Vacant Two-Unit Office
New
For Sale
$1,895,000
1632 Union Street, San Francisco, CA 94123
Commercial Sale, San Francisco, CA
Property Size4,474 SF
Lot Size0.09 Acres
Price / SF$423.56
Days on Market2
Property Features for 1632 Union Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Landscaped, Landscaped
Directions
Franklin or Gough to Union Street
Subdivision
SF District 7
Special listing conditions
Probate Listing
Standard status
Active
APN
0528004
Size
4,474 SF
Lot size
0.09 Acres
Utilities
Heating system
Central, Radiant
Amenities
landscaped rear yard
roof-level viewing platform
fireplace
skylights
Building Details
Year built
1912
Floors in Building
5
Flooring type
Concrete, Carpet, Wood
Building materials
Wood Siding
Roof type
Shingle, Composition
Listing Agency:
Berkshire Hathaway-Franciscan · Berkshire Hathaway HomeServices
(415) 664-9400
Listed By:
Andrew de Vries
(415) 585-5200
Added: Sep 18
Last Checked: Sep 19 at 1:06AM
MLS# 426163898
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 vacant two-unit office property occupies a 3,772-square-foot lot and was built in 1912. The upper suite spans the second and third floors, while the first-floor suite includes a Union Street-facing front room, private rooms, kitchen, full bath, and rear access. Across the building, features include hardwood floors, period millwork, fireplaces, substantial windows, skylights, and high ceilings. A basement adds storage, built-in shelving, utility areas, wet-bar areas, a bathroom, and a tradesman entrance. The property is heated by central and radiant systems and has wood siding with shingle and composition roofing.
The building was converted to F-2 Business/Office use in 1976, according to the Certificate of Final Completion and Occupancy. Its location on Union Street places it among restaurants, cafes, boutiques, wellness businesses, and professional services, with the Marina, Pacific Heights, and Fort Mason nearby. A landscaped rear yard and roof-level viewing platform provide additional outdoor features, with outlooks toward the Bay, Marina, Marin Headlands, and Golden Gate Bridge.
The building was converted to F-2 Business/Office use in 1976, according to the Certificate of Final Completion and Occupancy. Its location on Union Street places it among restaurants, cafes, boutiques, wellness businesses, and professional services, with the Marina, Pacific Heights, and Fort Mason nearby. A landscaped rear yard and roof-level viewing platform provide additional outdoor features, with outlooks toward the Bay, Marina, Marin Headlands, and Golden Gate Bridge.
Key Highlights
- Two vacant office units with separate first‑floor and upper‑floor configurations
- 3,772‑square‑foot lot with a deep landscaped rear yard
- 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
—
—
no second resolved use
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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Current Use
Lease Details
2
Office units
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?
Office units - Two distinct office suites with period details, private rooms, kitchens, baths, and rear access along Union Street.
Where is this office units 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: Two vacant office units with separate first‑floor and upper‑floor configurations; 3,772‑square‑foot lot with a deep landscaped rear yard; Converted to F‑2 Business/Office use in 1976
