing apartment portfolio in an established neighborhood.
The transaction also shows how older apartment buildings with limited unit counts can attract institutional or professional investment interest when location, existing housing stock and long-term repositioning potential align.
Why the $568,000 Per-Unit Price Matters
The combined transaction works out to approximately $568,000 per apartment.
However, the per-unit figure should not be viewed as a direct valuation benchmark for every Russian Hill property. The two buildings differ in age, size, physical configuration, parking and individual apartment characteristics.
The nine garage spaces are also a notable component of the portfolio, particularly in a dense San Francisco neighborhood where dedicated parking can influence multifamily property appeal.
Russian Hill Location Adds Long-Term Appeal
The properties are located in Russian Hill, with access to established neighborhood amenities and transportation infrastructure.
Their proximity to the Hyde Street cable car route and views from upper floors at 1159-1169 Union Street add location-specific characteristics to the assets.
For buyers and investors evaluating older San Francisco multifamily properties, factors such as building condition, unit layouts, parking, neighborhood access and the potential to reposition units can materially influence acquisition decisions.
What Happens Next
Ballast is expected to retain the two properties as a long-term multifamily investment and gradually reposition units when they become available.
The transaction was marketed by Philip Batlin, Clinton Textor, Sam Runco and Jordan Tong of Marcus & Millichap's San Francisco office, who represented the seller and procured the buyer.
The sale adds another example of long-held multifamily housing entering the investment market while remaining part of San Francisco's existing rental housing stock.