1043-1053 Fell St · San Francisco, CA 94117

$3,950,000

90 bd · None ba · 7,669 sqft · MultiFamily · 90 Days on market

Built 1905 4,120 sqft lot

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

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 MLS

Attractive 9-Unit building in Alamo Square/Hayes Valley with substantial upside in rents. Unit mix consists of five 2-Bedroom units, one 1-Bedroom, and 3 studios. Excellent layouts, large kitchens, ample storage. Three 2-Bedroom units delivered vacant. Very nice common outdoor space. Coin-op laundry.

Key facts

• Fire alarm upgrade
• Renovated units
• Soft-story retrofit

Tags

• 9 UNIT APARTMENT BUILDING
• INVESTMENT OPPORTUNITY
• RENOVATED UNITS
• SOFT-STORY RETROFIT
• FIRE ALARM UPGRADE
• ON DEMAND WATER HEATERS

Property features AI

Finance

• Financial info: 9 total units, 9 units currently leased; Units are not furnished
• HOA & community: No association fee

Exterior

• Home design: Residential income property (multi-family, 5 or more units); Built in 1905
• Construction: Year built 1905
• Exterior features: Lot approximately 4,120.8 square feet (0.0946 acres); No specific lot features reported

Interior

• Bedrooms: 10 total bedrooms
• Interior features: Total living area approximately 7,669 square feet; Assessor-provided building area

What this means for you Summary

Snapshot

• This is a 9 × 10-bed/?-bath units multifamily listed at $3.95M.

Deal economics

• At list price, monthly cash flow is $22k ($267k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($63k rent vs $3.95M).
• Recommended offer: $3.71M (6.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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.
• Market conditions: Rents rising fast (+18.2%/yr); 71 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $62,728/mo this rent would consume 451% of the median local household income ($167k/yr) (locally 1811% 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 $394k of equity ($27k loan paydown + $366k appreciation (9.3% 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 (9.3% appreciation + 8.0% rent growth), your $1.11M cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$632k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($3.71M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 $2.24M; list at $3.95M implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,713,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.59% ✓
• Cap rate: 13.05%
• Cash-on-cash: 24.15%
• DSCR: 2.07
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.27% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 44.2%
• Equity multiple: 4.35×
• Total profit: $3,706,097
• Equity at exit: $3,350,789

10-year hold

• IRR: 40.9%
• Equity multiple: 10.56×
• Total profit: $10,578,537
• Equity at exit: $7,015,947

Cash invested: $1,106,000 (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 94117

• Home prices YoY: 4.2%
• Rents YoY: 18.2%
• Active inventory: 71
• Price-to-rent: 47.2×

Monthly cashflow live

• Estimated rent: $62,728 medium
• Mortgage (P&I): −$20,714
• Tax est. 1.5%: −$4,938 /mo · $59,250/yr
• Insurance: −$1,646
• HOA: −$0
• Vacancy / Maint / Mgmt: −$13,173
• Net cashflow: $22,258

Break-even live

Break-even rent $34,554

Max offer price $3,950,000

Occupancy floor 60%

Sensitivity live

Price	-10% $24,987	-5% $23,622	+0% $22,258	+5% $20,893	+10% $19,528
Rent	-10% $17,302	-5% $19,780	+0% $22,258	+5% $24,735	+10% $27,213
Rate	-1.0pp $24,247	-0.5pp $23,262	base $22,258	+0.5pp $21,234	+1.0pp $20,193

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

Units	Beds	Baths	Est. rent
▸ 9× units	10	—	$62,730
Total (9 units)			$62,728

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: $987,500
• Closing costs: $118,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-08
   status Pending
2. 2026-03-25
   historical Contingent - No Show
3. 2026-03-24
   status Pending
4. 2026-02-06
   listed $3,950,000 Active
5. 2008-11-07
   soldstatus $2,240,000 Closed 301-char remark

   Show marketing remark (301 chars)

   Attractive 9-Unit building in Alamo Square/Hayes Valley with substantial upside in rents. Unit mix consists of five 2-Bedroom units, one 1-Bedroom, and 3 studios. Excellent layouts, large kitchens, ample storage. Three 2-Bedroom units delivered vacant. Very nice common outdoor space. Coin-op laundry.

6. 2008-11-05
   historical 301-char remark

   Show marketing remark (301 chars)

   Attractive 9-Unit building in Alamo Square/Hayes Valley with substantial upside in rents. Unit mix consists of five 2-Bedroom units, one 1-Bedroom, and 3 studios. Excellent layouts, large kitchens, ample storage. Three 2-Bedroom units delivered vacant. Very nice common outdoor space. Coin-op laundry.

7. 2008-08-14
   listed 301-char remark

   Show marketing remark (301 chars)

   Attractive 9-Unit building in Alamo Square/Hayes Valley with substantial upside in rents. Unit mix consists of five 2-Bedroom units, one 1-Bedroom, and 3 studios. Excellent layouts, large kitchens, ample storage. Three 2-Bedroom units delivered vacant. Very nice common outdoor space. Coin-op laundry.

ⓘ 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 ≥76°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: $752,736
• − Mortgage interest: −$221,261
• − Property taxes: −$59,250
• − Insurance: −$19,750
• − Repairs & maintenance: −$60,219
• − Management: −$60,219
• − Depreciation: −$114,909
• Taxable income: $217,128
• Est. tax owed @ 24.0%: −$52,111
• After-tax cash flow: $214,980/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): 36,198
• Household income: $167,066
• Rent vs Own: 71.2% rent · 28.8% own
• Severe rent burden: 1811.0

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 0.55)
• Race & ethnicity: White 65% Asian 14% Two or more races 10% Hispanic / Latino 9% Black 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Lithuanian 5% Romanian 3%
• Foreign-born: 18% · Canada, China, Vietnam
• Languages at home: 80% English-only · Spanish 5% Chinese 4% French/Haitian/Cajun 4%

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: ▲ 9.27%
• Current HPI: 228.7304
• Rent YoY: ▲ 18.24%
• 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

+76.3% since first listed

7 events — show timeline

• 2026-05-08 Pending — San Francisco MLS
• 2026-03-25 Contingent — San Francisco MLS
• 2026-03-24 Pending — San Francisco MLS
• 2026-02-06 Listed $3,950,000 San Francisco MLS
• 2008-11-07 Sold (MLS) $2,240,000 San Francisco MLS
• 2008-11-05 Delisted — San Francisco MLS
• 2008-08-14 Listed — San Francisco MLS