Victorian Two-Unit Residential
For Sale
$3,000,000
Pending
2028-2030 Pierce Street, San Francisco, CA 94115
Two-unit Victorian building with double parlors and eat-in kitchens, offering a 3-bedroom and 2-bedroom flat.
Property Size2,956 SF
Days on Market61
Property Features for 2028-2030 Pierce Street
General Information
Standard status
Pending
Size
2,956 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
2,956 SF
Year Built
1900
Listing Agency:
Compass
Listed By:
Joske M Thompson
(415) 345-3000
Source:
Cityrealestatesf
Added: Jul 10
Changed: Aug 24
Last Checked: Sep 7 at 9:20AM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1900, this classic Victorian-era duplex offers two spacious flats totaling approximately 2,956 square feet. The upper unit features three bedrooms, while the lower unit offers two bedrooms. Both residences include double parlors, formal dining rooms, and eat-in kitchens. A rear garage provides space for 2-car tandem parking along with additional storage.
Located at 2028–2030 Pierce Street in San Francisco, the property sits on the corner of Pierce and Perine Streets and benefits from southern exposure for natural light throughout the homes. The setting also places residents just steps from the Fillmore Street corridor, with access to surrounding shopping, dining, and neighborhood amenities.
The layout and period details make this property a straightforward fit for an owner seeking a well-established two-unit configuration with clear separation between the upper and lower flats.
Located at 2028–2030 Pierce Street in San Francisco, the property sits on the corner of Pierce and Perine Streets and benefits from southern exposure for natural light throughout the homes. The setting also places residents just steps from the Fillmore Street corridor, with access to surrounding shopping, dining, and neighborhood amenities.
The layout and period details make this property a straightforward fit for an owner seeking a well-established two-unit configuration with clear separation between the upper and lower flats.
Key Highlights
- Built in 1900, approx. 2,956 SF Victorian two‑unit building on the corner of Pierce and Perine Streets
- Two flats: upper unit has 3 bedrooms; lower unit has 2 bedrooms
- Both units feature double parlors, formal dining rooms, and eat‑in kitchens
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
$105,055
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
3.50%
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%
$2,101,100
$2.1M
Cap Rate 7%
$1,500,786
$1.5M
Cap Rate 9%
$1,167,278
$1.2M
Market Conditions
NOI Build-Up for 2,956 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
$159.6K $54.00/SF
− Vacancy
−$9.5K −$3.23/SF
EGI
$150.1K $50.77/SF
− OpEx
−$45.0K −$15.23/SF
NOI
$105.1K $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%
$2,101,100
Cap Rate 7%
$1,500,786
Cap Rate 9%
$1,167,278
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,055 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,973 @ 7.0% cap · market cap 3.20%
Theoretical Best
Specialty Retail
$14.44M
$12.63M – $16.85M
NOI $1,010,719 @ 7.0% cap · market cap 33.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
8,142
Businesses Nearby
Explore this area
Business Placement
Demographics for 94115, CA
35,853
Population
19,312
Households
1.9
Avg Household Size
38
Median Age
74%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
32,594
Density / Sq Mi
$154,264
Median Household Income
$103,538
Median Earnings
$2,380
Median Rent
$1,684,100
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-unit Victorian building with double parlors and eat-in kitchens, offering a 3-bedroom and 2-bedroom flat.
Where is this duplex located?
The property is located at 2028-2030 Pierce Street San Francisco, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Built in 1900, approx. 2,956 SF Victorian two‑unit building on the corner of Pierce and Perine Streets; Two flats: upper unit has 3 bedrooms; lower unit has 2 bedrooms; Both units feature double parlors, formal dining rooms, and eat‑in kitchens
