Art Deco Duplex with View
For Sale
$2,695,000
2235-2237 Turk Boulevard, San Francisco, CA 94118
Two residences feature updated kitchens, in-unit laundry, formal living and dining rooms, and double-pane windows.
Property Size5,500 SF
Days on Market13
Property Features for 2235-2237 Turk Boulevard
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Duplex
Building Details
Building Size
5,500 SF
Year Built
1948
Listing Agency:
KW Advisors
Listed By:
Tim A Brown
(415) 334-0100
Source:
Adelaidamejiasf
Added: Sep 14
Changed: Sep 23
Last Checked: Sep 24 at 5:26PM
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 KW Advisors
Investment Insights
Based on property information with market context.
Built in 1948, this San Francisco duplex presents an Art Deco facade and two distinct residences within a 5,500-square-foot property. The upper home spans two levels with four bedrooms and three full bathrooms, including a penthouse primary suite with a walk-out deck and southerly views toward Buena Vista Park. A second ensuite bedroom completes the upper-level bedroom arrangement. The lower residence includes three bedrooms and two updated full bathrooms.
Both units offer modern kitchens with stainless steel appliances, formal living and dining rooms, in-unit laundry, double-pane windows, wood floors, and tall ceilings. Bedrooms are positioned toward the rear of the property. A garage accommodates two vehicles and includes storage space. Additional space is located behind the garage and on a partial level below it. Residents share access to a south-facing rear yard, while tenants are responsible for gas and electric costs.
Both units offer modern kitchens with stainless steel appliances, formal living and dining rooms, in-unit laundry, double-pane windows, wood floors, and tall ceilings. Bedrooms are positioned toward the rear of the property. A garage accommodates two vehicles and includes storage space. Additional space is located behind the garage and on a partial level below it. Residents share access to a south-facing rear yard, while tenants are responsible for gas and electric costs.
Key Highlights
- Two residences: upper unit with 4 bedrooms and 3 full bathrooms; lower unit with 3 bedrooms and 2 updated full bathrooms
- Upper residence includes a two‑level layout and penthouse primary suite with a walk‑out deck
- 5,500‑square‑foot property built in 1948
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
$195,468
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
7.25%
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%
$3,909,360
$3.9M
Cap Rate 7%
$2,792,400
$2.8M
Cap Rate 9%
$2,171,867
$2.2M
Market Conditions
NOI Build-Up for 5,500 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
$297.0K $54.00/SF
− Vacancy
−$17.8K −$3.23/SF
EGI
$279.2K $50.77/SF
− OpEx
−$83.8K −$15.23/SF
NOI
$195.5K $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%
$3,909,360
Cap Rate 7%
$2,792,400
Cap Rate 9%
$2,171,867
Alternative Uses
Best Use
Multifamily LT 5
$2.79M
$2.44M – $3.26M
NOI $195,468 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$2.55M
$2.23M – $2.98M
NOI $178,569 @ 7.0% cap · market cap 6.63%
Theoretical Best
Specialty Retail
$26.87M
$23.51M – $31.34M
NOI $1,880,567 @ 7.0% cap · market cap 69.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,910
Businesses Nearby
Explore this area
Business Placement
Demographics for 94118, CA
42,356
Population
19,052
Households
2.2
Avg Household Size
37
Median Age
72%
College-Educated
94%
High-School Grad
2.0 sq mi
ZIP Area
21,178
Density / Sq Mi
$159,550
Median Household Income
$92,946
Median Earnings
$2,695
Median Rent
$1,817,200
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 residences feature updated kitchens, in-unit laundry, formal living and dining rooms, and double-pane windows.
Where is this duplex located?
The property is located at 2235-2237 Turk Boulevard San Francisco, CA.
What is the asking price?
The asking price for this property is $2,695,000.
What are key features of this property?
This property features: Two residences: upper unit with 4 bedrooms and 3 full bathrooms; lower unit with 3 bedrooms and 2 updated full bathrooms; Upper residence includes a two‑level layout and penthouse primary suite with a walk‑out deck; 5,500‑square‑foot property built in 1948
