2216 23rd St · San Francisco, CA 94107

$1,699,000

28 bd · None ba · — sqft · MultiFamily · 39 Days on market

Built 1906 Fair condition 2,495 sqft lot Est $1584k · 7% over

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Why this score? — see what drove the C+ 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).

• Cash flow +22.9/30.0
• DSCR +7.4/10.0
• Appreciation +7.4/10.0
• 1% rule +6.0/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• ARV discount +4.2/15.0
• Livability +3.8/5.0
• Condition / age +2.0/5.0

Multi-family units

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

Listing remarks

Classic Victorian charm meets exceptional investment potential in this 4-unit property located in the highly desirable Potrero Hill neighborhood of San Francisco. Rich with period character, this handsome building features tall ceilings, timeless Victorian details, and an ideal unit mix perfect for investors, owner-users, or multigenerational living. Three of the units offer spacious 2-bedroom layouts complete with formal living rooms and separate formal dining rooms providing flexible floor plans that can easily accommodate additional bedrooms, home offices, or guest spaces. The lower-level unit is a generously sized 1-bedroom with a spacious living room, plus a spacious adjacent storage

Key facts

• Tall ceilings
• Natural light
• 2,495 sq ft lot

Tags

• POTRERO HILL NEIGHBORHOOD
• TALL CEILINGS
• NATURAL LIGHT
• PUBLIC TRANSPORTATION ACCESS
• MAJOR FREEWAYS ACCESS
• SHARED BACKYARD GARDEN

Property features AI

Finance

• Financial info: Four-unit building with three units currently leased and one unit vacant
• HOA & community: No association fee

Exterior

• Utilities: Gas on separate meter; Electric on separate meter
• Home design: Residential income property (quadruplex); Built in 1906
• Construction: Victorian architecture
• Exterior features: Garden

Interior

• Bedrooms: Seven total bedrooms across units; Unit 1: One-bedroom; Unit 2: Two bedrooms (plus living and dining rooms); Unit 3: Two bedrooms (plus living and dining rooms); Unit 4: Two bedrooms (plus living and dining rooms)
• Interior features: Victorian-style details; Original condition

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $1.70M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $749/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.70M).
• Recommended offer: $1.65M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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.
• Market conditions: Rents rising fast (+18.9%/yr); 136 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $18,654/mo this rent would consume 122% of the median local household income ($183k/yr) (locally 1851% 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 $93k of equity ($12k loan paydown + $82k appreciation (4.8% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.8% appreciation + 8.0% rent growth), your $476k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$150k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($1.65M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,648,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.10% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.56%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (median comp): $1,584,008
• List price: $1,699,000
• Delta: 7.26%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

4.81% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 21.7%
• Equity multiple: 2.39×
• Total profit: $662,786
• Equity at exit: $943,181

10-year hold

• IRR: 23.7%
• Equity multiple: 5.38×
• Total profit: $2,084,963
• Equity at exit: $1,611,808

Cash invested: $475,720 (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 94107

• Home prices YoY: 2.6%
• Rents YoY: 18.9%
• Active inventory: 136
• Price-to-rent: 29.5×

Monthly cashflow live

• Estimated rent: $18,654 high
• Mortgage (P&I): −$8,910
• Tax est. 1.5%: −$2,124 /mo · $25,485/yr
• Insurance: −$708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,917
• Net cashflow: $2,995

Break-even live

Break-even rent $14,863

Max offer price $1,699,000

Occupancy floor 79%

Sensitivity live

Price	-10% $4,169	-5% $3,582	+0% $2,995	+5% $2,408	+10% $1,821
Rent	-10% $1,522	-5% $2,258	+0% $2,995	+5% $3,732	+10% $4,469
Rate	-1.0pp $3,851	-0.5pp $3,427	base $2,995	+0.5pp $2,555	+1.0pp $2,107

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$14,418
1× unit	1	1	$4,236
Total (4 units)			$18,654

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: $424,750
• Closing costs: $50,970
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,699,000 Active 39 DOM
2. 2026-06-17
   days on market $1,699,000 Active 38 DOM
3. 2026-06-16
   days on market $1,699,000 Active 37 DOM
4. 2026-06-15
   days on market $1,699,000 Active 36 DOM
5. 2026-06-13
   days on market $1,699,000 Active 34 DOM
6. 2026-06-13
   days on market $1,699,000 Active 33 DOM
7. 2026-06-09
   days on market $1,699,000 Active 30 DOM
8. 2026-06-08
   days on market $1,699,000 Active 29 DOM
9. 2026-06-07
   days on market $1,699,000 Active 28 DOM
10. 2026-06-04
    days on market $1,699,000 Active 25 DOM
11. 2026-06-03
    days on market $1,699,000 Active 24 DOM
12. 2026-06-02
    days on market $1,699,000 Active 23 DOM
13. 2026-06-01
    days on market $1,699,000 Active 22 DOM
14. 2026-05-31
    days on market $1,699,000 Active 21 DOM
15. 2026-05-10
    listed $1,699,000 Active 1450-char remark

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

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 7 d/yr ≥78°F today · 15 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: $223,848
• − Mortgage interest: −$95,170
• − Property taxes: −$25,485
• − Insurance: −$8,495
• − Repairs & maintenance: −$17,908
• − Management: −$17,908
• − Depreciation: −$49,425
• Taxable income: $9,456
• Est. tax owed @ 24.0%: −$2,270
• After-tax cash flow: $33,673/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.

Condition & rehab AI · 1 photo

Fair 40/100 Moderate rehab

This 4-unit property in Potrero Hill requires significant exterior and structural repairs, including vegetation removal and roof inspection. Immediate action is needed to improve its condition and value.

Repairs flagged

• Major overgrown vegetation — Vegetation obscures the property and suggests potential structural issues
• Major roof inspection — Overgrown vegetation suggests potential roof issues
• Major exterior inspection — Overgrown vegetation suggests potential structural issues

Value-add opportunities

• Both landscaping and vegetation removal — Improves curb appeal and potential structural issues
• Both roof inspection and repair — Ensures structural integrity and safety
• Both exterior inspection and repairs — Ensures structural integrity and safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
overgrown vegetation · Vegetation obscures the property and suggests potential structural issues	Major	$15,000–50,000
roof inspection · Overgrown vegetation suggests potential roof issues	Major	$15,000–50,000
exterior inspection · Overgrown vegetation suggests potential structural issues	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both landscaping and vegetation removal — Improves curb appeal and potential structural issues ↑
• Both roof inspection and repair — Ensures structural integrity and safety ↑
• Both exterior inspection and repairs — Ensures structural integrity and safety ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 31,823
• Household income: $182,897
• Rent vs Own: 64.3% rent · 35.7% own
• Severe rent burden: 1851.0

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 0.68)
• Race & ethnicity: White 45% Asian 32% Hispanic / Latino 13% Two or more races 12% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 3% Romanian 2% Italian 2%
• Foreign-born: 36% · China, Canada, Vietnam
• Languages at home: 59% English-only · Chinese 12% Spanish 9% Other Indo-European 5%

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: ▲ 4.81%
• Current HPI: 192.3569
• Rent YoY: ▲ 18.89%
• 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

1 event — show timeline

• 2026-05-10 Listed $1,699,000 San Francisco MLS