Income-Producing
For Sale
Under Contract
$1,798,000
616-618 Masonic AVE, San Francisco, CA 94117
Residential Income (2-4 units), SAN FRANCISCO, CA
Property Size3,965 SF
Lot Size0.06 Acres
Price / SF$453.47
Days on Market45
Property Features for 616-618 Masonic AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RH2
Bedrooms
5
Rooms
Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bedroom 1
Parking features
Garage - Attached
Subdivision
6 - North Panhandle
Standard status
Active Under Contract
Size
3,965 SF
Lot size
0.06 Acres
Utilities
Heating system
Forced Air, Central
Water source
Public
Building Details
Year built
1919
Number of units
2
Listing Agency:
eXp Realty of California Inc
8885849427x119
Listed By:
Michael Dhanuwidjaja · License #02164781
(650) 766-1462
Added: Jul 16
Changed: Aug 25
Last Checked: Aug 29 at 8:06PM
MLS# ML82049001
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 two-unit property contains 3,965 square feet and was built in 1919. The unit mix includes a two-bedroom, one-bath residence that is currently generating income and a vacant three-bedroom, one-and-a-half-bath residence. Central and forced-air heating serve the building, which also includes an attached garage and public water service.
Located at 616-618 Masonic Avenue in San Francisco, the property is near the University of San Francisco, the Panhandle, public transportation, neighborhood retail, dining, and Panhandle Park. RH2 zoning is identified for the property. The existing building envelope may offer expansion potential, subject to buyer verification.
Located at 616-618 Masonic Avenue in San Francisco, the property is near the University of San Francisco, the Panhandle, public transportation, neighborhood retail, dining, and Panhandle Park. RH2 zoning is identified for the property. The existing building envelope may offer expansion potential, subject to buyer verification.
Key Highlights
- Two‑unit property with 3,965 square feet, built in 1919
- Unit mix includes 2 bedrooms and 1 bath plus 3 bedrooms and 1.5 baths
- One unit currently generates income; the other is 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
$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
Lease Details
2
Residential units
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 unit is leased while the second is vacant for immediate lease-up or renovation.
Where is this duplex located?
The property is located at 616-618 Masonic AVE 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 property with 3,965 square feet, built in 1919; Unit mix includes 2 bedrooms and 1 bath plus 3 bedrooms and 1.5 baths; One unit currently generates income; the other is vacant
