Two-Unit Duplex Income
For Sale
Contact for pricing
Pending
438-440 Lily Street, San Francisco, CA 94102
Duplex with a 1BD and a 2BD unit, both with period character and established long-term tenants.
Property Size1,560 SF
Days on Market87
Property Features for 438-440 Lily Street
General Information
Standard status
Pending
Size
1,560 SF
Property subtype
Retail
Zoning
RTO
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1900
Units
2
Tenancy
Multi
Listing Agency:
Urban Group Real Estate Inc
(415) 863-1775
Listed By:
Louis Cornejo · License #CA 01518102
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Jul 24 at 1:27PM
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 Urban Group Real Estate Inc
Investment Insights
Based on property information with market context.
This duplex features two residential units: a 1BD/1BA and a 2BD/1BA configuration, for approximately 1,560 square feet total. Both units are described as having spacious layouts, high ceilings, and classic period details. The building is fully occupied with long-term tenants in place.
The property is located on a quiet, tree-lined street in the Lower Haight neighborhood. Public transportation, dining, and retail are noted nearby, along with access to major employment centers and Hayes Valley.
For buyers seeking an owner-occupied or investment-ready income property, the current tenancy status is a practical factor, with both units reported as protected long term. Leases are noted as being with the SF Mayor's Office, and the current rents are described as below market. Disclosures are coming soon, and interested parties are instructed to send an email only to receive materials.
The property is located on a quiet, tree-lined street in the Lower Haight neighborhood. Public transportation, dining, and retail are noted nearby, along with access to major employment centers and Hayes Valley.
For buyers seeking an owner-occupied or investment-ready income property, the current tenancy status is a practical factor, with both units reported as protected long term. Leases are noted as being with the SF Mayor's Office, and the current rents are described as below market. Disclosures are coming soon, and interested parties are instructed to send an email only to receive materials.
Key Highlights
- Duplex built in 1900 with one 1BD/1BA unit and one 2BD/1BA unit
- Approx. 1,560 SF total with spacious layouts, high ceilings, and classic period details
- Fully occupied with long‑term, protected tenants
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
$55,442
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
8.53%
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%
$1,108,840
$1.1M
Cap Rate 7%
$792,029
$792.0K
Cap Rate 9%
$616,022
$616.0K
Market Conditions
NOI Build-Up for 1,560 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
$84.2K $54.00/SF
− Vacancy
−$5.0K −$3.23/SF
EGI
$79.2K $50.77/SF
− OpEx
−$23.8K −$15.23/SF
NOI
$55.4K $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%
$1,108,840
Cap Rate 7%
$792,029
Cap Rate 9%
$616,022
Alternative Uses
Best Use
Multifamily LT 5
$792.0K
$693.0K – $924.0K
NOI $55,442 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$723.6K
$633.1K – $844.2K
NOI $50,649 @ 7.0% cap · market cap 7.79%
Theoretical Best
Specialty Retail
$7.62M
$6.67M – $8.89M
NOI $533,397 @ 7.0% cap · market cap 82.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
8,290
Businesses Nearby
Explore this area
Business Placement
Demographics for 94102, CA
39,432
Population
23,153
Households
1.7
Avg Household Size
40
Median Age
42%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
56,331
Density / Sq Mi
$64,781
Median Household Income
$55,873
Median Earnings
$1,517
Median Rent
$996,300
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 - Duplex with a 1BD and a 2BD unit, both with period character and established long-term tenants.
Where is this duplex located?
The property is located at 438-440 Lily Street San Francisco, CA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Duplex built in 1900 with one 1BD/1BA unit and one 2BD/1BA unit; Approx. 1,560 SF total with spacious layouts, high ceilings, and classic period details; Fully occupied with long‑term, protected tenants
