Vacant Two-Unit Duplex with
For Sale
$1,980,000
114-116 22nd Avenue, San Francisco, CA 94121
Residential Income, San Francisco, CA
Property Size3,250 SF
Lot Size0.05 Acres
Price / SF$609.23
Days on Market21
Property Features for 114-116 22nd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Rooms
Bedroom 4, Laundry Room, Bedroom 2, Basement, Bedroom 3, Bedroom 5, Bedroom 1, Bedroom 6
Parking
1
Parking features
Garage
Fireplace
1
Appliances
Free-Standing Gas Range, Free-Standing Refrigerator, Gas Water Heater
Subdivision
SF District 1
Standard status
Active
APN
1381035
Size
3,250 SF
Lot size
0.05 Acres
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Fireplace(s), Natural Gas, Electric (Heating), Central
Water source
Public
Building Details
Year built
1915
Number of units
4
Flooring type
Wood
Building materials
Stucco, Wood
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Century 21 Masters · Century 21 Real Estate
Listed By:
Mandy Lam
(415) 213-1600
Added: Aug 23
Changed: Sep 9
Last Checked: Sep 12 at 9:06AM
MLS# 426158202
Copyright © 2026 San Francisco Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant duplex, built in 1915, contains approximately 3,250 square feet of living space on a 2,186-square-foot lot. Each residence includes a living room with fireplace, formal dining room, kitchen, two bedrooms, a full bathroom, toilet room, sunroom, and laundry area. Wood flooring, stucco and wood construction, natural-gas heating, and public water and sewer service are among the property’s physical features. The garage offers interior access, space for two cars, storage, and additional flexible area.
The property is located near Lake Street and Sea Cliff, with China Beach, the Presidio, and the shops, restaurants, and cafés along Clement Street nearby. Its San Francisco setting, two-unit configuration, and vacant status provide a clear basis for evaluating future improvements or occupancy plans.
The property is located near Lake Street and Sea Cliff, with China Beach, the Presidio, and the shops, restaurants, and cafés along Clement Street nearby. Its San Francisco setting, two-unit configuration, and vacant status provide a clear basis for evaluating future improvements or occupancy plans.
Key Highlights
- Two‑unit duplex with approximately 3,250 square feet of living space
- Situated on a 2,186‑square‑foot lot near Lake Street and Sea Cliff
- Each unit includes two bedrooms, a formal dining room, sunroom, laundry area, and fireplace
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$115,504
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,310,080
$2.3M
Cap Rate 7%
$1,650,057
$1.7M
Cap Rate 9%
$1,283,378
$1.3M
Market Conditions
NOI Build-Up for 3,250 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$175.5K $54.00/SF
− Vacancy
−$10.5K −$3.23/SF
EGI
$165.0K $50.77/SF
− OpEx
−$49.5K −$15.23/SF
NOI
$115.5K $35.54/SF
Area
San Francisco, CA
Vacancy
5.98%
Lease Rate
$54.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,310,080
Cap Rate 7%
$1,650,057
Cap Rate 9%
$1,283,378
Alternative Uses
Best Use
Multifamily LT 5
$1.65M
$1.44M – $1.93M
NOI $115,504 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,518 @ 7.0% cap · market cap 5.33%
Theoretical Best
Specialty Retail
$15.87M
$13.89M – $18.52M
NOI $1,111,244 @ 7.0% cap · market cap 56.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,592
Businesses Nearby
Explore this area
Business Placement
Demographics for 94121, CA
43,115
Population
19,742
Households
2.2
Avg Household Size
42
Median Age
64%
College-Educated
92%
High-School Grad
2.5 sq mi
ZIP Area
17,246
Density / Sq Mi
$138,353
Median Household Income
$74,646
Median Earnings
$2,327
Median Rent
$1,634,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two traditional residences feature fireplaces, sunrooms, laundry areas, and interior-access garage parking.
Where is this duplex located?
The property is located at 114-116 22nd Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $1,980,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 3,250 square feet of living space; Situated on a 2,186‑square‑foot lot near Lake Street and Sea Cliff; Each unit includes two bedrooms, a formal dining room, sunroom, laundry area, and fireplace
