Victorian Duplex
For Sale
$2,500,000
2654 2656 Bush Street, San Francisco, CA 94115
Victorian duplex featuring a fully remodeled upper unit, vaulted living room, solarium enclosure, shared backyard, and attached garage.
Property Size2,502 SF
Price / SF$999.20
Days on Market121
Property Features for 2654 2656 Bush Street
General Information
Standard status
Active
Size
2,502 SF
Property subtype
Multi-family
Amenities
vintage marble fireplace
solarium-style glass enclosure
shared backyard
Building Details
Year Built
1895
Construction
Victorian
Listing Agency:
KW Advisors East Bay
Listed By:
Trish Grima
(714) 497-3550
Source:
Sevengables
Added: May 28
Changed: Sep 24
Last Checked: Sep 24 at 9:45AM
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 East Bay
Investment Insights
Based on property information with market context.
Located at 2654–2656 Bush Street, this Victorian duplex offers 2,502 sq ft of classic San Francisco character with modern comfort. Built in 1895, the property includes an upper 3-bedroom, 2-bath unit that is fully remodeled. The upper unit features a light-filled kitchen that opens to a vaulted-ceiling living room anchored by a vintage marble fireplace. A solarium-style glass enclosure connects to the lush, shared backyard, bringing natural light to the home year-round.
The lower 2-bedroom, 1-bath unit is currently owner-occupied and includes a comfortable living room plus a kitchen with a breakfast nook. Outside, the shared backyard provides a shaded retreat with shade trees and bamboo.
An attached garage adds everyday convenience. The property is open to a 1031 exchange.
The lower 2-bedroom, 1-bath unit is currently owner-occupied and includes a comfortable living room plus a kitchen with a breakfast nook. Outside, the shared backyard provides a shaded retreat with shade trees and bamboo.
An attached garage adds everyday convenience. The property is open to a 1031 exchange.
Key Highlights
- 2,502 sq ft Victorian duplex built in 1895
- Upper unit: fully remodeled 3‑bed, 2‑bath with vaulted‑ceiling living room
- Vintage marble fireplace in the upper unit
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
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Current Use
Location Intelligence
Trade Area within ½ mile
7,982
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
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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 - Victorian duplex featuring a fully remodeled upper unit, vaulted living room, solarium enclosure, shared backyard, and attached garage.
Where is this duplex located?
The property is located at 2654 2656 Bush Street 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 sq ft Victorian duplex built in 1895; Upper unit: fully remodeled 3‑bed, 2‑bath with vaulted‑ceiling living room; Vintage marble fireplace in the upper unit
