Vacant Duplex with Bonus
For Sale
$2,500,000
Pending
471 31st Avenue, San Francisco, CA 94121
Residential Income, San Francisco, CA
Property Size4,624 SF
Lot Size0.07 Acres
Days on Market59
Property Features for 471 31st Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 6, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 6, Bedroom 1, Bedroom 8, Bathroom 3, Bedroom 2, Bedroom 7, Laundry Room, Bathroom 5, Bathroom 4, Basement, Bedroom 3, Bathroom 2
Parking
3
Parking features
Garage
Window features
Bay Window(s)
Lot features
Shape Regular, Shape Regular
Elementary school district
San Francisco
Middle school district
San Francisco
High school district
San Francisco
Directions
Take Geary to 31st
Subdivision
SF District 1
Standard status
Pending
APN
1463016
Size
4,624 SF
Lot size
0.07 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Building Details
Year built
1989
Floors in Building
4
Number of units
4
Building materials
Concrete, Wood
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Berkshire Hathaway-Franciscan · Berkshire Hathaway HomeServices
(415) 664-9400
Listed By:
Andrew de Vries
(415) 664-9400
Added: Jul 2
Changed: Aug 27
Last Checked: Aug 29 at 3:06PM
MLS# 426143490
Copyright © 2026 San Francisco Association of REALTORS. 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 legally recognized two-family dwelling contains approximately 4,624 square feet of living space and will be delivered vacant at closing. The building includes two primary three-bedroom, two-bathroom flats, each with living and formal dining rooms, fireplaces, eat-in kitchens, primary suites, and two rear bedrooms. Two existing bonus apartments add a one-bedroom, one-bathroom unit above and another at ground level. The property also includes a large garage, storage and workshop space, a common backyard, and direct roof access from the upper bonus apartment.
Built in 1989 with concrete and wood construction, the property has central heating, public water, public sewer, and a composition roof. Located near Golden Gate Park, Ocean Beach, Lands End, Lincoln Park Golf Course, and shopping, dining, and transit corridors along Clement, Balboa, California, and Geary Streets, the building is ready for renovation and modernization. Any future legalization of the bonus apartments, along with permits, zoning, legal use, and development potential, is subject to buyer investigation and City approval.
Built in 1989 with concrete and wood construction, the property has central heating, public water, public sewer, and a composition roof. Located near Golden Gate Park, Ocean Beach, Lands End, Lincoln Park Golf Course, and shopping, dining, and transit corridors along Clement, Balboa, California, and Geary Streets, the building is ready for renovation and modernization. Any future legalization of the bonus apartments, along with permits, zoning, legal use, and development potential, is subject to buyer investigation and City approval.
Key Highlights
- Legally recognized two‑family dwelling with approximately 4,624 sq. ft. of living space
- Two primary 3BD/2BA flats plus existing 1BD/1BA bonus apartments
- Upper bonus apartment measures approx. 796 sq. ft. and has direct roof access
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
$164,335
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
6.57%
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%
$3,286,700
$3.3M
Cap Rate 7%
$2,347,643
$2.3M
Cap Rate 9%
$1,825,944
$1.8M
Market Conditions
NOI Build-Up for 4,624 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
$249.7K $54.00/SF
− Vacancy
−$14.9K −$3.23/SF
EGI
$234.8K $50.77/SF
− OpEx
−$70.4K −$15.23/SF
NOI
$164.3K $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%
$3,286,700
Cap Rate 7%
$2,347,643
Cap Rate 9%
$1,825,944
Alternative Uses
Best Use
Multifamily LT 5
$2.35M
$2.05M – $2.74M
NOI $164,335 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$2.14M
$1.88M – $2.50M
NOI $150,128 @ 7.0% cap · market cap 6.01%
Theoretical Best
Specialty Retail
$22.59M
$19.76M – $26.35M
NOI $1,581,044 @ 7.0% cap · market cap 63.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,561
Businesses Nearby
Explore this area
Business Placement
Demographics for 94121, CA
43,115
Population
19,742
Households
2.2
Avg Household Size
42
Median Age
64%
College-Educated
92%
High-School Grad
2.5 sq mi
ZIP Area
17,246
Density / Sq Mi
$138,353
Median Household Income
$74,646
Median Earnings
$2,327
Median Rent
$1,634,600
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 - Two primary three-bedroom flats are paired with existing bonus apartments and a ground-level garage.
Where is this duplex located?
The property is located at 471 31st Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Legally recognized two‑family dwelling with approximately 4,624 sq. ft. of living space; Two primary 3BD/2BA flats plus existing 1BD/1BA bonus apartments; Upper bonus apartment measures approx. 796 sq. ft. and has direct roof access
