Vacant Two-Family
For Sale
$2,500,000
Pending
471 31st Avenue, San Francisco, CA 94121
Two spacious primary flats include formal dining rooms, eat-in kitchens, private suites, rear bedrooms, and access to bonus apartments.
Property Size4,624 SF
Days on Market61
Property Features for 471 31st Avenue
General Information
Standard status
Pending
Size
4,624 SF
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
Ready for renovation and modernization
Units
Unit Mix
2 x 3BR/2BA, 2 x 1BR/1BA
Multifamily Units
4
Amenities
fireplace
garage
storage/workshop room
common backyard
Building Details
Building Size
4,624 SF
Year Built
1989
Listing Agency:
Berkshire Hathaway-Franciscan
(415) 585-5200
Listed By:
Andrew de Vries
Source:
Cityrealestatesf
Added: Jul 2
Changed: Aug 31
Last Checked: Aug 30 at 11:28PM
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 Berkshire Hathaway-Franciscan
Investment Insights
Based on property information with market context.
This legally recognized two-family dwelling contains approximately 4,624 sq. ft. of living space and was built in 1989. The main residences are two 3BD/2BA flats with living rooms, formal dining rooms featuring fireplaces, eat-in kitchens, primary suites, and two rear bedrooms apiece. An approximately 796 sq. ft. 1BD/1BA penthouse apartment includes direct roof access, while the ground level adds an approximately 651 sq. ft. 1BD/1BA apartment, a large garage, separate storage/workshop space, and a common backyard. The property will be delivered vacant at close and is ready for renovation and modernization.
Located at 471 31st Avenue in San Francisco’s Richmond District, the property is near Golden Gate Park, Ocean Beach, Lands End, Lincoln Park Golf Course, and shopping, dining, and transit along Clement, Balboa, California, and Geary corridors. Future legalization of the bonus apartments may be explored, subject to buyer investigation and City approval.
Located at 471 31st Avenue in San Francisco’s Richmond District, the property is near Golden Gate Park, Ocean Beach, Lands End, Lincoln Park Golf Course, and shopping, dining, and transit along Clement, Balboa, California, and Geary corridors. Future legalization of the bonus apartments may be explored, subject to buyer investigation and City approval.
Key Highlights
- Approximately 4,624 sq. ft. of living space
- Two 3BD/2BA primary flats with formal dining rooms, eat‑in kitchens, primary suites, and rear bedrooms
- Two bonus apartments: approximately 796 sq. ft. 1BD/1BA penthouse and approximately 651 sq. ft. 1BD/1BA ground‑level unit
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
$164,335
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
6.57%
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%
$3,286,700
$3.3M
Cap Rate 7%
$2,347,643
$2.3M
Cap Rate 9%
$1,825,944
$1.8M
Market Conditions
NOI Build-Up for 4,624 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
$249.7K $54.00/SF
− Vacancy
−$14.9K −$3.23/SF
EGI
$234.8K $50.77/SF
− OpEx
−$70.4K −$15.23/SF
NOI
$164.3K $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%
$3,286,700
Cap Rate 7%
$2,347,643
Cap Rate 9%
$1,825,944
Alternative Uses
Best Use
Multifamily LT 5
$2.35M
$2.05M – $2.74M
NOI $164,335 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$2.14M
$1.88M – $2.50M
NOI $150,128 @ 7.0% cap · market cap 6.01%
Theoretical Best
Specialty Retail
$22.59M
$19.76M – $26.35M
NOI $1,581,044 @ 7.0% cap · market cap 63.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,561
Businesses Nearby
Explore this area
Business Placement
Demographics for 94121, CA
43,115
Population
19,742
Households
2.2
Avg Household Size
42
Median Age
64%
College-Educated
92%
High-School Grad
2.5 sq mi
ZIP Area
17,246
Density / Sq Mi
$138,353
Median Household Income
$74,646
Median Earnings
$2,327
Median Rent
$1,634,600
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 spacious primary flats include formal dining rooms, eat-in kitchens, private suites, rear bedrooms, and access to bonus apartments.
Where is this duplex located?
The property is located at 471 31st Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Approximately 4,624 sq. ft. of living space; Two 3BD/2BA primary flats with formal dining rooms, eat‑in kitchens, primary suites, and rear bedrooms; Two bonus apartments: approximately 796 sq. ft. 1BD/1BA penthouse and approximately 651 sq. ft. 1BD/1BA ground‑level unit
