Tenant-Occupied
For Sale
Contact for pricing
1534-1536 Balboa St, San Francisco, CA 94118
Two residential flats feature two bedrooms, one bathroom, and a sunroom, with a shared yard for outdoor use.
Property Size3,500 SF
Price / SF$428.57
Days on Market66
Property Features for 1534-1536 Balboa St
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Multifamily
Occupancy
100%
Financials
Cap Rate
4.7%
Gross Income
$87,708
Building Details
Year Built
1923
Buildings
1
Tenancy
Multi
Abandoned
No
Listing Agency:
Compass San Francisco
Listed By:
Anna Yu · License #CA 02117792
Source:
Crexi
Added: Jul 23
Changed: Sep 7
Last Checked: Sep 26 at 8:06AM
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 San Francisco
Investment Insights
Based on property information with market context.
This 1923 duplex contains 3,500 square feet across two residential flats. Each unit is configured with 2 bedrooms, 1 bathroom, and a sunroom, while the property also includes a large flat yard. The building is fully tenant-occupied and reports a 4.7% cap rate.
The property is positioned near multiple Muni connections, with Muni 31 nearby and Muni 28 three blocks away. Golden Gate Park is two blocks south, and Balboa Street coffee, Geary and Clement restaurants, Breadbelly, and Tia Margarita are all within the surrounding area. The location also provides access toward downtown, Ocean Beach, the Sunset, and the Marina.
The property is positioned near multiple Muni connections, with Muni 31 nearby and Muni 28 three blocks away. Golden Gate Park is two blocks south, and Balboa Street coffee, Geary and Clement restaurants, Breadbelly, and Tia Margarita are all within the surrounding area. The location also provides access toward downtown, Ocean Beach, the Sunset, and the Marina.
Key Highlights
- Fully tenant‑occupied duplex with a reported 4.7% cap rate
- 3,500‑square‑foot building constructed in 1923
- Two flats, each with 2bd/1ba and a sunroom
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
$124,388
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
8.29%
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%
$2,487,760
$2.5M
Cap Rate 7%
$1,776,971
$1.8M
Cap Rate 9%
$1,382,089
$1.4M
Market Conditions
NOI Build-Up for 3,500 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
$189.0K $54.00/SF
− Vacancy
−$11.3K −$3.23/SF
EGI
$177.7K $50.77/SF
− OpEx
−$53.3K −$15.23/SF
NOI
$124.4K $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%
$2,487,760
Cap Rate 7%
$1,776,971
Cap Rate 9%
$1,382,089
Alternative Uses
Best Use
Multifamily LT 5
$1.78M
$1.55M – $2.07M
NOI $124,388 @ 7.0% cap · market cap 8.29%
Second Best
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,635 @ 7.0% cap · market cap 7.58%
Theoretical Best
Specialty Retail
$17.10M
$14.96M – $19.95M
NOI $1,196,724 @ 7.0% cap · market cap 79.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,372
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 - Two residential flats feature two bedrooms, one bathroom, and a sunroom, with a shared yard for outdoor use.
Where is this duplex located?
The property is located at 1534-1536 Balboa St San Francisco, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Fully tenant‑occupied duplex with a reported 4.7% cap rate; 3,500‑square‑foot building constructed in 1923; Two flats, each with 2bd/1ba and a sunroom
