Two-Unit Duplex
For Sale
$4,750,000
674-676 23rd Avenue, San Francisco, CA 94121
Separate residences and additional ground-level rooms support owner-occupancy, extended-family living, or investment use.
Property Size5,296 SF
Price / SF$896.90
Days on Market11
Property Features for 674-676 23rd Avenue
General Information
Standard status
Active
Size
5,296 SF
Property subtype
Multi-Family
Amenities
deck
solar energy system
Building Details
Year Built
2001
Tenancy
Multi
Listing Agency:
Colliers International
Listed By:
Readdress
(415) 275-0229
Source:
Readdress
Added: Sep 14
Changed: Sep 23
Last Checked: Sep 22 at 4:53PM
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 Colliers International
Investment Insights
Based on property information with market context.
This 5,296-square-foot duplex, built in 2001, contains two residences with substantial living space and flexible bedroom configurations. The upper home spans two levels and includes 3 bedrooms, 4 bathrooms, a family room, a primary suite with a private deck, and another deck adjoining the family room. The lower residence offers 3 bedrooms, 2 bathrooms, and an open-concept layout. At ground level, 2 additional bedrooms, 1 bathroom, and a living room provide space for guests, work-from-home use, or possible integration with the lower residence, subject to verification.
An owned solar energy system serves the property. The San Francisco address is 674-676 23rd Avenue, San Francisco, CA 94121. The property is described as potentially eligible for a fast-track condo conversion, while buyers should independently confirm eligibility, timing, and requirements with the City and their advisors. The source information also states that the 2001 construction date may place the property outside most San Francisco rent-control provisions.
An owned solar energy system serves the property. The San Francisco address is 674-676 23rd Avenue, San Francisco, CA 94121. The property is described as potentially eligible for a fast-track condo conversion, while buyers should independently confirm eligibility, timing, and requirements with the City and their advisors. The source information also states that the 2001 construction date may place the property outside most San Francisco rent-control provisions.
Key Highlights
- Two‑unit duplex totaling 5,296 sq ft
- Upper residence spans 2 levels with 3 bedrooms and 4 bathrooms
- Lower residence includes 3 bedrooms, 2 bathrooms, and an open‑concept floor plan
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
$188,218
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
3.96%
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%
$3,764,360
$3.8M
Cap Rate 7%
$2,688,829
$2.7M
Cap Rate 9%
$2,091,311
$2.1M
Market Conditions
NOI Build-Up for 5,296 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
$286.0K $54.00/SF
− Vacancy
−$17.1K −$3.23/SF
EGI
$268.9K $50.77/SF
− OpEx
−$80.7K −$15.23/SF
NOI
$188.2K $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%
$3,764,360
Cap Rate 7%
$2,688,829
Cap Rate 9%
$2,091,311
Alternative Uses
Best Use
Multifamily LT 5
$2.69M
$2.35M – $3.14M
NOI $188,218 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $171,945 @ 7.0% cap · market cap 3.62%
Theoretical Best
Specialty Retail
$25.87M
$22.64M – $30.18M
NOI $1,810,815 @ 7.0% cap · market cap 38.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,614
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 - Separate residences and additional ground-level rooms support owner-occupancy, extended-family living, or investment use.
Where is this duplex located?
The property is located at 674-676 23rd Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 5,296 sq ft; Upper residence spans 2 levels with 3 bedrooms and 4 bathrooms; Lower residence includes 3 bedrooms, 2 bathrooms, and an open‑concept floor plan
