Vacant Duplex with Private
For Sale
$850,000
2109 22nd St, San Francisco, CA 94107
Residential Income, San Francisco, CA
Property Size752 SF
Lot Size0.04 Acres
Price / SF$1,130
Days on Market109
Property Features for 2109 22nd St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Fireplace
1
Directions
Potrero - 23rd - Kansas
Subdivision
Listing
Standard status
Active
APN
4158 066
Size
752 SF
Lot size
0.04 Acres
Utilities
Sewer type
Public Sewer
Heating system
Fireplace(s)
Water source
Public
Amenities
private deck
expansive patio
Building Details
Year built
1946
Number of units
2
Flooring type
Tile, Carpet
Building materials
Stucco
Roof type
Composition
Listing Agency:
Golden Gate Sotheby's Int'l Re · Sotheby's International Realty
(510) 542-2600
Listed By:
Herman Chan · License #01395481
(415) 787-3450
Added: May 13
Changed: Aug 19
Last Checked: Aug 29 at 8:06PM
MLS# 41134522
Copyright © 2026 Contra Costa 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.
This vacant duplex contains two compact residences within a 752-square-foot property built in 1946. The upper residence includes a private deck, while the lower residence opens to a large patio. Interior finishes include tile and carpet, with fireplace(s), stucco construction, a composition roof, and two bathrooms. Public water and public sewer serve the property.
The property is located in Potrero Hill at 2109 22nd St in San Francisco. Freeway access is nearby, with Zuckerberg San Francisco General, UCSF Mission Bay, and Whole Foods also identified in the surrounding area. The 0.043-acre lot offers outdoor space beyond the building footprint.
The property is located in Potrero Hill at 2109 22nd St in San Francisco. Freeway access is nearby, with Zuckerberg San Francisco General, UCSF Mission Bay, and Whole Foods also identified in the surrounding area. The 0.043-acre lot offers outdoor space beyond the building footprint.
Key Highlights
- Vacant duplex with two residences and 752 square feet of property size
- Upper residence includes a private deck; lower residence opens to an expansive patio
- 0.043‑acre lot in Potrero Hill at 2109 22nd St, San Francisco, CA 94107
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
$26,726
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
3.14%
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%
$534,520
$534.5K
Cap Rate 7%
$381,800
$381.8K
Cap Rate 9%
$296,956
$297.0K
Market Conditions
NOI Build-Up for 752 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
$40.6K $54.00/SF
− Vacancy
−$2.4K −$3.23/SF
EGI
$38.2K $50.77/SF
− OpEx
−$11.5K −$15.23/SF
NOI
$26.7K $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%
$534,520
Cap Rate 7%
$381,800
Cap Rate 9%
$296,956
Alternative Uses
Best Use
Multifamily LT 5
$381.8K
$334.1K – $445.4K
NOI $26,726 @ 7.0% cap · market cap 3.14%
Second Best
Apartment 5plus
$348.8K
$305.2K – $406.9K
NOI $24,415 @ 7.0% cap · market cap 2.87%
Theoretical Best
Specialty Retail
$3.67M
$3.21M – $4.29M
NOI $257,125 @ 7.0% cap · market cap 30.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,320
Businesses Nearby
Explore this area
Business Placement
Demographics for 94107, CA
34,012
Population
18,798
Households
1.8
Avg Household Size
36
Median Age
77%
College-Educated
93%
High-School Grad
1.9 sq mi
ZIP Area
17,901
Density / Sq Mi
$186,123
Median Household Income
$118,676
Median Earnings
$3,378
Median Rent
$1,227,000
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 compact residences provide separate living areas, outdoor space, and a flexible configuration in Potrero Hill.
Where is this duplex located?
The property is located at 2109 22nd St San Francisco, CA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Vacant duplex with two residences and 752 square feet of property size; Upper residence includes a private deck; lower residence opens to an expansive patio; 0.043‑acre lot in Potrero Hill at 2109 22nd St, San Francisco, CA 94107
