Victorian Duplex with
For Sale
$2,500,000
2654-2656 Bush St, San Francisco, CA 94115
MULTI_FAMILY - San Francisco, CA
Property Size2,502 SF
Lot Size0.06 Acres
Price / SF$999.20
Days on Market53
Property Features for 2654-2656 Bush St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 4
Parking
1
Exterior features
Back Yard
Appliances
Gas Water Heater
Subdivision
LOWER PAC HTS
Lot features
Back Yard
Standard status
Active
APN
1049 050
Size
2,502 SF
Lot size
0.06 Acres
Utilities
Sewer type
Public Sewer
Cooling system
Evaporative Cooling
Building Details
Year built
1895
Flooring type
Hardwood
Building materials
Wood Siding
Listing Agency:
KW Advisors East Bay · Keller Williams Realty
(510) 775-1079
Listed By:
Trish Grima · License #01439725
(510) 332-7795
Added: Jun 23
Changed: Aug 7
Last Checked: Aug 14 at 4:06PM
MLS# 41139293
Copyright © 2026 bridgeMLS. 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 1895, this 2,502-square-foot Victorian duplex occupies a 0.0631-acre parcel and includes two distinct residences. The upper unit offers three bedrooms and two bathrooms, along with a remodeled kitchen, vaulted-ceiling living room, vintage marble fireplace, and glass-enclosed solarium. The lower unit contains two bedrooms and one bathroom, plus a living room and kitchen with a breakfast nook; it is currently owner-occupied.
The property includes a shared backyard with shade trees and bamboo, an attached garage, hardwood flooring, wood siding, evaporative cooling, a gas water heater, and public sewer service. Located at 2654-2656 Bush St in San Francisco’s Lower Pacific Heights, the duplex combines historic construction with updated features in both a residential and income-producing configuration.
The property includes a shared backyard with shade trees and bamboo, an attached garage, hardwood flooring, wood siding, evaporative cooling, a gas water heater, and public sewer service. Located at 2654-2656 Bush St in San Francisco’s Lower Pacific Heights, the duplex combines historic construction with updated features in both a residential and income-producing configuration.
Key Highlights
- 2,502‑square‑foot Victorian duplex built in 1895
- Upper unit remodeled with 3 bedrooms and 2 bathrooms
- Lower unit includes 2 bedrooms and 1 bathroom; currently owner‑occupied
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
$88,920
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
3.56%
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%
$1,778,400
$1.8M
Cap Rate 7%
$1,270,286
$1.3M
Cap Rate 9%
$988,000
$988.0K
Market Conditions
NOI Build-Up for 2,502 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
$135.1K $54.00/SF
− Vacancy
−$8.1K −$3.23/SF
EGI
$127.0K $50.77/SF
− OpEx
−$38.1K −$15.23/SF
NOI
$88.9K $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%
$1,778,400
Cap Rate 7%
$1,270,286
Cap Rate 9%
$988,000
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $88,920 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$1.16M
$1.02M – $1.35M
NOI $81,233 @ 7.0% cap · market cap 3.25%
Theoretical Best
Specialty Retail
$12.22M
$10.69M – $14.26M
NOI $855,487 @ 7.0% cap · market cap 34.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,982
Businesses Nearby
Explore this area
Business Placement
Demographics for 94115, CA
35,853
Population
19,312
Households
1.9
Avg Household Size
38
Median Age
74%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
32,594
Density / Sq Mi
$154,264
Median Household Income
$103,538
Median Earnings
$2,380
Median Rent
$1,684,100
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-unit residence with a remodeled upper home, owner-occupied lower unit, shared backyard, and attached garage.
Where is this duplex located?
The property is located at 2654-2656 Bush St San Francisco, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 2,502‑square‑foot Victorian duplex built in 1895; Upper unit remodeled with 3 bedrooms and 2 bathrooms; Lower unit includes 2 bedrooms and 1 bathroom; currently owner‑occupied
