Two-Unit Multifamily
For Sale
$2,895,000
3122-3124 Pierce Street, San Francisco, CA 94123
MULTI_FAMILY - San Francisco, CA
Property Size3,624 SF
Lot Size0.05 Acres
Price / SF$798.84
Days on Market12
Property Features for 3122-3124 Pierce Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 5, Bathroom 5, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3
Parking
2
Parking features
Garage
Appliances
Free-Standing Refrigerator, Dishwasher, Built-In Gas Range
Lot features
Landscape Back
View
Water, City, Bridge
Directions
Lombard to Pierce
Subdivision
SF District 7
Standard status
Active
APN
0511024F
Size
3,624 SF
Lot size
0.05 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Amenities
outdoor space
storage
Building Details
Year built
1938
Floors in Building
2
Number of units
2
Flooring type
Carpet, Wood
Listing Agency:
Compass
(415) 345-3000
Listed By:
Lauren A Turnauer · License #01519703
(415) 235-7944
Added: Aug 13
Changed: Aug 19
Last Checked: Aug 24 at 4:06AM
MLS# 426154296
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,624-square-foot duplex, built in 1938, contains two residences with updated kitchens and baths, hardwood flooring, period details, crown molding, formal dining rooms, and spacious living areas. The lower unit has two bedrooms and two baths, while the upper residence occupies two levels with three bedrooms and two-and-a-half baths. A top-floor primary suite includes water and Golden Gate Bridge views. The property also provides a two-car garage, additional storage, and a backyard.
Located at 3122-3124 Pierce Street in San Francisco, the property offers access to Pacific Heights, Cow Hollow, and the Marina, with shops, restaurants, cafes, and neighborhood amenities along Chestnut and Union Streets. Public water and public sewer serve the property.
Located at 3122-3124 Pierce Street in San Francisco, the property offers access to Pacific Heights, Cow Hollow, and the Marina, with shops, restaurants, cafes, and neighborhood amenities along Chestnut and Union Streets. Public water and public sewer serve the property.
Key Highlights
- Two residences totaling 3,624 square feet
- Lower unit with 2 bedrooms and 2 baths
- Upper two‑level residence with 3 bedrooms and 2.5 baths
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$128,795
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,575,900
$2.6M
Cap Rate 7%
$1,839,929
$1.8M
Cap Rate 9%
$1,431,056
$1.4M
Market Conditions
NOI Build-Up for 3,624 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$195.7K $54.00/SF
− Vacancy
−$11.7K −$3.23/SF
EGI
$184.0K $50.77/SF
− OpEx
−$55.2K −$15.23/SF
NOI
$128.8K $35.54/SF
Area
San Francisco, CA
Vacancy
5.98%
Lease Rate
$54.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,575,900
Cap Rate 7%
$1,839,929
Cap Rate 9%
$1,431,056
Alternative Uses
Best Use
Multifamily LT 5
$1.84M
$1.61M – $2.15M
NOI $128,795 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,661 @ 7.0% cap · market cap 4.06%
Theoretical Best
Specialty Retail
$17.70M
$15.49M – $20.65M
NOI $1,239,123 @ 7.0% cap · market cap 42.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,308
Businesses Nearby
Explore this area
Business Placement
Demographics for 94123, CA
26,131
Population
14,883
Households
1.8
Avg Household Size
35
Median Age
86%
College-Educated
98%
High-School Grad
1.1 sq mi
ZIP Area
23,755
Density / Sq Mi
$222,689
Median Household Income
$142,336
Median Earnings
$3,248
Median Rent
$2,000,001
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated residences with garage parking, private outdoor space, storage, and period architectural details.
Where is this duplex located?
The property is located at 3122-3124 Pierce Street San Francisco, CA.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: Two residences totaling 3,624 square feet; Lower unit with 2 bedrooms and 2 baths; Upper two‑level residence with 3 bedrooms and 2.5 baths
