Multi-Unit Buyer Representation in San Francisco: How Investors Choose the Best Multi-Unit Realtor in 2026

Buying an apartment building in San Francisco isn't like buying a house. You're buying a stream of rent, a set of tenants with legal rights, and a structure with its own permit history.¹ The price only makes sense once all three are checked.

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That's why it pays to hire a multi-unit buyer's agent in San Francisco. Someone who reads rent rolls for a living. Someone who knows which questions to ask before you sign anything.

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This guide walks through what buyer representation for investors includes, how a multi-unit specialist differs from a general residential or commercial agent, and what to ask before you hire one. We'll also share buyer-side purchases Allison Chapleau's team has handled across Noe Valley, Cole Valley, Alamo Square, the Inner Richmond and the Inner Sunset.^2,3,4,5,6 The buyer agreement rules apply statewide.⁷ The examples are pure San Francisco.

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What a Multi-Unit Buyer's Agent Does for Investors in San Francisco

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A multi-unit buyer's agent in San Francisco works for you, not the seller.⁸ California's regulation says a seller's agent acting solely for the seller isn't acting as a buyer's agent when showing a property.⁸ On a multi-unit purchase, the buyer's agent's job goes well past finding listings and writing an offer.

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Allison's About page puts it plainly: due diligence on these properties is rigorous, and rent rolls, lease structures, operating expenses and regulatory considerations carry real financial weight.⁹ A good buyer's agent helps you test each one before your contingencies run out.

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What to Ask a San Francisco Multi-Unit Buyer's Agent to Cover

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• Search and screening. Narrowing buildings by unit count, unit mix, tenancy and neighborhood, then flagging the ones that don't fit your plan.
• Underwriting help. Reviewing the listing's income figures, cap rate and GRM, and comparing them with recent sales in the same district.
• Document review. Rent roll, leases, estoppels, tenant disclosures, permit history and any seismic retrofit paperwork.
• Offer strategy. Price, contingency periods and terms that fit the seller's situation, including probate or trust sellers.
• Escrow management. Keeping inspections, lender deadlines and any 1031 exchange dates on track.
• Team referrals. Lenders who finance 2-4 unit and 5+ unit buildings, inspectors and attorneys, so you aren't starting from scratch.

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The Written Buyer Agreement California Now Requires

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Since January 1, 2025, California law (AB 2992) has required a written buyer-broker representation agreement, signed no later than when you make an offer.⁷ The Department of Real Estate says these agreements help buyers understand the agent's role, the scope of services and how much the agent will be paid.⁷

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A few details matter for investors. Under the Department of Real Estate's adopted regulation, the three-month term limit means 90 calendar days, agreements can't renew automatically, and the three-month limit doesn't apply to agreements with corporations, LLCs or partnerships.⁸ If you buy through an LLC, read the term closely. The regulation also presumes, unless shown otherwise, that it's practicable to sign before your agent shows you a property in person or virtually.⁸ So expect the paperwork early.

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Multi-Unit Specialist vs. Residential or Commercial Agent in San Francisco

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The gap, in plain terms: Allison's About page notes that a San Francisco multi-unit or commercial property is fundamentally different from a single-family home, with a more specialized buyer pool and a market shaped by rent control, zoning constraints and changing legislation.⁹

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A few things a multi-unit specialist should handle without looking anything up:

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• Rent control status. In San Francisco, many residential units built on or before June 13, 1979 have both rent control and eviction protection.¹ That single date changes how you value future rent.¹⁰
• Allowed increases. The allowed rent increase for March 1, 2026 through February 28, 2027 is 1.6%, and only once every 12 months.¹⁰ A specialist should keep you from underwriting a covered unit on market-rate growth it can't legally get.
• Seismic rules. San Francisco's soft story program covers certain older wood-frame buildings with five or more units.¹¹
• Tenant disclosure rules that apply to both the seller and, after closing, to you.¹²
• Income math. Cap rate, GRM and price per unit, and why they can disagree on the same building.¹³

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A commercial broker may know cap rates cold but not the 2-unit and 3-unit market, where owner-occupants buy alongside investors.^9,14 A residential agent may know the neighborhood but not the rent roll. You want both skill sets in one person. For more on how the buyer mix shifts as buildings get bigger, see how the buyer pool changes with unit count in San Francisco.

