Two-unit buildings in San Francisco that are eligible for one or two owner occupiers are one of the most desirable multi-unit property types in San Francisco. Two buyers interested in partnering up and living in both units while they pursue a fast-track condo conversion are great prospects for such a building, as is an owner occupier who wants to reside in one unit and rent out the other. (The latter doesn’t allow that owner to circumvent the condo lottery, but it can be an excellent way to afford a home that you otherwise may not have been able to purchase without factoring in rental income.)
I wanted to highlight three two-unit buildings that I think are great prospects. If you’d like further details on any of these properties, or would like to talk more about the ins and outs of purchasing two units, please contact me. I’ve owned my two units in Noe Valley for many years, living in one unit and renting out the other. So I can tell you firsthand about the ins and outs.
Here are my two-unit picks at the moment:
2583-2385 Greenwich Street / Divisadero
This is an excellent opportunity to purchase a pair of flats which will be delivered vacant, as the owner resides in one unit and will be moving. There are two 2BR flats with a combined square footage of 2240. This is the first time 2385 Greenwich has been on the market in 30 years, so you can expect a need for cosmetic updates—not a bad way to increase value right away. The property has its original 1930s detail intact, from a large fireplace to crown moldings. There’s a three-car garage that provides three independent spaces, one of which is rented. For buyers seeking outdoor space, this isn’t the property for you, as the building takes up the entire lot. But you can certainly look into the possibility of adding a roof deck, which would pave the way to Bay, Golden Gate Bridge and Alcatraz views. This location is central to Union and Chestnut Streets, North Bay commutes, and Muni lines.
17-19 Ford is a prime two-unit building in a great Eureka Valley location. Each flat has 2BR/1BA, and are roughly 1500 square feet each. The property has been improved with refinished floors, double-paned windows, new electrical and plumbing and seismic upgrades. Kitchens in each unit have been remodeled with new appliances. There are southern views from the bedrooms, plenty of storage, large bonus rooms, and both units will be delivered vacant. This is an excellent fit for two TIC partners looking to condo convert—and who’d rather not be bothered doing their own renovations. Though the location is technically Eureka Valley, Ford is only a block and a half to Dolores Park, three blocks to Castro Street, and is an easy stroll to the heart of the Valencia corridor.
1027-1029 Washington is a two-unit building that will be delivered vacant and could use updating, so this is another one perfect for TIC partners looking to condo convert. There are two 2BR/1BA units that are around 1,000 square feet each, and a one-car garage. The building is situated in a busy part of Nob Hill/Chinatown, about two blocks from the top of Nob Hill and three blocks from the Financial District. So that makes it a good prospect for buyers who work downtown and want to be able to walk everywhere. There’s also plenty of public transportation nearby.