3025 21st St · San Francisco, CA 94110

$3,750,000

7 bd · 7.0 ba · 4,740 sqft · MultiFamily public records · 21 Days on market

Built 1880 4,513 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).

• Cash flow +12.1/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

3025 21st Street is a magnificent seven-unit multifamily property in San Francisco's Mission District. Built in 1873, the building has been meticulously restored and refurbished during the current owner's 30+ years of ownership. Exceptional care has been taken in preserving and enhancing the property with remarkable attention to detail. The property features a mix of two two-bedroom units, four one-bedroom units, and one studio. Both two-bedroom units and two of the one-bedroom units are townhome-style residences that span two levels. There is a thoughtful blend of modern updates and meticulous restoration, creating a warm and inspiring living environment. All units have dishwashers and gas

Key facts

• Brick patio space
• Soft story retrofit
• Extra wide lot

Tags

• TOWNHOME STYLE RESIDENCES
• EXTRA WIDE LOT
• LARGE WRAPAROUND YARD
• LANDSCAPED GARDEN
• BRICK PATIO SPACE
• SOFT STORY RETROFIT

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Detached garage; 2 total parking spaces
• Home design: Residential income property (multi-family, 5 or more units); Four levels; Built in 1880
• Construction: Building area measured by agent
• Exterior features: Sidewalk on the lot

Interior

• Bedrooms: Total of 8 bedrooms across the property; Seven units are leased
• Interior features: Updated/remodeled condition

What this means for you Summary

Snapshot

• This is a 7-bed/7.0-bath multifamily listed at $3.75M.

Deal economics

• At list price, monthly cash flow is $-822 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $3.60M (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.70M (27.9% below list).
• Recommended offer: $2.70M (27.9% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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 (+14.5%/yr); 161 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $27,036/mo this rent would consume 205% of the median local household income ($158k/yr) (locally 2732% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $26k of loan paydown is wiped out by about $112k of value loss. Plan a longer hold.
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($3.69M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 33y ago 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 $462k; list at $3.75M implies a 712% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,703,600 (27.9% 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. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.72% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $2,223,060
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1123-1127 Guerrero St	0.49mi	7/6.0	4,728 (-0%)	14mo	$2,200,000	$465	61
834-840 York St	0.35mi	8/4.0 (+1)	4,800 (+1%)	4mo	$2,250,000	$469	61
252 Chattanooga St	0.71mi	8/— (+1)	4,632 (-2%)	1mo	$2,410,000	$520	58
3283 25th St	0.44mi	7/5.0	4,273 (-10%)	0mo	$2,400,000	$562	55
738-742 Treat Ave	0.11mi	6/3.0 (-1)	4,350 (-8%)	9mo	$1,100,000	$253	53
867 Valencia St	0.35mi	6/3.0 (-1)	4,745 (+0%)	15mo	$2,360,000	$497	51
3579 19th St	0.48mi	8/4.0 (+1)	5,216 (+10%)	2mo	$2,605,000	$499	42
173 Julian Ave	0.66mi	6/— (-1)	5,382 (+14%)	5mo	$1,620,000	$301	37
3564 17th St	0.70mi	6/— (-1)	4,344 (-8%)	16mo	$1,317,000	$303	35
3721-3723 25th St	0.65mi	6/— (-1)	5,145 (+8%)	21mo	$2,085,000	$405	33

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.51×
• Total profit: $-519,053
• Equity at exit: $559,137

10-year hold

• IRR: 1.4%
• Equity multiple: 1.12×
• Total profit: $123,201
• Equity at exit: $324,231

Cash invested: $1,050,000 (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 94110

• Rents YoY: 14.5%
• Active inventory: 161
• Price-to-rent: 74.1×

Monthly cashflow live

• Estimated rent: $27,036 high
• Mortgage (P&I): −$19,665
• Tax from tax record: −$953 /mo · $11,436/yr
• Insurance: −$1,562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,678
• Net cashflow: $-822

