5232-5234 Mission Street
5232-5234 Mission Street, San Francisco, CA 94112
Marketing description
WeCann is excited to present this exclusive listing to purchase a cannabis-leased NNN investment with amazing returns and a rock solid tenant. This multi-tenant property in the heart of San Francisco's Mission District is leased to Connected Cannabis Co., one of California's most respected and operationally proven cannabis operators. The in-place cap rate is 12.16% on an asking price of $4,995,000, already exceptional by any market standard, and rises to 13.41% once the vacant 2,086 SF second floor is leased at standard market rates. The location is protected by San Francisco's moratorium on new cannabis retail license applications through December 31, 2027, meaning no new licensed competitor can enter the market. San Francisco has also suspended its local cannabis business tax through 2034, directly strengthening the tenant's operating margins and their capacity to sustain the lease.
Mission Street is one of San Francisco's most proven commercial corridors, with 65,000+ daily Muni riders passing the property and two BART stations within walking distance. The trade area combines exceptional density, high incomes, and transit-dependent consumers who shop locally every day. This property is available individually or as part of a three-property Connected Cannabis NNN portfolio. If you are looking for a rock solid, income-producing cannabis real estate investment in one of California's most supply-constrained markets, contact us today.
Investment highlights
- 5232 - 5234 Mission Street, San Francisco, CA 94112
- 4,472 SF total building
- 2,386 SF leased ground floor + 2,086 SF vacant second floor (value-add opportunity)
- Base rent: $50,625/month Base Rent + NNN
- Lease expires March 31, 2034 — 2 x 5-year renewal options
- Rent escalation: +12.5% every 5 years — next escalation April 2029
- Zero late payments — perfect on-time payment record per seller
- Zoning: NC2, Neighborhood Commercial | Year built: 1924
- Available individually or as part of a 3-property Connected Cannabis NNN portfolio
- Asking price: $4,995,000
- Annual NOI: $607,500
- In-place cap rate: 12.16%
- Pro forma cap rate with 2nd floor leased at $2.50/SF/mo (NNN): 13.41%
- April 2029 escalation (+12.5%): NOI grows to $683,438 — cap rate increases to 13.68%
- Full term through 2039 (Renewal 1): NOI reaches $864,976 — cap rate grows to 17.32%
- Priced above the standard cannabis NNN range (10%+) especially for a Connected-caliber tenant! MOTIVATED SELLER!
- SF cannabis retail license moratorium in effect through December 31, 2027 — no new licensed competition possible
- SF cannabis business tax suspended through 2034 — improves tenant operating margins and lease security
- 1-mile trade area population: 92,800+ residents | 42,200+ households
- Median household income: $141,400 — well above the national median
- Households with income $150K+ have grown 65% since 2000
- 65,000+ daily Muni riders on Mission Street — 2nd highest ridership corridor in San Francisco
- BART Stations: 0.3 miles | Chase Bank: 0.3 miles | Target: 0.6 miles
- Walk Score: 90 — Transit Score: 100.
- 400+ active businesses on the Mission Street corridor
- SF citywide retail vacancy: 6.0% (Q1 2026) — down 80 bps year-over-year
- Zero new construction in the pipeline
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
