Vacant Duplex
For Sale
$850,000
2109 22nd St, San Francisco, CA 94107
MULTI_FAMILY - San Francisco, CA
Property Size752 SF
Lot Size0.04 Acres
Price / SF$1,130
Days on Market88
Property Features for 2109 22nd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Fireplace
1
Directions
Potrero - 23rd - Kansas
Subdivision
Listing
Standard status
Active
APN
4158 066
Size
752 SF
Lot size
0.04 Acres
Utilities
Sewer type
Public Sewer
Heating system
Fireplace(s)
Water source
Public
Building Details
Year built
1946
Number of units
2
Flooring type
Carpet, Tile
Building materials
Stucco
Roof type
Composition
Listing Agency:
Golden Gate Sotheby's Int'l Re · Sotheby's International Realty
(510) 542-2600
Listed By:
Herman Chan · License #01395481
(415) 787-3450
Added: May 13
Changed: Aug 4
Last Checked: Aug 8 at 10:06AM
MLS# 41134522
Copyright © 2026 Contra Costa 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 at 2109-2111 22nd Street offers two separate “mini-residences,” including a light-filled top-floor unit with a private deck and a lower-level retreat that leads to an expansive patio. The property is set on a deep lot and is positioned as a flexible base for either continued use or an expansion concept.
Built in 1946, the duplex features stucco construction, carpet and tile flooring, and fireplace(s). The roof is composition, and utilities include public water and public sewer.
The property contains two bathrooms. With its two-unit configuration and outdoor areas, it can appeal to users seeking an adaptable residential income setup or to investors interested in reimagining the site’s layout on a deep lot.
Built in 1946, the duplex features stucco construction, carpet and tile flooring, and fireplace(s). The roof is composition, and utilities include public water and public sewer.
The property contains two bathrooms. With its two-unit configuration and outdoor areas, it can appeal to users seeking an adaptable residential income setup or to investors interested in reimagining the site’s layout on a deep lot.
Key Highlights
- Vacant duplex with two “mini‑residences”
- Built in 1946 with stucco construction and composition roof
- Top‑floor unit with private deck plus lower‑level retreat leading to a patio
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
$26,726
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
3.14%
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%
$534,520
$534.5K
Cap Rate 7%
$381,800
$381.8K
Cap Rate 9%
$296,956
$297.0K
Market Conditions
NOI Build-Up for 752 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
$40.6K $54.00/SF
− Vacancy
−$2.4K −$3.23/SF
EGI
$38.2K $50.77/SF
− OpEx
−$11.5K −$15.23/SF
NOI
$26.7K $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%
$534,520
Cap Rate 7%
$381,800
Cap Rate 9%
$296,956
Alternative Uses
Best Use
Multifamily LT 5
$381.8K
$334.1K – $445.4K
NOI $26,726 @ 7.0% cap · market cap 3.14%
Second Best
Apartment 5plus
$348.8K
$305.2K – $406.9K
NOI $24,415 @ 7.0% cap · market cap 2.87%
Theoretical Best
Specialty Retail
$3.67M
$3.21M – $4.29M
NOI $257,125 @ 7.0% cap · market cap 30.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,320
Businesses Nearby
Explore this area
Business Placement
Demographics for 94107, CA
34,012
Population
18,798
Households
1.8
Avg Household Size
36
Median Age
77%
College-Educated
93%
High-School Grad
1.9 sq mi
ZIP Area
17,901
Density / Sq Mi
$186,123
Median Household Income
$118,676
Median Earnings
$3,378
Median Rent
$1,227,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant duplex built in 1946 with stucco construction, public water and sewer, and a composition roof.
Where is this duplex located?
The property is located at 2109 22nd St San Francisco, CA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Vacant duplex with two “mini‑residences”; Built in 1946 with stucco construction and composition roof; Top‑floor unit with private deck plus lower‑level retreat leading to a patio