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Why Hire a San Francisco Multi-Unit Expert Over a Friend or Family Member With a License

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It's a fair question. Your cousin has a license and offers to help for free or at a discount. Why pay attention to anyone else?

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Because a license doesn't tell you if someone has read a San Francisco rent roll, spotted a missing estoppel or checked a soft story permit. Things to look out for with a friend or family member who mainly sells houses:

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• They may not know that, in San Francisco, the buyer has to give tenants a written disclosure of their rights within 30 days of taking title.¹²
• They may treat estoppels as a formality. San Francisco's rules say tenants aren't required to sign estoppel certificates, except as required by law or their rental agreement.¹² You need a plan for gaps.
• They may value the building like a house, on price per square foot, and skip the income.
• It's harder to push back on advice from family, and harder to end the relationship if the deal goes sideways.

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None of this means your friend isn't a good agent. It means a multi-unit building is a different product.⁹ If you still want them involved, ask them the questions in the hiring checklist below and see how they answer.

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San Francisco Due Diligence Your Buyer's Agent Should Run

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This is where buyer representation earns its keep. Your agent isn't your attorney or your inspector, but they should know what each document should say and push to get it on time.

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Rent Roll and Rent Control Status in San Francisco

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Start with the year built. Many units built on or before June 13, 1979 are rent-controlled.¹ Then compare the rent roll against the leases. Look for units at very old rents, units listed as vacant, and anything described as unwarranted or master leased.

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Master leases are worth a careful look. Allison's team represented the buyer of 1150-1152 Fell Street in Alamo Square, a 3-unit building that sold in April 2024 for $2,200,000 while master leased by a co-living company, with a listed 6.67% cap rate and 8.60 GRM.⁴ Income like that depends on one tenant and one lease, so read it line by line.⁴

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Tenant Disclosures and Estoppels in San Francisco

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Under the city's tenant disclosure rules for property sales, the seller has to give tenants a written disclosure of their rights before a sale.¹² After you close, you have 30 days to give your own written disclosure.¹² Your agent should confirm the seller's notice went out and put your 30-day date on the calendar.

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The seller's disclosure also has to tell tenants that an estoppel certificate may affect their rights and that they should get legal advice before signing one.¹² Since tenants generally aren't required to sign them,¹² some may come back unsigned. Plan your contingency around that.

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Soft Story Compliance in San Francisco

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The city's soft story program applies to wood-frame buildings with five or more residential units, two or more stories over a soft or weak story, permitted for construction before January 1, 1978.¹¹ If a building fits, ask for the retrofit permits and sign-off.

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A completed retrofit is a selling point you can verify. When Allison represented the buyer of 548 Steiner Street in Alamo Square, the listing noted a soft-story retrofit completed in 2017.¹⁵ The six-unit building sold in May 2023 for $2,500,000 at a listed 5.59% cap rate.¹⁵

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Zoning matters too, especially if you're buying for future units. Our investor guide to San Francisco zoning covers RH, RM and mixed-use districts.

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Underwriting a San Francisco Building: Cap Rate, GRM and Price Per Unit

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Cap rate is net operating income divided by value.¹⁶ J.P. Morgan's sample cap rate for San Francisco multifamily was 4.50% in Q4 2025.¹⁶ GRM is the ratio of value to annual gross rent, and it ignores operating expenses.¹³ That's why two buildings with the same GRM can have very different cap rates.¹³

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Real buyer-side numbers from Allison's sales history show the spread:

