Vacant Two-Unit
For Sale
$2,400,000
2358 Jones St, San Francisco, CA 94133
Delivered empty, allowing new leases to be established from the outset.
Property Size2,436 SF
Days on Market15
Property Features for 2358 Jones St
General Information
Standard status
Active
Size
2,436 SF
Property subtype
Multifamily
Occupancy
97%
Additional Details
Asking Price
$2,400,000
Multifamily Units
2
Amenities
50% vacant, providing immediate flexibility for an owner-user or investor.
Premier Russian Hill location with a 98 Walk Score and strong renter demand.
Two spacious 2-bedroom units averaging approximately 1,218 SF each.
Building Details
Building Size
2,436 SF
Year Built
1917
Units
2
Listed By:
Rick Romano · License #License(s): CA: 02298397
(415) 625-2121
Source:
Marcusmillichap
Added: Sep 13
Changed: Sep 19
Last Checked: Sep 26 at 3:33AM
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 Rick Romano
Investment Insights
Based on property information with market context.
Located at 2358 Jones St in San Francisco’s Russian Hill neighborhood, this duplex contains two residential units and was constructed in 1917. The property is delivered 100% vacant, providing flexibility for establishing new tenancies without an existing occupancy commitment.
The surrounding Russian Hill setting offers access to retail, dining, recreation, and other residential amenities. The address places the property within a recognized San Francisco neighborhood while retaining the straightforward configuration of a two-unit residential asset.
The surrounding Russian Hill setting offers access to retail, dining, recreation, and other residential amenities. The address places the property within a recognized San Francisco neighborhood while retaining the straightforward configuration of a two-unit residential asset.
Key Highlights
- Two‑unit residential duplex in San Francisco’s Russian Hill neighborhood
- Constructed in 1917
- Delivered 100% vacant
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
$86,574
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
3.61%
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%
$1,731,480
$1.7M
Cap Rate 7%
$1,236,771
$1.2M
Cap Rate 9%
$961,933
$961.9K
Market Conditions
NOI Build-Up for 2,436 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
$131.5K $54.00/SF
− Vacancy
−$7.9K −$3.23/SF
EGI
$123.7K $50.77/SF
− OpEx
−$37.1K −$15.23/SF
NOI
$86.6K $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%
$1,731,480
Cap Rate 7%
$1,236,771
Cap Rate 9%
$961,933
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,574 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$1.13M
$988.6K – $1.32M
NOI $79,090 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$11.90M
$10.41M – $13.88M
NOI $832,920 @ 7.0% cap · market cap 34.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6,987
Businesses Nearby
Explore this area
Business Placement
Demographics for 94133, CA
26,751
Population
15,733
Households
1.7
Avg Household Size
41
Median Age
55%
College-Educated
80%
High-School Grad
0.7 sq mi
ZIP Area
38,216
Density / Sq Mi
$83,025
Median Household Income
$78,478
Median Earnings
$1,985
Median Rent
$1,519,100
Median Home Value
Check the figures for this property
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 - Delivered empty, allowing new leases to be established from the outset.
Where is this duplex located?
The property is located at 2358 Jones St San Francisco, CA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Two‑unit residential duplex in San Francisco’s Russian Hill neighborhood; Constructed in 1917; Delivered 100% vacant