Break-even live

Break-even rent $28,077

Max offer price $3,604,707

Occupancy floor 98%

Sensitivity live

Price	-10% $1,300	-5% $239	+0% $-822	+5% $-1,884	+10% $-2,945
Rent	-10% $-2,958	-5% $-1,890	+0% $-822	+5% $245	+10% $1,313
Rate	-1.0pp $1,066	-0.5pp $131	base $-822	+0.5pp $-1,794	+1.0pp $-2,783

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$8,432
▸ 4× units	1	1	$14,624
1× unit	0	1	$3,981
Total (7 units)			$27,036

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: $937,500
• Closing costs: $112,500
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $3,750,000 Active 21 DOM
2. 2026-06-17
   days on market $3,750,000 Active 20 DOM
3. 2026-06-16
   days on market $3,750,000 Active 19 DOM
4. 2026-06-15
   days on market $3,750,000 Active 18 DOM
5. 2026-06-13
   days on market $3,750,000 Active 16 DOM
6. 2026-06-13
   days on market $3,750,000 Active 15 DOM
7. 2026-06-09
   days on market $3,750,000 Active 12 DOM
8. 2026-06-08
   days on market $3,750,000 Active 11 DOM
9. 2026-06-07
   days on market $3,750,000 Active 10 DOM
10. 2026-06-04
    days on market $3,750,000 Active 7 DOM
11. 2026-06-03
    days on market $3,750,000 Active 6 DOM
12. 2026-06-02
    days on market $3,750,000 Active 5 DOM
13. 2026-06-01
    days on market $3,750,000 Active 4 DOM
14. 2026-05-31
    days on market $3,750,000 Active 3 DOM
15. 2026-05-28
    listed $3,750,000 Active
16. 2022-06-21
    price $2,995
17. 1998-10-07
    listed $1,395,000
18. 1998-09-09
    listed $1,395,000
19. 1998-07-27
    listed $1,500,000
20. 1995-05-26
    soldstatus $462,000
21. 1995-04-21
    historical
22. 1995-01-31
    listed $465,000
23. 1994-09-29
    listed $499,000
24. 1993-06-21
    listed $575,000

ⓘ 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: $11,436 · $953/mo
• Projected year-2 tax: $28,500 · $2,375/mo
• Expected delta: +$17,064/yr (+$1,422/mo · 149.2%)

ⓘ 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 ≥78°F today · 19 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: $324,432
• − Mortgage interest: −$210,058
• − Property taxes: −$11,436
• − Insurance: −$18,750
• − Repairs & maintenance: −$25,955
• − Management: −$25,955
• − Depreciation: −$109,091
• Taxable loss: −$76,812
• Est. tax savings @ 24.0%: +$18,435
• After-tax cash flow: $8,565/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): 66,865
• Household income: $158,351
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 2732.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 32% Asian 16% Two or more races 15% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Italian 2% Romanian 2%
• Foreign-born: 28% · Canada, China, Vietnam
• Languages at home: 58% English-only · Spanish 27% Chinese 5% Other Indo-European 2%

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: ▼ -1385.62%
• Current HPI: 267.2424
• Rent YoY: ▲ 14.54%
• 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

+552.2% since first listed

10 events — show timeline

• 2026-05-28 Listed $3,750,000 San Francisco MLS
• 2022-06-21 Price Changed $2,995 RENT.
• 1998-10-07 Listed $1,395,000 San Francisco MLS
• 1998-09-09 Listed $1,395,000 San Francisco MLS
• 1998-07-27 Listed $1,500,000 San Francisco MLS
• 1995-05-26 Sold (MLS) $462,000 San Francisco MLS
• 1995-04-21 Delisted — San Francisco MLS
• 1995-01-31 Listed $465,000 San Francisco MLS
• 1994-09-29 Listed $499,000 San Francisco MLS
• 1993-06-21 Listed $575,000 San Francisco MLS

Property tax history

+1.4%/yr

Latest (2025): $11,436 · +3.0% YoY. Source: county tax records.