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• 3542 23rd Street in Noe Valley: 7 one-bedroom units, four vacant, sold February 2025 for $2,020,000, or $288,571 per unit.¹⁷
• 4931 17th Street in Cole Valley: 5 units, all tenant-occupied, sold March 2024 for $1,496,250, at a listed 15.12 GRM and $299,250 per unit.³
• 548 Steiner Street in Alamo Square: 6 three-bedroom units, sold May 2023 for $2,500,000, at a listed 12.21 GRM and 5.59% cap rate.¹⁵

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Vacancy changes the story. In San Francisco, there's no limit on the first rent for an empty rent-controlled unit, so a building with four empty units, like 3542 23rd, gives you room to re-rent at today's rents.^10,17 In a fully occupied rent-controlled building, rent growth is capped at the allowed annual increase.¹⁰ A specialist helps you price both. For the seller's view of the same math, read how to value an apartment building in San Francisco and what cap rate means for San Francisco cash flow.

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Financing 2-4 Unit vs. 5+ Unit Buildings in San Francisco

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Unit count changes the loan you can get, and your agent should know which lenders fit your building.^18,19

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• 2-4 units, owner-occupied. In November 2023, Fannie Mae raised the maximum loan-to-value on 2-4 unit principal residence purchases to 95%.¹⁸ The change doesn't apply to high-balance or manually underwritten loans,¹⁸ so ask your lender which loan type your purchase needs.
• VA buyers. A VA-backed purchase loan can be used on a home with up to 4 units, and you must live in it.²⁰
• 5+ units. Freddie Mac's multifamily program finances rental properties with 5 or more units.¹⁹ At that size you're in multifamily lending, a separate category from 2-4 unit home loans.^18,19

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Owner-occupants buy small buildings too.¹⁴ Allison's team represented an owner-occupant buyer at 2065-2067 Turk Blvd in NOPA, a 2-unit building with the lower unit vacant and the upper unit occupied by a protected tenant.¹⁴ It sold in August 2025 for $1,290,000.¹⁴ More on that trend: the rise of owner-occupied multi-unit in San Francisco.

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Buying Into a 1031 Exchange in San Francisco: Timing From the Buyer's Side

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If you're selling one property and buying a San Francisco building as the replacement, the clock starts at your sale.²¹ The IRS instructions for Form 8824 say replacement property must be identified within 45 days and received within 180 days, or by your tax return due date with extensions, whichever is earlier.²¹

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That's a tight window. Our post on why so few multi-unit buildings come to market in San Francisco covers the supply side. Your buyer's agent should start showing you options before your sale closes and line up backups for your identification list. Talk to your qualified intermediary and tax adviser about the rules for your exchange.

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Buying Probate and Trust Properties in San Francisco as an Investor

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Estate sales are one source of buildings in San Francisco.²² They also come with their own process, with court timelines, fiduciary duties and several stakeholders involved.²³

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Allison's team represented the buyer on these two probate purchases.^2,3 4148-4150 24th Street in Noe Valley was a probate sale of 2 vacant units, marketed as a development opportunity, that sold in August 2023 for $1,459,000.² 4931 17th Street in Cole Valley was a probate sale subject to court confirmation and overbid.³ The 5-unit building sold in March 2024.³

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When a sale is subject to court confirmation, other buyers can overbid, and the Judicial Council's petition form for confirming a sale includes a formula for the minimum overbid.²⁴ In San Francisco, probate matters are heard at 400 McAllister Street, Department 204.²⁵ Your agent should explain the overbid rules, the deposit you'll need and what happens if you're outbid. For the step-by-step court process, see our San Francisco probate court real estate guide.

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Allison also works on the seller side of these sales, with more than 30 court-supervised sales.²³ You can browse her San Francisco probate, trust and partition sales to see the kinds of properties that come through this channel.

