Listing ID : 960509
Listed On June 5, 2026 43
Listing Updated October 19, 2026
Asking Price: $4,300,000
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 14.13% on an asking price of $4,300,000, already exceptional by any market standard, and
rises to 15.58% 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.
PROPERTY & LEASE HIGHLIGHTS
5232 – 5234 Mission Street, San Francisco, CA 94112
4,472 SF total building2,386 SF leased ground floor + 2,086 SF vacant second floor (value-add opportunity)
Base rent: $50,625/month Base Rent + NNNLease expires March 31, 2034 — 2 x 5-year renewal optionsRent 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
INVESTMENT RETURNS AT A GLANCE
Asking price: $4,300,000
Annual NOI: $607,500In-place cap rate: 14.13%
Pro forma cap rate with 2nd floor leased at $2.50/SF/mo (NNN): 15.58%April 2029 escalation (+12.5%): NOI grows to $683,438 — cap rate increases to 15.89%
Full term through 2039 (Renewal 1): NOI reaches $864,976 — cap rate grows to 20.12%
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
LOCATION & DEMOGRAPHICS
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
Coming Soon: Everything you need to run your business in one place!
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