Three-Level Victorian Duplex
New
For Sale
$1,499,999
271 Austin ST, San Francisco, CA 94109
Residential Income (2-4 units), SAN FRANCISCO, CA
Property Size2,721 SF
Lot Size0.03 Acres
Price / SF$551.27
Days on Market6
Property Features for 271 Austin ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
NC3
Parking features
On Street
Subdivision
8 - Van Ness/Civic Center
Standard status
Active
Size
2,721 SF
Lot size
0.03 Acres
Utilities
Heating system
Forced Air, Central
Cooling system
Central Air
Water source
Public
Amenities
skylight
private patio
deck
storage
Building Details
Year built
1909
Number of units
2
Roof type
Tar/Gravel
Listing Agency:
KW Advisors · Keller Williams Realty
(650) 627-3700
Listed By:
Alina Siert · License #01893238
(408) 712-7692
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 6:06PM
MLS# ML82058823
Copyright © 2026 MLS Listings, Inc. 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 three-level Victorian property was built in 1909 and is delivered vacant after serving as an office. The existing arrangement includes eight private offices, reception, two conference rooms, open work areas, storage, and a kitchen on the top floor that connects to a private patio. Each floor has a bathroom, while double-hung windows, a decorative glass skylight, natural light, decks, and a rear yard retain the building’s period character. Heating is provided by forced air and central systems, with central air conditioning and a tar/gravel roof.
NC3 zoning permits residential and commercial use. The property is located at 271 Austin ST in San Francisco, near Polk Street’s cafes, restaurants, and shops. Muni, BART, Golden Gate Transit, and the 49 Van Ness BRT provide nearby transit access. The property is offered as-is, with permitted use, conversion feasibility, permits, and measurements subject to buyer verification.
NC3 zoning permits residential and commercial use. The property is located at 271 Austin ST in San Francisco, near Polk Street’s cafes, restaurants, and shops. Muni, BART, Golden Gate Transit, and the 49 Van Ness BRT provide nearby transit access. The property is offered as-is, with permitted use, conversion feasibility, permits, and measurements subject to buyer verification.
Key Highlights
- NC3 zoning allows residential and commercial use
- 1909 three‑level Victorian building delivered vacant
- Existing office layout with 8 private offices and 2 conference rooms
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
$91,331
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
6.09%
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%
$1,826,620
$1.8M
Cap Rate 7%
$1,304,729
$1.3M
Cap Rate 9%
$1,014,789
$1.0M
Market Conditions
NOI Build-Up for 2,721 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
$138.8K $51.00/SF
− Vacancy
−$8.3K −$3.05/SF
EGI
$130.5K $47.95/SF
− OpEx
−$39.1K −$14.39/SF
NOI
$91.3K $33.57/SF
Area
ZIP 94109
Vacancy
5.98%
Lease Rate
$51.00 /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%
$1,826,620
Cap Rate 7%
$1,304,729
Cap Rate 9%
$1,014,789
Alternative Uses
Best Use
Multifamily LT 5
$1.30M
$1.14M – $1.52M
NOI $91,331 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$1.16M
$1.02M – $1.35M
NOI $81,275 @ 7.0% cap · market cap 5.42%
Theoretical Best
Retail
$12.40M
$10.85M – $14.47M
NOI $868,343 @ 7.0% cap · market cap 57.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
11,623
Businesses Nearby
Explore this area
Business Placement
Demographics for 94109, CA
58,501
Population
39,043
Households
1.5
Avg Household Size
38
Median Age
65%
College-Educated
90%
High-School Grad
1.1 sq mi
ZIP Area
53,183
Density / Sq Mi
$112,201
Median Household Income
$89,841
Median Earnings
$2,172
Median Rent
$1,390,000
Median Home Value
Market
Vacancy Rate% for Office in San Francisco, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant property with NC3 zoning and an existing office configuration across three levels.
Where is this duplex located?
The property is located at 271 Austin ST San Francisco, CA.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: NC3 zoning allows residential and commercial use; 1909 three‑level Victorian building delivered vacant; Existing office layout with 8 private offices and 2 conference rooms
