A San Francisco home valued at $1.8 million is now available for purchase at $488,000, but the new owners will not be able to occupy the property until 2053.

A house in San Francisco's trendy Russian Hill neighborhood is being sold for less than half of its value, but the listing is gaining popularity due to a unique condition for potential buyers.

The three-bedroom property constructed in 1924, which was listed earlier this month, is valued at $1.8 million but is currently being sold for $488,000, as per The San Francisco Standard.

The new owners won't be able to move in until 2053.

The house, measuring 1,100 square feet, boasts a driveway, garage, and fenced-in backyard, and is situated on a 3,262-square-foot lot.

The Park North Real Estate listing indicates that the home is currently occupied by tenants who may have occupancy rights for 30 years. The listing also states that the tenants pay $416.67 a month in rent, which includes utilities. According to the listing, the current lease appears to provide strong long-term rent rates for the tenants.

The property will be sold with the tenants still in place, making the new owners their new landlords.

To make a comfortable living in San Francisco, one needs to earn twice the average American salary, as per a May Moody's Analytics report.

The average home value in Russia Hill decreased by 5.1% to $1,468,100 over the past year.

A family feud is partly responsible for the unusual sale, as reported by The San Francisco Standard.

According to the media outlet, Sandra Lee, 83, and her daughter, Cheryl Lee, 66, are currently residing in the house, while Sandra's son, Todd Lee, is attempting to sell the property against her wishes.

According to The San Francisco Standard, Sandra stated that her stepfather, the original owner of the house, had written a lease before his death in 2018 that imposed long-term rent rate restrictions until 2053.

"If it wasn't for the lease that my son didn't know about, which was made in 2018, I wouldn't know where we'd be," she said. "It's unfathomable, the deception, the betrayal—this is my son doing this to me."

The seller and listing agent do not guarantee access to the home and recommend buyers review the seller disclosure package, which is only available by email request, and consult a lawyer before making an offer.

CNBC Make It did not receive an immediate response from the representatives of the Lee family and Park North Real Estate when requested for comment.

To become a successful and confident communicator, enroll in CNBC's online course, "Become an Effective Communicator: Master Public Speaking." Our program will teach you how to speak clearly and confidently, manage your nerves, choose the right words and body language, and make a great first impression. Sign up now and use code EARLYBIRD for a 30% discount through July 10, 2024.

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.