Remodeled Duplex with In-Law
For Sale
$1,050,000
1888 20th Ave, San Francisco, CA 94122
Two month-to-month rental units include separate electric and gas meters for flexible occupancy arrangements.
Property Size1,472 SF
Days on Market51
Property Features for 1888 20th Ave
General Information
Standard status
Active
Size
1,472 SF
Total Parking Spaces
1
Property subtype
Multi Family Home
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
fireplace
laundry
Building Details
Building Size
1,472 SF
Year Built
1940
Buildings
1
Tenancy
Multi
Listing Agency:
ALAN SIU, BROKER
(510) 821-1386
Listed By:
Alan Siu · License #01713086
(510) 821-1386
Source:
Brucebaldwin
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 31 at 5:13PM
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 ALAN SIU, BROKER
Investment Insights
Based on property information with market context.
Built in 1940, this 1,472-square-foot duplex pairs period character with practical updates. The upper residence includes a remodeled kitchen with updated appliances and countertops, a generous bedroom, and a refreshed bathroom with both a separate tub and stall shower. A formal dining room provides adaptable office or guest-room space, while the living area features a fireplace. Hardwood flooring, three interior skylights, abundant natural light, and double-paned windows add to the interior appeal.
The lower in-law unit offers a spacious layout and double-paned windows. Both units are currently leased month-to-month and have separate electric and gas meters. A large one-car garage includes laundry facilities and substantial storage. The property is at 1888 20th Ave in San Francisco, near shopping, public transportation, and the shops and restaurants along Noriega Street.
The lower in-law unit offers a spacious layout and double-paned windows. Both units are currently leased month-to-month and have separate electric and gas meters. A large one-car garage includes laundry facilities and substantial storage. The property is at 1888 20th Ave in San Francisco, near shopping, public transportation, and the shops and restaurants along Noriega Street.
Key Highlights
- 1,472‑square‑foot duplex built in 1940
- Upper unit has a remodeled kitchen, updated appliances, and updated countertops
- Upper bath includes a separate tub and stall shower
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
$49,408
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
4.71%
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%
$988,160
$988.2K
Cap Rate 7%
$705,829
$705.8K
Cap Rate 9%
$548,978
$549.0K
Market Conditions
NOI Build-Up for 1,472 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
$75.1K $51.00/SF
− Vacancy
−$4.5K −$3.05/SF
EGI
$70.6K $47.95/SF
− OpEx
−$21.2K −$14.39/SF
NOI
$49.4K $33.57/SF
Area
ZIP 94122
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%
$988,160
Cap Rate 7%
$705,829
Cap Rate 9%
$548,978
Alternative Uses
Best Use
Multifamily LT 5
$705.8K
$617.6K – $823.5K
NOI $49,408 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$634.6K
$555.3K – $740.4K
NOI $44,423 @ 7.0% cap · market cap 4.23%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,106
Businesses Nearby
Explore this area
Business Placement
Demographics for 94122, CA
57,160
Population
24,155
Households
2.4
Avg Household Size
39
Median Age
63%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
17,321
Density / Sq Mi
$145,717
Median Household Income
$80,501
Median Earnings
$2,720
Median Rent
$1,507,100
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 month-to-month rental units include separate electric and gas meters for flexible occupancy arrangements.
Where is this duplex located?
The property is located at 1888 20th Ave San Francisco, CA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 1,472‑square‑foot duplex built in 1940; Upper unit has a remodeled kitchen, updated appliances, and updated countertops; Upper bath includes a separate tub and stall shower
