Two-Unit Duplex with Vacant
For Sale
$1,798,000
Pending
616-618 Masonic Avenue, San Francisco, CA 94117
One residence generates income while the other is vacant for leasing or renovation planning.
Property Size3,965 SF
Days on Market95
Property Features for 616-618 Masonic Avenue
General Information
Standard status
Pending
Size
3,965 SF
Property subtype
Multi Family
Building Details
Year Built
1919
Listing Agency:
eXp Realty of California Inc
(650) 766-1462
Listed By:
Michael Dhanuwidjaja · License #02164781
(650) 766-1462
Source:
Exitrealty
Added: May 29
Changed: Aug 31
Last Checked: Aug 30 at 3:56PM
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 eXp Realty of California Inc
Investment Insights
Based on property information with market context.
Built in 1919, this San Francisco duplex contains 3965 SF across two residential units. The current configuration includes a two-bedroom, one-bath residence that generates income and a vacant three-bedroom, one-and-a-half-bath residence. The separate unit status supports distinct leasing, renovation, and repositioning considerations within the existing asset.
The property is located at 616-618 Masonic Avenue near the University of San Francisco, the Panhandle, public transportation, neighborhood retail, dining, and Panhandle Park. Interior and exterior modernization are identified as potential improvement paths. Expansion within the existing building envelope may also be possible, subject to buyer verification.
The property is located at 616-618 Masonic Avenue near the University of San Francisco, the Panhandle, public transportation, neighborhood retail, dining, and Panhandle Park. Interior and exterior modernization are identified as potential improvement paths. Expansion within the existing building envelope may also be possible, subject to buyer verification.
Key Highlights
- Two‑unit duplex totaling 3965 SF
- Two‑bedroom, one‑bath unit currently generating income
- Vacant three‑bedroom, one‑and‑a‑half‑bath 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
$140,914
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
7.84%
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%
$2,818,280
$2.8M
Cap Rate 7%
$2,013,057
$2.0M
Cap Rate 9%
$1,565,711
$1.6M
Market Conditions
NOI Build-Up for 3,965 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
$214.1K $54.00/SF
− Vacancy
−$12.8K −$3.23/SF
EGI
$201.3K $50.77/SF
− OpEx
−$60.4K −$15.23/SF
NOI
$140.9K $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%
$2,818,280
Cap Rate 7%
$2,013,057
Cap Rate 9%
$1,565,711
Alternative Uses
Best Use
Multifamily LT 5
$2.01M
$1.76M – $2.35M
NOI $140,914 @ 7.0% cap · market cap 7.84%
Second Best
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $128,732 @ 7.0% cap · market cap 7.16%
Theoretical Best
Specialty Retail
$19.37M
$16.95M – $22.60M
NOI $1,355,718 @ 7.0% cap · market cap 75.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 94117, CA
38,451
Population
19,709
Households
2
Avg Household Size
36
Median Age
78%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
29,578
Density / Sq Mi
$175,096
Median Household Income
$106,542
Median Earnings
$2,786
Median Rent
$1,641,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One residence generates income while the other is vacant for leasing or renovation planning.
Where is this duplex located?
The property is located at 616-618 Masonic Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $1,798,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3965 SF; Two‑bedroom, one‑bath unit currently generating income; Vacant three‑bedroom, one‑and‑a‑half‑bath unit