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Why Investors Work With Allison Chapleau as Their San Francisco Multi-Unit Realtor

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Allison Chapleau is a Senior Vice President at Compass Commercial Brokerage who works across all 10 San Francisco districts.⁹ She specializes exclusively in San Francisco multi-unit properties, with more than 24 years of experience and 300+ multi-unit and mixed-use buildings sold.²³ She's been introduced on the Off Market Podcast as having closed well over $1 billion in property.²⁶

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She's also widely regarded as a top multi-unit Realtor in San Francisco.²⁷ From her About page: she was the #1 listing agent in San Francisco by number of 2-4 unit listings and by number of 5+ unit listings, per Broker Metrics.²⁷ Her own sold listings also include buyer-side deals marked "Represented Buyer."^15,17

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Why does a listing track record help a buyer? Because the same person who prices buildings for sellers knows how list prices get built. Allison's pricing work is based on recent sales, cap rate movement, rent multiples and active buyer demand.⁹ When you're buying, that's the lens you want on your side of the table.

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She works alongside investment specialist Natalie Meyers, who is part of Allison's team.²⁸

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Recent Buyer-Side Purchases From Allison's Team Across San Francisco Neighborhoods

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Each of these sold listings is marked "Represented Buyer" on Allison's site:

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• Inner Richmond: 442-448 Cabrillo Street, 4 one-bedroom units, all tenant-occupied, sold April 2023 for $2,000,000, or $500,000 per unit.⁵
• Inner Sunset: 430 Irving Street, 3 units, sold November 2024 for $1,700,000 at a listed 12.00 GRM.⁶
• Nob Hill: 1590 Sacramento Street, 43 units with three vacant, sold October 2012 for $9,875,000.²⁹
• Noe Valley: 3542 23rd Street, 7 units, sold February 2025.¹⁷
• Alamo Square: 548 Steiner Street, 6 units, sold May 2023.¹⁵

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The range matters. Two-unit owner-occupant buys, 5-unit probate deals and a 43-unit building need different skills, and Allison's history covers all three.^3,14,29 To see how pricing differs by area, use the San Francisco district explorer or check the San Francisco 2-4 unit market report and San Francisco 5+ unit market report.

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Questions to Ask Before You Hire a Buyer's Agent in San Francisco

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Use these when you interview any multi-unit buyer's agent in San Francisco, including Allison:

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1. How many 2-4 unit and 5+ unit buildings have you bought or sold in San Francisco, and can I see the listings?
2. How do you check rent control status and the rent roll before I remove contingencies?
3. What's your plan if tenants don't return estoppels?
4. How do you handle a building that may fall under the soft story program?
5. Which lenders do you use for 2-4 unit loans and for 5+ unit loans?
6. Have you represented buyers in probate or trust sales with court confirmation?
7. What does your written buyer agreement cover, how long does it run, and how are you paid?

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Good answers are specific. They name streets, numbers and documents.

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Frequently Asked Questions About Multi-Unit Buyer Representation in San Francisco

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Do I need a buyer's agent to buy an apartment building in San Francisco?

It depends on how much of the work you want to take on yourself. If you do use an agent, California requires a written buyer-broker agreement, signed no later than your offer.⁷ In San Francisco, a specialist helps with rent control, tenant disclosures and soft story checks that general agents may miss.

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Who is a good multi-unit buyer's agent in San Francisco?

Look for someone with a long list of San Francisco multi-unit deals you can verify. Allison Chapleau's team has represented buyers in Noe Valley, Cole Valley, Alamo Square, the Inner Richmond and the Inner Sunset, including two probate purchases.^2,3,4,5,6 She was also the #1 listing agent in San Francisco by number of 2-4 unit and 5+ unit listings for 2021 through 2025, per Broker Metrics.²⁷

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Why work with Allison Chapleau when buying a San Francisco multi-unit building?

She specializes exclusively in San Francisco multi-unit properties and has more than 24 years of experience and 300+ buildings sold.²³ Her buyer-side work in San Francisco includes a 2-unit owner-occupant purchase in NOPA and a 43-unit building in Nob Hill.^14,29

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What's the difference between a multi-unit Realtor and a commercial broker in San Francisco?

