Updated Two-Unit
New
For Sale
$1,995,000
251 29th Street, San Francisco, CA 94131
Residential Income, San Francisco, CA
Property Size3,520 SF
Lot Size0.07 Acres
Price / SF$566.76
Days on Market4
Property Features for 251 29th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 3, Basement, Bedroom 1, Bathroom 1, Laundry Room
Parking
3
Parking features
Tandem, Side By Side
Interior features
Formal Entry
Appliances
Dishwasher, Free-Standing Gas Range
Elementary school district
San Francisco
Middle school district
San Francisco
High school district
San Francisco
Directions
Left from Church St.
Subdivision
SF District 5
Standard status
Active
APN
6633041
Size
3,520 SF
Lot size
0.07 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
fireplace
laundry
backyard
Building Details
Year built
1950
Floors in Building
3
Number of units
2
Flooring type
Wood
Building materials
Concrete, Stucco
Roof type
Tar/Gravel
Listing Agency:
Compass
(415) 660-9955
Listed By:
Kevin T McCollom
(415) 710-8713
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 6:06PM
MLS# 426155925
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.
Built in 1950, this duplex contains 3,520 square feet on a 0.0724-acre lot and includes two vacant residences with matching two-bedroom, one-bath layouts. Each unit has a formal living room with a fireplace, wood flooring, an eat-in kitchen with updated appliances, and a dedicated laundry area.
The lower level includes a structurally reinforced area that can accommodate a three-car garage, along with separate storage spaces. A deep, level, south-facing backyard adds outdoor space for gardening or leisure. The property is located at 251 29th Street, approximately half a block from the J-Church and nearby shopping and dining. Public water and sewer serve the property, with natural gas heating and ceiling fans for cooling.
The lower level includes a structurally reinforced area that can accommodate a three-car garage, along with separate storage spaces. A deep, level, south-facing backyard adds outdoor space for gardening or leisure. The property is located at 251 29th Street, approximately half a block from the J-Church and nearby shopping and dining. Public water and sewer serve the property, with natural gas heating and ceiling fans for cooling.
Key Highlights
- 3,520‑square‑foot duplex on a 0.0724‑acre lot
- Two vacant residences, each with 2 bedrooms and 1 bathroom
- Built in 1950 with updated appliances and wood flooring
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
$125,099
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
6.27%
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%
$2,501,980
$2.5M
Cap Rate 7%
$1,787,129
$1.8M
Cap Rate 9%
$1,389,989
$1.4M
Market Conditions
NOI Build-Up for 3,520 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
$190.1K $54.00/SF
− Vacancy
−$11.4K −$3.23/SF
EGI
$178.7K $50.77/SF
− OpEx
−$53.6K −$15.23/SF
NOI
$125.1K $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%
$2,501,980
Cap Rate 7%
$1,787,129
Cap Rate 9%
$1,389,989
Alternative Uses
Best Use
Multifamily LT 5
$1.79M
$1.56M – $2.08M
NOI $125,099 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$1.63M
$1.43M – $1.90M
NOI $114,284 @ 7.0% cap · market cap 5.73%
Theoretical Best
Specialty Retail
$17.19M
$15.04M – $20.06M
NOI $1,203,563 @ 7.0% cap · market cap 60.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,677
Businesses Nearby
Explore this area
Business Placement
Demographics for 94131, CA
28,810
Population
13,755
Households
2.1
Avg Household Size
41
Median Age
78%
College-Educated
98%
High-School Grad
2.0 sq mi
ZIP Area
14,405
Density / Sq Mi
$198,779
Median Household Income
$119,053
Median Earnings
$2,971
Median Rent
$1,749,500
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 - Two vacant residences offer matching layouts, fireplaces, eat-in kitchens, and separate laundry areas.
Where is this duplex located?
The property is located at 251 29th Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 3,520‑square‑foot duplex on a 0.0724‑acre lot; Two vacant residences, each with 2 bedrooms and 1 bathroom; Built in 1950 with updated appliances and wood flooring
