San Francisco 2–4 Unit Apartment Building Market, Q2 2026

San Francisco duplexes, triplexes and fourplexes recorded 156 sales in Q2 2026, up 49% from a year earlier, with a median price of $2.10 million (up 21%). On average, buildings sold about 5% above original asking price in Q2. Small multifamily buildings in San Francisco are seeing their most competitive market since before 2022.

San Francisco 2–4 Unit Buildings: Key Numbers

Last 12 Months by Building Size

Two-Unit Building Values by District (Last 12 Months)

What This Means for Owners of Small San Francisco Apartment Buildings

Owner-users are driving the market

Two-unit buildings are by far the most active segment, and many of their buyers plan to live in one unit. Those buyers are tied to the strength of San Francisco's housing market, which Compass describes as being lifted by AI-driven wealth. That demand is a big reason duplexes are selling above asking.

Per-unit and per-foot values drop as buildings get bigger

Two-unit buildings sold at a median of about $692 per square foot, compared with $510 for fourplexes. Fourplexes are priced more like income property, on rents and cap rate, and less like homes. If your building can be delivered with a vacant unit, you may reach the owner-user buyer pool and the higher per-foot pricing that comes with it.

Neighborhood matters more than ever

A two-unit building in Pacific Heights or the Marina traded at roughly $1,000 per square foot, while one in the Mission or Bernal Heights went for about $615. Pricing should start with closely comparable district sales.

Source: Compass, "The San Francisco 2-4 Unit Apartment Building Market," July 2026, and "The Bay Area 2-4 Unit Apartment Building Market," September 2026; data through June 2026 (Compass via MLS). All figures are approximate and subject to revision.

Considering Selling Your Duplex, Triplex or Fourplex?

Hanna John Azar is a Bay Area multifamily broker with Compass Commercial who works with San Francisco apartment building owners from duplexes to 100-unit properties. For a confidential valuation, contact Hanna John Azar at 415-875-0177 or [email protected].