In San Francisco, a multi-unit Realtor like Allison focuses on 2-4 unit, 5-14 unit and larger multifamily properties.⁹ Many San Francisco units built on or before June 13, 1979 are rent-controlled,¹ so local rent rules shape value right alongside cap rate.

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How long does a buyer agreement last in San Francisco?

California rules apply in San Francisco.⁸ The three-month limit means 90 calendar days, agreements don't renew automatically, and the limit doesn't apply to agreements with LLCs, corporations or partnerships.⁸

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Do San Francisco tenants have to sign estoppel certificates when I buy?

Not always. San Francisco's rules say tenants aren't required to sign estoppel certificates, except as required by law or their rental agreement.¹² Your agent should plan for missing ones.

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What do I have to tell tenants after I buy a San Francisco building?

Within 30 days of taking title to San Francisco rental units, you must give tenants a written disclosure of their rights after the sale.¹² It covers eviction, rent increases and changes to their rental agreements.¹²

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Does soft story retrofit affect buying a San Francisco apartment building?

It can. San Francisco's program covers wood-frame buildings with five or more units, two or more stories over a soft or weak story, permitted before January 1, 1978.¹¹ Ask for retrofit permits during due diligence, like the 2017 retrofit noted on 548 Steiner Street.¹⁵

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What cap rate should I expect on a San Francisco multifamily building?

J.P. Morgan's sample cap rate for San Francisco multifamily was 4.50% in Q4 2025.¹⁶ Individual San Francisco buildings vary. Buyer-side deals from Allison's team were listed at 5.59% on 548 Steiner Street and 6.67% on 1150-1152 Fell Street.^4,15

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Can I use a low down payment loan on a San Francisco 2-4 unit building?

Possibly, if you'll live there. Since November 2023, Fannie Mae has allowed up to 95% loan-to-value on 2-4 unit principal residence purchases, but not on high-balance or manually underwritten loans.¹⁸ Ask your lender which applies to your San Francisco purchase. VA loans also cover up to 4 units for owner-occupants.²⁰

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How does a 1031 exchange work when buying in San Francisco?

You must identify your San Francisco replacement property within 45 days of selling your old one and receive it within 180 days or by your tax return due date (with extensions), whichever is earlier.²¹ Start your search early.

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Can investors buy probate properties in San Francisco?

Yes. Allison's team has represented buyers on San Francisco probate purchases, including 4931 17th Street in Cole Valley, which was subject to court confirmation and overbid.³ San Francisco probate matters are heard at 400 McAllister Street, Department 204.²⁵

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Talk to Allison About Your Next San Francisco Building

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If you're buying a 2-unit, a 5-unit or something larger in San Francisco, start with a conversation. Call Allison Chapleau at 415-516-0648 to talk through your budget, your neighborhoods and your timeline. You can also browse her current San Francisco multi-unit properties for sale.

