Vacant Duplexes Traded on Average 30% Higher Than Occupied!
With 69% of 2025 duplex sales delivering vacant, buyers are paying $753 per square foot versus $577 for occupied buildings.
The 2026 market if off to a great start and is moving fast. Across San Francisco, vacant multi-unit buildings are drawing multiple offers and, in many cases, setting new price benchmarks. The combination of low inventory and improved interest rates has created a renewed sense of urgency among buyers.
As of early February, the 30-year conforming loan rate is hovering just above 6% — very close to its two-year low. That shift matters. When rates ease even modestly, purchasing power increases. Buyers who were sitting on the sidelines are stepping back in.
At the same time, inventory remains historically tight.
Why Owner-Occupied Multi-Units Are Leading the Charge
Owner-occupied apartment buildings are emerging as one of the most popular property types this year. The reasons are straightforward:
■ Single-family home inventory remains extremely limited
■ Affordability continues to challenge buyers at higher price points
■ Multi-unit properties provide income to offset mortgage payments
■ Buyers see long-term stability in San Francisco rental demand
For many purchasers, a duplex, triplex, or four-unit building offers something a single-family home cannot: flexibility. Live in one unit. Generate income from the others. Create long-term equity while reducing monthly carrying costs.
In a market where houses are scarce and prices remain elevated, this strategy makes financial sense — and buyers know it.
Vacant Buildings = Premium Pricing
Vacant multi-unit buildings are commanding the strongest demand right now. Clean delivery, no tenant issues, and the ability to reposition or move in immediately are driving aggressive bidding activity and premium pricing across the city.
We are seeing strong offer activity within 7–14 days, buyers waiving contingencies on well-priced assets, and pricing exceeding recent comparable sales. When supply is thin, quality inventory becomes highly competitive.
