Two-Unit Duplex with
For Sale
Contact for pricing
600-602 39th Avenue, San Francisco, CA 94121
Two separate residences include a larger occupied flat, a vacant lower unit, and shared outdoor space.
Property Size2,980 SF
Price / SF$553.69
Days on Market137
Property Features for 600-602 39th Avenue
General Information
Standard status
Active
Size
2,980 SF
Total Parking Spaces
1
Property subtype
Multifamily
Zoning
RH-2
Investment Type
Owner/User
Units
Unit Mix
1 x 4BR/2.5BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
washer/dryer
shared backyard
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Kevin S Wong
Listed By:
Anna Yu · License #01331542
Source:
Crexi
Added: Apr 16
Changed: Aug 29
Last Checked: Aug 29 at 7:11PM
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 Kevin S Wong
Investment Insights
Based on property information with market context.
This 2,980-square-foot duplex, built in 1924, contains two distinct residences. The upper flat is tenant occupied and offers 4 bedrooms and 2.5 bathrooms, while the lower residence is vacant with 1 bedroom and 1 bathroom. A 1-car garage includes a washer and dryer, and the shared backyard can accommodate a second vehicle. The property is zoned RH-2.
Located at 600-602 39th Avenue in San Francisco’s Outer Richmond, the duplex is 1 block from Balboa Avenue restaurants and cafes, 1 block from MUNI 38, and 2 blocks from MUNI 31. Legion of Honor, Land’s End, Golden Gate Park, and Ocean Beach are also identified as nearby destinations with quick access from the property.
Located at 600-602 39th Avenue in San Francisco’s Outer Richmond, the duplex is 1 block from Balboa Avenue restaurants and cafes, 1 block from MUNI 38, and 2 blocks from MUNI 31. Legion of Honor, Land’s End, Golden Gate Park, and Ocean Beach are also identified as nearby destinations with quick access from the property.
Key Highlights
- 2,980‑square‑foot duplex built in 1924
- Upper unit: 4 bed/2.5 bath flat, tenant occupied
- Lower unit: 1 bed/1 bath residence, vacant
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
$105,908
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
6.42%
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%
$2,118,160
$2.1M
Cap Rate 7%
$1,512,971
$1.5M
Cap Rate 9%
$1,176,756
$1.2M
Market Conditions
NOI Build-Up for 2,980 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
$160.9K $54.00/SF
− Vacancy
−$9.6K −$3.23/SF
EGI
$151.3K $50.77/SF
− OpEx
−$45.4K −$15.23/SF
NOI
$105.9K $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%
$2,118,160
Cap Rate 7%
$1,512,971
Cap Rate 9%
$1,176,756
Alternative Uses
Best Use
Multifamily LT 5
$1.51M
$1.32M – $1.77M
NOI $105,908 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,752 @ 7.0% cap · market cap 5.86%
Theoretical Best
Specialty Retail
$14.56M
$12.74M – $16.98M
NOI $1,018,925 @ 7.0% cap · market cap 61.75%
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
718
Businesses Nearby
Explore this area
Business Placement
Demographics for 94121, CA
43,115
Population
19,742
Households
2.2
Avg Household Size
42
Median Age
64%
College-Educated
92%
High-School Grad
2.5 sq mi
ZIP Area
17,246
Density / Sq Mi
$138,353
Median Household Income
$74,646
Median Earnings
$2,327
Median Rent
$1,634,600
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 separate residences include a larger occupied flat, a vacant lower unit, and shared outdoor space.
Where is this duplex located?
The property is located at 600-602 39th Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 2,980‑square‑foot duplex built in 1924; Upper unit: 4 bed/2.5 bath flat, tenant occupied; Lower unit: 1 bed/1 bath residence, vacant