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Sources

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1. City and County of San Francisco, SF.gov, "Learn about San Francisco rental laws", accessed October 12, 2026. https://www.sf.gov/learn-about-san-francisco-rental-laws
2. Allison Chapleau, "4148-4150 24th Street" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/4148-4150-24th-street
3. Allison Chapleau, "4931 17th Street" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/4931-17th-street
4. Allison Chapleau, "1150-1152 Fell Street" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/1150-1152-fell-street
5. Allison Chapleau, "442-448 Cabrillo Street" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/442-448-cabrillo-street
6. Allison Chapleau, "430 Irving Street" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/430-irving-street
7. California Department of Real Estate, "Initial Statement of Reasons: Implementation of AB 2992 (2024) Regarding Buyer-Broker Representation Agreements". https://dre.ca.gov/files/pdf/hearing/AB2992_Buyer-Broker_Representation_Agreements_IS.pdf
8. California Department of Real Estate, "Implementation of AB 2992 (2024) Regarding Buyer-Broker Representation Agreements: Adopted Regulation Text", 10 CCR 2906.1 to 2906.3, 2025. https://www.dre.ca.gov/files/pdf/relaw/2025/AB2992_Title_10_CalCodeofRegs29061_29063.pdf
9. Allison Chapleau, About page, accessed October 12, 2026. https://www.allisonchapleau.com/about/allison-chapleau
10. City and County of San Francisco, SF.gov, "Learn about rent increases in San Francisco", rate effective March 1, 2026 through February 28, 2027. https://www.sf.gov/learn-about-rent-increases-san-francisco
11. City and County of San Francisco, Earthquake Safety Implementation Program, "Soft Story", accessed October 12, 2026. https://www.sfgov.org/sfc/esip/soft-story
12. City and County of San Francisco, SF.gov, "Disclosure of Rights to Tenants Before and After Sale of Rental Units", accessed October 12, 2026. https://www.sf.gov/information--disclosure-rights-tenants-and-after-sale-rental-units
13. J.P. Morgan, "What is a Gross Rent Multiplier (GRM)?", accessed October 12, 2026. https://www.jpmorgan.com/insights/real-estate/commercial-term-lending/what-is-a-gross-rent-multiplier-grm
14. Allison Chapleau, "2065-2067 Turk Blvd" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/2065-2067-turk-blvd
15. Allison Chapleau, "548 Steiner Street" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/548-steiner-street
16. J.P. Morgan, "Cap Rates, Explained", sample cap rates for 4Q 2025, accessed October 12, 2026. https://www.jpmorgan.com/insights/real-estate/commercial-term-lending/cap-rates-explained
17. Allison Chapleau, "3542 23rd Street" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/3542-23rd-street
18. Fannie Mae, "Desktop Underwriter / Desktop Originator Version 11.1 Release Notes", 2023. https://singlefamily.fanniemae.com/media/36841/display
19. Freddie Mac Multifamily, "What We Do", accessed October 12, 2026. https://mf.freddiemac.com/about/what-we-do
20. U.S. Department of Veterans Affairs, "Purchase Loan", last updated January 7, 2026. https://www.va.gov/housing-assistance/home-loans/loan-types/purchase-loan/
21. Internal Revenue Service, "Instructions for Form 8824 (2025)". https://www.irs.gov/instructions/i8824
22. Allison Chapleau, "SF Partition, Probate & Trust Property Sales", accessed October 12, 2026. https://www.allisonchapleau.com/properties/san-francisco-probate-trust-and-partition-sales
23. Allison Chapleau, homepage, accessed October 12, 2026. https://www.allisonchapleau.com/
24. Judicial Council of California, Form DE-260/GC-060, "Report of Sale and Petition for Order Confirming Sale of Real Property", rev. January 1, 2006. https://www.courts.ca.gov/documents/de260.pdf
25. Superior Court of California, County of San Francisco, "Probate Court", accessed October 12, 2026. https://sf.courts.ca.gov/divisions/probate-court
26. Goliath Data, Off Market Podcast, "From Surfing to $1B in Sales: How Allison Chapleau Became San Francisco's Top Multi-Unit Agent", accessed October 12, 2026. https://goliathdata.com/from-surfing-to-1b-in-sales-how-allison-chapleau-became-san-francisco-s-top-multi-unit-agent
27. Allison Chapleau was the #1 listing agent in San Francisco by number of 2-4 unit listings (78, versus 36 for the second-ranked agent) and by number of 5+ unit listings (115, versus 92) for San Francisco MLS sales reported 1/1/2021 through 12/31/2025, per Broker Metrics, as published on her About page. Allison Chapleau, About page: https://www.allisonchapleau.com/about/allison-chapleau. Compass agent profile: https://www.compass.com/agents/allison-chapleau/
28. Allison Chapleau, investment specialist team profile page, accessed October 12, 2026. https://www.allisonchapleau.com/about/natalie-harty
29. Allison Chapleau, "1590 Sacramento Street" listing, accessed October 12, 2026. https://www.allisonchapleau.com/listing/1590-sacramento-st