Duplex with Large
New
For Sale
$1,195,000
2025-2027 Lincoln Way, San Francisco, CA 94122
Two matching flats combine classic period details, updated kitchens, private laundry closets, and a spacious rear yard.
Property Size3,350 SF
Price / SF$356.72
Days on Market4
Property Features for 2025-2027 Lincoln Way
General Information
Standard status
Active
Size
3,350 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
fireplace
updated kitchen
breakfast area
in-unit washer/dryer
garage
rear yard
Building Details
Year Built
1925
Listing Agency:
Colliers International
(415) 275-0229
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 30 at 4:38PM
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 Colliers International
Investment Insights
Based on property information with market context.
This duplex contains two nearly matching flats, each with three bedrooms, two baths, a living room with an original fireplace, formal dining space, an updated kitchen with breakfast area, and a designated in-unit side-by-side washer and dryer closet. Each residence also includes a primary suite. The upper flat is vacant and ready for occupancy, while the middle-level flat is leased.
The property was built in 1925 and offers 3,350 square feet of property size. A side stairway connects the kitchen area to a large garage with generous ceiling height and parking for approximately 4-5 cars. The garage also has direct access from a separate street-level side entry, with potential for future ADU, additional living space, or workspace. A rear yard provides space for gardening, outdoor dining, barbecues, and gatherings. The property is across from Golden Gate Park and near the Irving Street commercial corridor, Judah MUNI, UCSF Medical Center, and Ocean Beach.
The property was built in 1925 and offers 3,350 square feet of property size. A side stairway connects the kitchen area to a large garage with generous ceiling height and parking for approximately 4-5 cars. The garage also has direct access from a separate street-level side entry, with potential for future ADU, additional living space, or workspace. A rear yard provides space for gardening, outdoor dining, barbecues, and gatherings. The property is across from Golden Gate Park and near the Irving Street commercial corridor, Judah MUNI, UCSF Medical Center, and Ocean Beach.
Key Highlights
- Two‑flat duplex with nearly matching three‑bedroom, two‑bath layouts
- Top‑floor flat is vacant; middle‑floor unit is currently rented
- Original fireplaces, formal dining rooms, updated kitchens, and breakfast areas
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
$101,099
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
8.46%
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%
$2,021,980
$2.0M
Cap Rate 7%
$1,444,271
$1.4M
Cap Rate 9%
$1,123,322
$1.1M
Market Conditions
NOI Build-Up for 3,350 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
$196.2K $58.56/SF
− Vacancy
−$12.4K −$3.69/SF
EGI
$183.8K $54.87/SF
− OpEx
−$82.7K −$24.69/SF
NOI
$101.1K $30.18/SF
Area
ZIP 94122
Vacancy
6.30%
Lease Rate
$58.56 /SF/Yr
Expense Ratio
45.00%
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%
$2,021,980
Cap Rate 7%
$1,444,271
Cap Rate 9%
$1,123,322
Alternative Uses
Best Use
Multifamily LT 5
$1.61M
$1.41M – $1.87M
NOI $112,443 @ 7.0% cap · market cap 9.41%
Second Best
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $101,099 @ 7.0% cap · market cap 8.46%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,458
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 matching flats combine classic period details, updated kitchens, private laundry closets, and a spacious rear yard.
Where is this duplex located?
The property is located at 2025-2027 Lincoln Way San Francisco, CA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Two‑flat duplex with nearly matching three‑bedroom, two‑bath layouts; Top‑floor flat is vacant; middle‑floor unit is currently rented; Original fireplaces, formal dining rooms, updated kitchens, and breakfast areas
