Remodeled Two-Unit
For Sale
$3,195,000
Pending
2932-2934 Franklin Street, San Francisco, CA 94123
MULTI_FAMILY - Other - San Francisco, CA
Property Size3,215 SF
Lot Size0.06 Acres
Days on Market153
Property Features for 2932-2934 Franklin Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 5, Bathroom 2, Bedroom 1, Laundry Room, Bedroom 3, Bedroom 2, Bathroom 4, Bathroom 6, Basement, Bathroom 3, Bedroom 4
Parking
2
Parking features
Garage, Open
Appliances
Washer/Dryer
Directions
Franklin between Chestnut and Lombard
Subdivision
SF District 7
Standard status
Pending
APN
0498022
Size
3,215 SF
Lot size
0.06 Acres
Amenities
in-unit laundry
backyard
Building Details
Number of units
2
Flooring type
Wood, Carpet
Architectural style
Other
Listing Agency:
Compass
(415) 660-9955
Listed By:
Regina V Gaspari
(925) 413-9225
Added: Mar 16
Changed: Aug 14
Last Checked: Aug 14 at 11:06PM
MLS# 426154845
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 3,215-square-foot duplex contains two remodeled flats, each arranged with two bedrooms, 1.5 bathrooms, an entry hall, living and dining areas, updated kitchens and baths, in-unit laundry, and storage. The garden level adds a separate kitchen and living area, along with direct access to a landscaped private backyard. Wood and carpet flooring are present, and the property is delivered vacant.
A garage accommodates 2-3 cars, with additional open parking also identified. The property is located at 2932-2934 Franklin Street in San Francisco’s Marina District, with Fort Mason, the Marina Green, Chestnut Street, Union Street, and Polk Street among the nearby destinations noted in the listing information.
A garage accommodates 2-3 cars, with additional open parking also identified. The property is located at 2932-2934 Franklin Street in San Francisco’s Marina District, with Fort Mason, the Marina Green, Chestnut Street, Union Street, and Polk Street among the nearby destinations noted in the listing information.
Key Highlights
- 3,215‑square‑foot duplex on a 0.0574‑acre lot
- Two flats, each with 2 bedrooms and 1.5 bathrooms
- Garden level includes a kitchen, living area, and direct backyard 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
$114,260
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
3.58%
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%
$2,285,200
$2.3M
Cap Rate 7%
$1,632,286
$1.6M
Cap Rate 9%
$1,269,556
$1.3M
Market Conditions
NOI Build-Up for 3,215 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
$173.6K $54.00/SF
− Vacancy
−$10.4K −$3.23/SF
EGI
$163.2K $50.77/SF
− OpEx
−$49.0K −$15.23/SF
NOI
$114.3K $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%
$2,285,200
Cap Rate 7%
$1,632,286
Cap Rate 9%
$1,269,556
Alternative Uses
Best Use
Multifamily LT 5
$1.63M
$1.43M – $1.90M
NOI $114,260 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$1.49M
$1.30M – $1.74M
NOI $104,382 @ 7.0% cap · market cap 3.27%
Theoretical Best
Specialty Retail
$15.70M
$13.74M – $18.32M
NOI $1,099,277 @ 7.0% cap · market cap 34.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,928
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 - Vacant property with two two-bedroom flats, a garden-level area, private backyard, and garage parking.
Where is this duplex located?
The property is located at 2932-2934 Franklin Street San Francisco, CA.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: 3,215‑square‑foot duplex on a 0.0574‑acre lot; Two flats, each with 2 bedrooms and 1.5 bathrooms; Garden level includes a kitchen, living area, and direct backyard access
