Two-Unit Duplex with
For Sale
$2,895,000
3124 Pierce Street, San Francisco, CA 94123
Updated kitchens and baths complement period detailing and hardwood floors.
Property Size3,624 SF
Days on Market12
Property Features for 3124 Pierce Street
General Information
Standard status
Active
Size
3,624 SF
Total Parking Spaces
2
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2.5BA
Multifamily Units
2
Amenities
backyard
storage
Building Details
Building Size
3,624 SF
Year Built
1938
Buildings
1
Listing Agency:
Compass
(415) 235-7944
Listed By:
Lauren A Turnauer · License #01519703
Source:
Realestatenovo
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 23 at 7:39AM
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 1938, this duplex contains two residences with distinct layouts and shared utility features. The lower home includes two bedrooms, two bathrooms, a renovated kitchen, formal dining, and generous living and entertaining areas. The upper residence occupies two levels with three bedrooms and two-and-a-half bathrooms, including a private top-floor primary suite with water and Golden Gate Bridge views. Hardwood floors, crown molding, period details, and improved kitchens and baths appear throughout the property.
The building includes an oversized two-car garage, substantial storage, and a backyard. Expansion potential and the possibility of condo conversion are also identified. The property is near the shops, restaurants, cafes, and other neighborhood amenities along Chestnut and Union Streets, with access to Pacific Heights, Cow Hollow, and the Marina.
The building includes an oversized two-car garage, substantial storage, and a backyard. Expansion potential and the possibility of condo conversion are also identified. The property is near the shops, restaurants, cafes, and other neighborhood amenities along Chestnut and Union Streets, with access to Pacific Heights, Cow Hollow, and the Marina.
Key Highlights
- Two‑unit duplex built in 1938
- Oversized two‑car garage with abundant storage
- Lower residence offers 2 bedrooms and 2 bathrooms
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
$128,795
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
4.45%
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%
$2,575,900
$2.6M
Cap Rate 7%
$1,839,929
$1.8M
Cap Rate 9%
$1,431,056
$1.4M
Market Conditions
NOI Build-Up for 3,624 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
$195.7K $54.00/SF
− Vacancy
−$11.7K −$3.23/SF
EGI
$184.0K $50.77/SF
− OpEx
−$55.2K −$15.23/SF
NOI
$128.8K $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%
$2,575,900
Cap Rate 7%
$1,839,929
Cap Rate 9%
$1,431,056
Alternative Uses
Best Use
Multifamily LT 5
$1.84M
$1.61M – $2.15M
NOI $128,795 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,661 @ 7.0% cap · market cap 4.06%
Theoretical Best
Specialty Retail
$17.70M
$15.49M – $20.65M
NOI $1,239,123 @ 7.0% cap · market cap 42.80%
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
5,308
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 - Updated kitchens and baths complement period detailing and hardwood floors.
Where is this duplex located?
The property is located at 3124 Pierce Street San Francisco, CA.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1938; Oversized two‑car garage with abundant storage; Lower residence offers 2 bedrooms and 2 bathrooms
