Two-Unit Duplex with Private
New
For Sale
$1,495,000
4007-4009 22nd Street, San Francisco, CA 94114
Two vacant one-bedroom flats include separate outdoor decks, with a garage and rear patio at the lower level.
Property Size2,115 SF
Price / SF$706.86
Days on Market3
Property Features for 4007-4009 22nd Street
General Information
Standard status
Active
Size
2,115 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Amenities
deck
garage
patio
Building Details
Year Built
1912
Buildings
1
Listing Agency:
Compass
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 11:39AM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1912, this 2,115-square-foot duplex contains two vacant one-bedroom flats, each with its own deck. A garage and rear patio occupy the lower level. The property also has south-facing views toward Twin Peaks and across the surrounding neighborhood.
The building is on 22nd Street in Noe Valley, near Alvarado Elementary. Expansion concepts described for the property include a three-bedroom, two-bath residence above an ADU; any such work would require approvals.
The building is on 22nd Street in Noe Valley, near Alvarado Elementary. Expansion concepts described for the property include a three-bedroom, two-bath residence above an ADU; any such work would require approvals.
Key Highlights
- Two vacant one‑bedroom flats, each with an individual deck
- 2,115‑square‑foot duplex built in 1912
- Lower level includes a garage and rear patio
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
$75,166
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
5.03%
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%
$1,503,320
$1.5M
Cap Rate 7%
$1,073,800
$1.1M
Cap Rate 9%
$835,178
$835.2K
Market Conditions
NOI Build-Up for 2,115 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
$114.2K $54.00/SF
− Vacancy
−$6.8K −$3.23/SF
EGI
$107.4K $50.77/SF
− OpEx
−$32.2K −$15.23/SF
NOI
$75.2K $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%
$1,503,320
Cap Rate 7%
$1,073,800
Cap Rate 9%
$835,178
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$939.6K – $1.25M
NOI $75,166 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$981.0K
$858.4K – $1.14M
NOI $68,668 @ 7.0% cap · market cap 4.59%
Theoretical Best
Specialty Retail
$10.33M
$9.04M – $12.05M
NOI $723,163 @ 7.0% cap · market cap 48.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 94114, CA
33,683
Population
18,686
Households
1.8
Avg Household Size
40
Median Age
79%
College-Educated
98%
High-School Grad
1.4 sq mi
ZIP Area
24,059
Density / Sq Mi
$196,528
Median Household Income
$117,677
Median Earnings
$2,898
Median Rent
$1,771,700
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 vacant one-bedroom flats include separate outdoor decks, with a garage and rear patio at the lower level.
Where is this duplex located?
The property is located at 4007-4009 22nd Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Two vacant one‑bedroom flats, each with an individual deck; 2,115‑square‑foot duplex built in 1912; Lower level includes a garage and rear patio
