Vacant Two-Unit
New
For Sale
$1,980,000
114-116 22nd Avenue, San Francisco, CA 94121
Two residences feature fireplaces, sunrooms, dedicated laundry areas, and an interior-access garage.
Property Size3,250 SF
Price / SF$609.23
Days on Market2
Property Features for 114-116 22nd Avenue
General Information
Standard status
Active
Size
3,250 SF
Property subtype
Multi-Family
Building Details
Year Built
1915
Listing Agency:
Compass
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Sep 9
Last Checked: Sep 10 at 5:33AM
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 Compass
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, full bathroom, toilet room, sunroom, and laundry area. The property also includes an expansive garage with interior access, two-car capacity, storage, and additional flexible space.
The property is located in San Francisco’s Lake Street neighborhood near Sea Cliff, with China Beach and the Presidio nearby. Shops, restaurants, and cafes along Clement Street provide additional surrounding amenities. The two-unit configuration and existing interior layout support residential ownership or income-property use.
The property is located in San Francisco’s Lake Street neighborhood near Sea Cliff, with China Beach and the Presidio nearby. Shops, restaurants, and cafes along Clement Street provide additional surrounding amenities. The two-unit configuration and existing interior layout support residential ownership or income-property use.
Key Highlights
- Two‑unit duplex with approximately 3,250 sq. ft. of living space
- Built in 1915 on a 2,186 sq. ft. lot
- Each unit includes 2 bedrooms, a fireplace, sunroom, and laundry area
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
Current Use
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
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 residences feature fireplaces, sunrooms, dedicated laundry areas, and an interior-access garage.
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 sq. ft. of living space; Built in 1915 on a 2,186 sq. ft. lot; Each unit includes 2 bedrooms, a fireplace, sunroom, and laundry area
