Two-Unit Duplex with
For Sale
$1,150,000
646-648 Madrid Street, San Francisco, CA 94112
Residential Income, San Francisco, CA
Property Size1,400 SF
Lot Size0.06 Acres
Price / SF$821.43
Days on Market35
Property Features for 646-648 Madrid Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2
Appliances
Free-Standing Refrigerator, Gas Cooktop
Lot features
Shape Regular, Shape Regular
View
City
Directions
travel down mission towards downtown, make a right turn on russia and then another right turn on madrid
Subdivision
SF District 10
Standard status
Active
APN
6275009
Size
1,400 SF
Lot size
0.06 Acres
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Amenities
backyard
storage area
Building Details
Year built
1905
Floors in Building
2
Number of units
2
Flooring type
Parquet Wood
Architectural style
Contemporary
Listing Agency:
Century 21 Masters · Century 21 Real Estate
(415) 213-1600
Listed By:
Sunny S Lau · License #01348288
(415) 517-2828
Added: Jul 30
Changed: Aug 19
Last Checked: Sep 2 at 5:06PM
MLS# 426150662
Copyright © 2026 San Francisco Association of REALTORS. 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 1905 duplex contains approximately 1,400 square feet across two residential units. Each unit is described with two bedrooms, one bathroom, a living room, kitchen, and dinette area. The kitchens receive natural light, while parquet wood flooring and central heating add established interior features. The lower level also includes an additional room, and the property has a large backyard plus basement storage with uneven height and a sloped configuration.
The top-floor unit is tenant occupied and subject to tenant rights. One room on the lower level is leased; the entire lower level can be delivered vacant at closing. Public water and public sewer serve the property, with electricity available. The duplex is near shops, restaurants, transportation, and a playground in San Francisco’s 94112 ZIP code.
The top-floor unit is tenant occupied and subject to tenant rights. One room on the lower level is leased; the entire lower level can be delivered vacant at closing. Public water and public sewer serve the property, with electricity available. The duplex is near shops, restaurants, transportation, and a playground in San Francisco’s 94112 ZIP code.
Key Highlights
- Two‑unit duplex with approximately 1,400 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Large backyard plus basement storage area
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
$56,389
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
4.90%
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%
$1,127,780
$1.1M
Cap Rate 7%
$805,557
$805.6K
Cap Rate 9%
$626,544
$626.5K
Market Conditions
NOI Build-Up for 1,400 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
$85.7K $61.20/SF
− Vacancy
−$5.1K −$3.66/SF
EGI
$80.6K $57.54/SF
− OpEx
−$24.2K −$17.26/SF
NOI
$56.4K $40.28/SF
Area
ZIP 94112
Vacancy
5.98%
Lease Rate
$61.20 /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%
$1,127,780
Cap Rate 7%
$805,557
Cap Rate 9%
$626,544
Alternative Uses
Best Use
Multifamily LT 5
$805.6K
$704.9K – $939.8K
NOI $56,389 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$729.7K
$638.5K – $851.4K
NOI $51,081 @ 7.0% cap · market cap 4.44%
Theoretical Best
—
—
same as Best Use
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
1,734
Businesses Nearby
Explore this area
Business Placement
Demographics for 94112, CA
79,314
Population
24,530
Households
3.2
Avg Household Size
42
Median Age
36%
College-Educated
80%
High-School Grad
3.3 sq mi
ZIP Area
24,035
Density / Sq Mi
$130,906
Median Household Income
$55,744
Median Earnings
$2,326
Median Rent
$1,159,600
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 - San Francisco duplex with two residential units, basement storage, and access to shops, restaurants, transportation, and a playground.
Where is this duplex located?
The property is located at 646-648 Madrid Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,400 square feet; Each unit includes 2 bedrooms and 1 bathroom; Large backyard plus basement storage area
