Updated Two-Unit
For Sale
$1,795,000
346-348 Chenery Street, San Francisco, CA 94131
Vacant duplex with matching three-bedroom, two-bath layouts and private outdoor space.
Property Size2,700 SF
Days on Market8
Property Features for 346-348 Chenery Street
General Information
Standard status
Active
Size
2,700 SF
Total Parking Spaces
4
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
deck
garden area
Building Details
Building Size
2,700 SF
Year Built
1978
Listing Agency:
Compass
(831) 818-5860
Listed By:
Coby Wilson
Source:
Bonniespindler
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 9:34PM
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 1978, this updated duplex comprises two vacant residences, each arranged with three bedrooms and two bathrooms. The property is suited to an owner-occupant or investor seeking separate units in move-in-ready condition, as described by the maintained interiors and available occupancy.
Parking includes a two-car garage and two additional off-street spaces. Outdoor features include a deck and garden area, providing usable exterior space for the residences. The property is located on Chenery Street in San Francisco’s Glen Park neighborhood, with neighborhood shops, restaurants, BART, and other amenities accessible nearby.
Parking includes a two-car garage and two additional off-street spaces. Outdoor features include a deck and garden area, providing usable exterior space for the residences. The property is located on Chenery Street in San Francisco’s Glen Park neighborhood, with neighborhood shops, restaurants, BART, and other amenities accessible nearby.
Key Highlights
- Two‑unit duplex with both residences delivered vacant
- Each unit includes 3 bedrooms and 2 bathrooms
- Built in 1978 and updated throughout
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
$95,957
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
5.35%
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%
$1,919,140
$1.9M
Cap Rate 7%
$1,370,814
$1.4M
Cap Rate 9%
$1,066,189
$1.1M
Market Conditions
NOI Build-Up for 2,700 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
$145.8K $54.00/SF
− Vacancy
−$8.7K −$3.23/SF
EGI
$137.1K $50.77/SF
− OpEx
−$41.1K −$15.23/SF
NOI
$96.0K $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%
$1,919,140
Cap Rate 7%
$1,370,814
Cap Rate 9%
$1,066,189
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.20M – $1.60M
NOI $95,957 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,661 @ 7.0% cap · market cap 4.88%
Theoretical Best
Specialty Retail
$13.19M
$11.54M – $15.39M
NOI $923,187 @ 7.0% cap · market cap 51.43%
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
1,986
Businesses Nearby
Explore this area
Business Placement
Demographics for 94131, CA
28,810
Population
13,755
Households
2.1
Avg Household Size
41
Median Age
78%
College-Educated
98%
High-School Grad
2.0 sq mi
ZIP Area
14,405
Density / Sq Mi
$198,779
Median Household Income
$119,053
Median Earnings
$2,971
Median Rent
$1,749,500
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 duplex with matching three-bedroom, two-bath layouts and private outdoor space.
Where is this duplex located?
The property is located at 346-348 Chenery Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences delivered vacant; Each unit includes 3 bedrooms and 2 bathrooms; Built in 1978 and updated throughout
