Two-Unit Duplex with
For Sale
$1,695,000
109-111 Masonic Avenue, San Francisco, CA 94118
Separate residences support owner occupancy, rental income, and full-building ownership without HOA dues.
Property Size2,763 SF
Price / SF$613.46
Days on Market22
Property Features for 109-111 Masonic Avenue
General Information
Standard status
Active
Size
2,763 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
private balcony
private washer and dryer
shared backyard
hardwood parquet floors
decorative plaster ceilings
graceful archways
original architectural details
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Touchstone Commercial Partners Inc
(415) 275-0229
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 29 at 8:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Touchstone Commercial Partners Inc
Investment Insights
Based on property information with market context.
This 2,763-square-foot duplex, built in 1940, contains two nearly matching residences, each with two bedrooms and one bathroom. The upper unit will be delivered vacant and includes a private balcony, garage-based washer and dryer, 2+ car garage parking, generous closets, and architectural details such as hardwood parquet floors, decorative plaster ceilings, and arched openings. The lower unit is tenant occupied. Both homes receive abundant natural light and share a large backyard suited to gardening, outdoor gatherings, or quiet use.
Located at 109-111 Masonic Avenue in San Francisco’s Lone Mountain neighborhood, the property is near the University of San Francisco, Golden Gate Park, Laurel Village, the Geary Boulevard corridor, Trader Joe’s, Target, neighborhood cafés, restaurants, shopping, and public transportation. The upper residence also has peekaboo views toward the Golden Gate Bridge and the bay.
Located at 109-111 Masonic Avenue in San Francisco’s Lone Mountain neighborhood, the property is near the University of San Francisco, Golden Gate Park, Laurel Village, the Geary Boulevard corridor, Trader Joe’s, Target, neighborhood cafés, restaurants, shopping, and public transportation. The upper residence also has peekaboo views toward the Golden Gate Bridge and the bay.
Key Highlights
- 2,763‑square‑foot duplex with two 2‑bedroom, 1‑bath residences
- Built in 1940 with hardwood parquet floors, decorative plaster ceilings, archways, and original architectural details
- Upper residence delivered vacant with private balcony and 2+ car garage parking
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
$98,196
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
5.79%
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%
$1,963,920
$2.0M
Cap Rate 7%
$1,402,800
$1.4M
Cap Rate 9%
$1,091,067
$1.1M
Market Conditions
NOI Build-Up for 2,763 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
$149.2K $54.00/SF
− Vacancy
−$8.9K −$3.23/SF
EGI
$140.3K $50.77/SF
− OpEx
−$42.1K −$15.23/SF
NOI
$98.2K $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%
$1,963,920
Cap Rate 7%
$1,402,800
Cap Rate 9%
$1,091,067
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.23M – $1.64M
NOI $98,196 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,706 @ 7.0% cap · market cap 5.29%
Theoretical Best
Specialty Retail
$13.50M
$11.81M – $15.75M
NOI $944,728 @ 7.0% cap · market cap 55.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
7,538
Businesses Nearby
Explore this area
Business Placement
Demographics for 94118, CA
42,356
Population
19,052
Households
2.2
Avg Household Size
37
Median Age
72%
College-Educated
94%
High-School Grad
2.0 sq mi
ZIP Area
21,178
Density / Sq Mi
$159,550
Median Household Income
$92,946
Median Earnings
$2,695
Median Rent
$1,817,200
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 - Separate residences support owner occupancy, rental income, and full-building ownership without HOA dues.
Where is this duplex located?
The property is located at 109-111 Masonic Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 2,763‑square‑foot duplex with two 2‑bedroom, 1‑bath residences; Built in 1940 with hardwood parquet floors, decorative plaster ceilings, archways, and original architectural details; Upper residence delivered vacant with private balcony and 2+ car garage parking
