2275 California St · San Francisco, CA 94115

$4,500,000

9 bd · 3.0 ba · 6,000 sqft · MultiFamily public records · 4 Days on market

Built 1900 3,438 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +9.3/10.0
• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Introducing an iconic property with a storied history, the building at 2275 California St, San Francisco, CA, 94115 presents a compelling investment opportunity for a multifamily investor or prospective owner-occupier. Built in 1900 and boasting 6,000 SF situated on a 3,438 square foot lot, this RH2-zoned property comprises three units, exuding timeless architectural details and historic charm. With one-third of the units occupied, this well-maintained building offers a prospective owner-user or investor two (2) vacant units for owner move-in or the opportunity to rent out units at market rents immediately including a massive 4-bedroom / 2-bath, 2-story owner's unit. Its prime location in lower Pacific Heights adds to its allure, making it a reliable and sought-after investment in the revitalized San Francisco real estate market.

Key facts

• San francisco bay
• Sweeping views
• In unit laundry

Tags

• THREE UNIT TRIPLEX
• IN UNIT LAUNDRY
• PRIVATE STORAGE ROOMS
• LANDSCAPED SHARED BACKYARD
• SWEEPING VIEWS
• SAN FRANCISCO BAY

Property features AI

Finance

• Other: Approximately 6,000 total building area
• Financial info: Triplex with three units total: two leased and one vacant
• HOA & community: No association fee

Exterior

• Home design: Residential income property (Triplex); Three or more levels; Updated/remodeled; Built in 1900
• Construction: 1900 construction
• Exterior features: Yard space; Coastal topography

Interior

• Bedrooms: Nine bedrooms total; Unit breakdown includes a 3-bedroom owner’s unit and two additional apartments (one 3-bedroom and one 2-bedroom)
• Bathrooms: Six bathrooms total (four full, two partial)
• Interior features: Formal entry

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $4.50M.

Deal economics

• At list price, monthly cash flow is $-5k ($-54k/yr) — negative. Per door: $-2k/mo.
• To cash-flow at today's rent, offer at most $3.70M (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.81M (37.7% below list).
• Recommended offer: $2.81M (37.7% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.1% in San Francisco — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#90 in CA, #3,143 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Francisco Unified (urban): math 50% / reading 56% proficiency, ranked #322 of 1,400 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lilienthal (Claire) Elementary (669 students, 19% FRL); Giannini (A.P.) Middle (1,192 students, 34% FRL); Lowell High (2,632 students, 37% FRL) — zoned schools average 30% FRL vs 49% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+20.6%/yr); 64 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $28,051/mo this rent would consume 222% of the median local household income ($152k/yr) (locally 2151% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $414k of equity ($31k loan paydown + $383k appreciation (8.5% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$664k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $2.40M; list at $4.50M implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,805,100 (37.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.62% ✗
• Cap rate: 5.09%
• Cash-on-cash: -4.31%
• DSCR: 0.81
• GRM: 13.4

CMA / ARV

• ARV (on-the-fly): $2,424,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2275 California St	0.00mi	9/4.0	6,000 (0%)	4mo	$2,400,000	$400	93
2663 California St	0.35mi	8/— (-1)	6,195 (+3%)	10mo	$2,500,000	$404	65

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.52% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.3%
• Equity multiple: 2.48×
• Total profit: $1,861,512
• Equity at exit: $3,578,201

10-year hold

• IRR: 19.1%
• Equity multiple: 5.76×
• Total profit: $5,994,831
• Equity at exit: $7,260,390

Cash invested: $1,260,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City San Francisco: 0 Strongly Tenant-Friendly · D+57

SF Rent Ordinance + Eviction Protections; relocation $10k+; one of strictest in US.

Methodology + full state rankings →

ZIP-level market 94115

• Home prices YoY: 3.9%
• Rents YoY: 20.6%
• Active inventory: 64
• Price-to-rent: 40.1×

Monthly cashflow live

• Estimated rent: $28,051 high
• Mortgage (P&I): −$23,598
• Tax from tax record: −$1,209 /mo · $14,513/yr
• Insurance: −$1,875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,891
• Net cashflow: $-4,523

Break-even live

Break-even rent $33,776

Max offer price $3,701,057

Occupancy floor —

Sensitivity live

Price	-10% $-1,975	-5% $-3,249	+0% $-4,523	+5% $-5,796	+10% $-7,070
Rent	-10% $-6,739	-5% $-5,631	+0% $-4,523	+5% $-3,415	+10% $-2,307
Rate	-1.0pp $-2,256	-0.5pp $-3,378	base $-4,523	+0.5pp $-5,689	+1.0pp $-6,875

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$28,050
Total (3 units)			$28,051

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,125,000
• Closing costs: $135,000
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $4,500,000 Active 4 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $4,500,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $14,513 · $1,209/mo
• Projected year-2 tax: $34,200 · $2,850/mo
• Expected delta: +$19,687/yr (+$1,641/mo · 135.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥79°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $336,612
• − Mortgage interest: −$252,070
• − Property taxes: −$14,513
• − Insurance: −$22,500
• − Repairs & maintenance: −$26,929
• − Management: −$26,929
• − Depreciation: −$130,909
• Taxable loss: −$137,238
• Est. tax savings @ 24.0%: +$32,937
• After-tax cash flow: $-21,334/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: San Francisco Unified
• NCES district ID: 0634410
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $81,249
• Composite: 50.14/100
• National rank: #4088
• State rank: #322 of 1400 in CA

Livability — San Francisco

• Score: 76/100
• State rank: #90
• US rank: #3143

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing B- Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Francisco, CA
• County: San Francisco County · 827,552 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 32,629
• Household income: $151,524
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 2151.0

Population outlook (San Francisco County) Hauer SSP2

• Today (2025): 1,030,936 people
• By 2030: 1,110,409 · +7.7%
• By 2040: 1,270,010 · +23.2%
• By 2050: 1,435,001 · +39.2%
• By 2075: 1,779,074 · +72.6%
• By 2100: 1,966,767 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 49% Asian 20% Two or more races 11% Hispanic / Latino 11% Black 10%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Scotch-Irish 3% Romanian 3% Lithuanian 3%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 71% English-only · Spanish 6% Chinese 5% Russian/Polish/Slavic 3%

Political lean MEDSL · San Francisco

• 2024 margin: Solid D (+64.8) · D 80.3% · R 15.5% · Other 4.1%
• 2008→2024 swing: -5.7pp toward R · 2008: 70.5pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+72.5 2016: D+76.1 2012: D+70.2 2008: D+70.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.52%
• Current HPI: 224.7175
• Rent YoY: ▲ 20.62%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+50.3% since first listed

5 events — show timeline

• 2026-06-17 Listed $4,500,000 San Francisco MLS
• 2026-02-26 Sold (MLS) $2,400,000 San Francisco MLS
• 2026-02-25 Sold (Public Records) $2,400,000 Public Records
• 2026-02-06 Contingent — San Francisco MLS
• 2025-10-13 Listed $2,995,000 San Francisco MLS

Property tax history

+2.0%/yr

Latest (2025): $14,513 · +3.0% YoY. Source: county tax records.