Two-Flat Duplex with
For Sale
$1,888,000
1916 Balboa Street, San Francisco, CA 94121
Residential Income, San Francisco, CA
Property Size3,090 SF
Lot Size0.06 Acres
Price / SF$611
Days on Market20
Property Features for 1916 Balboa Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 4, Laundry Room, Basement
Parking
2
Parking features
Garage, Tandem, On Street
Security features
Security
Appliances
Free-Standing Gas Range
Lot features
Garden, Shape Regular, Garden, Shape Regular
Subdivision
SF District 1
Standard status
Active
APN
1563 016
Size
3,090 SF
Lot size
0.06 Acres
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Central, Floor Furnace, Natural Gas
Water source
Public
Amenities
laundry hookups
fireplace
storage rooms
rear garden
Building Details
Year built
1925
Floors in Building
3
Number of units
2
Flooring type
Wood
Building materials
Stucco, Wood, Wood Siding
Roof type
Tar/Gravel
Architectural style
Other
Listing Agency:
eXp Realty of California, Inc
(888) 584-9427
Listed By:
Garrick Yan · License #01916102
(510) 999-8008
Added: Sep 13
Changed: Sep 30
Last Checked: Oct 2 at 4:06PM
MLS# 426162424
Copyright © 2026 San Francisco Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1925, this 3,090-square-foot duplex contains two traditional flats. Each residence has a living room with a fireplace, a formal dining room, a kitchen with a breakfast area, two bedrooms, and a sunroom or office. Wood floors and bay windows feature in the units, which are delivered vacant. Individual laundry hookups serve each flat.
The ground level includes a garage with two-car parking, two storage rooms, and access to a rear garden. The parcel measures 0.0573 acres. Partial views of the Golden Gate Bridge and Sutro Tower are noted. Balboa and Clement Street corridors offer nearby shops, cafes, and restaurants; Golden Gate Park, the Presidio, and Ocean Beach are also within reach.
The ground level includes a garage with two-car parking, two storage rooms, and access to a rear garden. The parcel measures 0.0573 acres. Partial views of the Golden Gate Bridge and Sutro Tower are noted. Balboa and Clement Street corridors offer nearby shops, cafes, and restaurants; Golden Gate Park, the Presidio, and Ocean Beach are also within reach.
Key Highlights
- Two vacant flats, each with two bedrooms and a sunroom or office
- 3,090 square feet on a 0.0573‑acre lot
- Garage provides 2‑car parking, plus 2 storage rooms
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
$109,817
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
5.82%
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%
$2,196,340
$2.2M
Cap Rate 7%
$1,568,814
$1.6M
Cap Rate 9%
$1,220,189
$1.2M
Market Conditions
NOI Build-Up for 3,090 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
$166.9K $54.00/SF
− Vacancy
−$10.0K −$3.23/SF
EGI
$156.9K $50.77/SF
− OpEx
−$47.1K −$15.23/SF
NOI
$109.8K $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%
$2,196,340
Cap Rate 7%
$1,568,814
Cap Rate 9%
$1,220,189
Alternative Uses
Best Use
Multifamily LT 5
$1.57M
$1.37M – $1.83M
NOI $109,817 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,323 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$15.09M
$13.21M – $17.61M
NOI $1,056,537 @ 7.0% cap · market cap 55.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,959
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are vacant and include individual laundry hookups, formal dining rooms, and two bedrooms.
Where is this duplex located?
The property is located at 1916 Balboa Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,888,000.
What are key features of this property?
This property features: Two vacant flats, each with two bedrooms and a sunroom or office; 3,090 square feet on a 0.0573‑acre lot; Garage provides 2‑car parking, plus 2 storage rooms
