Two-Unit Duplex with Two-Bedroom
For Sale
$1,300,000
618 25th Avenue San, San Francisco, CA 94121
1946 duplex offering two separately metered residential units in San Francisco’s Richmond District.
Property Size2,448 SF
Lot Size0.06 Acres
Price / SF$531.05
Days on Market81
Property Features for 618 25th Avenue San
General Information
Standard status
Active
Size
2,448 SF
Lot size
0.06 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
Wall Furnace
Individual Electric Meters, Individual Gas Meters, Shingle
Building Details
Year Built
1946
Listing Agency:
Marcus & Millichap
(650) 391-1744
Listed By:
Robert Johnston · License #01853816
(650) 391-1744
Source:
Kw
Added: Jun 12
Changed: Aug 31
Last Checked: Aug 31 at 1:39AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This 1946 duplex contains 2,448 total square feet of gross livable area on a 2,500-square-foot parcel. The configuration includes two two-bedroom, one-bathroom apartments, providing a consistent unit layout across the property. Interior heating is provided by wall furnaces, while each unit has its own electric and gas meter. The exterior features shingle siding.
Located in San Francisco’s Richmond District, the property is near shopping, dining, transportation, major employers, and academic institutions. Shopping and dining options are within walking distance, adding convenience for residents. The 618–620 25th Avenue address supports a straightforward two-unit residential income property profile with separately metered utilities.
Located in San Francisco’s Richmond District, the property is near shopping, dining, transportation, major employers, and academic institutions. Shopping and dining options are within walking distance, adding convenience for residents. The 618–620 25th Avenue address supports a straightforward two-unit residential income property profile with separately metered utilities.
Key Highlights
- Two two‑bedroom, one‑bathroom apartments
- 2,448 total square feet of gross livable area
- 2,500‑square‑foot parcel
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
$87,001
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
6.69%
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%
$1,740,020
$1.7M
Cap Rate 7%
$1,242,871
$1.2M
Cap Rate 9%
$966,678
$966.7K
Market Conditions
NOI Build-Up for 2,448 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
$132.2K $54.00/SF
− Vacancy
−$7.9K −$3.23/SF
EGI
$124.3K $50.77/SF
− OpEx
−$37.3K −$15.23/SF
NOI
$87.0K $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%
$1,740,020
Cap Rate 7%
$1,242,871
Cap Rate 9%
$966,678
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.09M – $1.45M
NOI $87,001 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$1.14M
$993.5K – $1.32M
NOI $79,479 @ 7.0% cap · market cap 6.11%
Theoretical Best
Specialty Retail
$11.96M
$10.46M – $13.95M
NOI $837,023 @ 7.0% cap · market cap 64.39%
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
1,779
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 - 1946 duplex offering two separately metered residential units in San Francisco’s Richmond District.
Where is this duplex located?
The property is located at 618 25th Avenue San San Francisco, CA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Two two‑bedroom, one‑bathroom apartments; 2,448 total square feet of gross livable area; 2,500‑square‑foot parcel
