Vacant Two-Unit Residential
For Sale
$2,300,000
164 Bernard Street, San Francisco, CA 94109
Two-level, permitted 2-unit property with five bedrooms, three bathrooms, and an eat-in kitchen.
Property Size2,280 SF
Price / SF$1,008
Days on Market322
Property Features for 164 Bernard Street
General Information
Standard status
Active
Size
2,280 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
2,280 SF
Year Built
1908
Stories
2
Tenancy
Multi
Listing Agency:
Vanguard Properties
Listed By:
Tasha Delancy · License #02024301
Source:
Cityrealestatesf
Added: Sep 26, 2025
Changed: Aug 8
Last Checked: Aug 12 at 2:08PM
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 Vanguard Properties
Investment Insights
Based on property information with market context.
This 2,300-square-foot, two-level residential property is configured as a technically 2-unit building but “lives like” a single-family home. It features five bedrooms and three bathrooms, along with a spacious kitchen with an eat-in dining area. The property is described as having been completed with proper permits and will be delivered vacant at the close of escrow.
The offering is at 164 Bernard Street in San Francisco, CA 94109. The remarks indicate the potential to build a rooftop with views of the Bay and the Golden Gate Bridge.
For buyers seeking a permitted two-unit residential setup delivered vacant, this home offers a comfortable, house-like layout with a substantial kitchen/dining arrangement within the existing footprint.
The offering is at 164 Bernard Street in San Francisco, CA 94109. The remarks indicate the potential to build a rooftop with views of the Bay and the Golden Gate Bridge.
For buyers seeking a permitted two-unit residential setup delivered vacant, this home offers a comfortable, house-like layout with a substantial kitchen/dining arrangement within the existing footprint.
Key Highlights
- 1908‑built two‑level home with 2,300 SF and five bedrooms plus three bathrooms
- Permitted 2‑unit property delivered vacant at close of escrow
- Layout includes an eat‑in kitchen and spacious kitchen 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
$76,529
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
3.33%
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%
$1,530,580
$1.5M
Cap Rate 7%
$1,093,271
$1.1M
Cap Rate 9%
$850,322
$850.3K
Market Conditions
NOI Build-Up for 2,280 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
$116.3K $51.00/SF
− Vacancy
−$7.0K −$3.05/SF
EGI
$109.3K $47.95/SF
− OpEx
−$32.8K −$14.39/SF
NOI
$76.5K $33.57/SF
Area
ZIP 94109
Vacancy
5.98%
Lease Rate
$51.00 /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%
$1,530,580
Cap Rate 7%
$1,093,271
Cap Rate 9%
$850,322
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$956.6K – $1.28M
NOI $76,529 @ 7.0% cap · market cap 3.33%
Second Best
Apartment 5plus
$972.9K
$851.3K – $1.14M
NOI $68,103 @ 7.0% cap · market cap 2.96%
Theoretical Best
Retail
$10.39M
$9.10M – $12.13M
NOI $727,608 @ 7.0% cap · market cap 31.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
15,416
Businesses Nearby
Explore this area
Business Placement
Demographics for 94109, CA
58,501
Population
39,043
Households
1.5
Avg Household Size
38
Median Age
65%
College-Educated
90%
High-School Grad
1.1 sq mi
ZIP Area
53,183
Density / Sq Mi
$112,201
Median Household Income
$89,841
Median Earnings
$2,172
Median Rent
$1,390,000
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 - Two-level, permitted 2-unit property with five bedrooms, three bathrooms, and an eat-in kitchen.
Where is this duplex located?
The property is located at 164 Bernard Street San Francisco, CA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 1908‑built two‑level home with 2,300 SF and five bedrooms plus three bathrooms; Permitted 2‑unit property delivered vacant at close of escrow; Layout includes an eat‑in kitchen and spacious kitchen area
