3241 Clement St 2 Unit Apartment Building $1,825,000 ($912,500/Unit) 3.07% Cap Rate San Francisco, CA 94121

3239–3241 Clement Street presents a truly compelling multifamily investment opportunity in San Francisco’s Inner Richmond. Offered at $1,825,000, this well-positioned two-unit property provides both immediate income stability and a clear path to enhanced returns through a vacant unit positioned for market-rate lease-up.
The property consists of a two-unit residence totaling approximately 3,400 square feet on a 0.06-acre lot, originally built in 1927 and featuring classic wood and stucco construction with a flat roof and concrete slab on grade foundation. Zoned RH-2, the property is well-suited for both income-driven investors and owner-users. The unit mix comprises two spacious two-bedroom, two-bathroom flats with an additional office, featuring refinished hardwood floors, decorative fireplaces, formal dining areas, sun rooms, and generous living spaces that reflect the architectural character and livability long associated with classic San Francisco multifamily product. The property also includes a private rear yard, garage parking, and an on-site laundry area providing both tenant convenience and supplemental ownership benefit.
A key component of the investment profile is the presence of one vacant unit, currently positioned at market rent and offering immediate upside potential for a new owner to occupy, re-tenant, or further reposition. This allows for day-one income growth while maintaining stability from the remaining occupied unit, making the property particularly attractive to owner-users seeking to occupy one of the units while benefiting from rental income on the other, a strategy especially well-suited to the high-cost San Francisco market. Operational efficiency is further supported by separate gas and electricity metering for each unit, individual water heaters serving both units, and the owner only being responsible for water, sewer, garbage, and common area utilities.
Residents enjoy walkable access to Clement Street’s restaurants, cafes, and specialty retail, along with nearby Golden Gate Park, Lincoln Park, the Presidio, and the Geary Boulevard corridor, which provides direct connectivity to Downtown San Francisco and the broader Bay Area.