Two-Unit Mixed-Use
New
For Sale
$1,895,000
1632 Union Street, San Francisco, CA 94123
Vacant two-unit building with office improvements, period details, flexible rooms, and a landscaped rear yard.
Property Size4,474 SF
Lot Size0.09 Acres
Price / SF$423.56
Days on Market4
Property Features for 1632 Union Street
General Information
Standard status
Active
Size
4,474 SF
Lot size
0.09 Acres
Property subtype
Mixed Use
Zoning
F-2
Additional Details
Office Units
2
Building Details
Building Size
4,474 SF
Year Built
1912
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Berkshire Hathaway-Franciscan
Listed By:
Andrew de Vries
(415) 585-5200
Source:
Cityrealestatesf
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 20 at 8:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway-Franciscan
Investment Insights
Based on property information with market context.
This vacant two-unit mixed-use property comprises approximately 6,522 sq. ft. across primary, secondary, and basement areas on a 3,772 sq. ft. lot. Constructed in 1912, the building was converted to F-2 Business/Office use in 1976. The upper unit spans the second and third floors and includes large rooms, hardwood floors, period millwork, substantial windows, a fireplace, two kitchens, two full baths, and skylights. A street-facing room includes built-in floor-to-ceiling bookcases. The first-floor unit offers a large front room, private rooms, high ceilings, hardwood floors, a fireplace, rear kitchen, full bath, and rear access.
The 1,690 sq. ft. basement adds storage, shelving, utility areas, wet-bar areas, a bathroom, and a tradesman entrance. Rear stairs connect to a small roof-level viewing platform with outlooks toward the Bay, Marina, Marin Headlands, and Golden Gate Bridge. The property is located at 1632 Union Street in San Francisco, near restaurants, cafes, boutiques, wellness businesses, professional services, the Marina, Pacific Heights, and Fort Mason.
The 1,690 sq. ft. basement adds storage, shelving, utility areas, wet-bar areas, a bathroom, and a tradesman entrance. Rear stairs connect to a small roof-level viewing platform with outlooks toward the Bay, Marina, Marin Headlands, and Golden Gate Bridge. The property is located at 1632 Union Street in San Francisco, near restaurants, cafes, boutiques, wellness businesses, professional services, the Marina, Pacific Heights, and Fort Mason.
Key Highlights
- Approximately 6,522 sq. ft. combined across primary, secondary, and basement areas
- Two vacant commercial units: approximately 2,878 sq. ft. and 1,596 sq. ft.
- Converted to F‑2 Business/Office use in 1976
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
$110,241
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
5.82%
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%
$2,204,820
$2.2M
Cap Rate 7%
$1,574,871
$1.6M
Cap Rate 9%
$1,224,900
$1.2M
Market Conditions
NOI Build-Up for 4,474 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
$197.0K $44.04/SF
− Vacancy
−$50.0K −$11.19/SF
EGI
$147.0K $32.85/SF
− OpEx
−$36.7K −$8.21/SF
NOI
$110.2K $24.64/SF
Area
San Francisco, CA
Vacancy
25.40%
Lease Rate
$44.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,204,820
Cap Rate 7%
$1,574,871
Cap Rate 9%
$1,224,900
Alternative Uses
Best Use
Office B
$1.57M
$1.38M – $1.84M
NOI $110,241 @ 7.0% cap · market cap 5.82%
Second Best
Mixed Use
$1.43M
$1.25M – $1.66M
NOI $99,826 @ 7.0% cap · market cap 5.27%
Theoretical Best
Specialty Retail
$21.85M
$19.12M – $25.50M
NOI $1,529,756 @ 7.0% cap · market cap 80.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,806
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
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Market
Vacancy Rate% for Office in San Francisco, CA
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant two-unit building with office improvements, period details, flexible rooms, and a landscaped rear yard.
Where is this mixed-use property located?
The property is located at 1632 Union Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Approximately 6,522 sq. ft. combined across primary, secondary, and basement areas; Two vacant commercial units: approximately 2,878 sq. ft. and 1,596 sq. ft.; Converted to F‑2 Business/Office use in 1976
