916-920 Clay St · San Francisco, CA 94108

$1,388,000

None bd · 1.0 ba · 3,681 sqft · MultiFamily public records · 66 Days on market

Built 1907 1,337 sqft lot $377/sqft · 11% below area Est $1562k · 11% under

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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 +29.3/30.0
• ARV discount +12.5/15.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• 1% rule +7.8/10.0
• 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: 3 units. 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 MLS

916-920 Clay Street is a mixed-use investment property located in the heart of San Francisco's Chinatown/North Beach corridor. The building features a fully leased ground-floor retail space with basement storage, providing stable income. The upper two floors consist of 12 SRO units (6 per floor) with shared kitchen and bathroom facilities, plus coin-operated laundry on the second floor. Approximately 3,681 SF of living area on a 1,337 SF lot, zoned CRNC. Built in 1907, this property offers strong in-place cash flow with long-term upside potential through operational improvements and repositioning. Conveniently located near public transportation, dining, and neighborhood amenities.

Key facts

• Basement storage
• Dining
• 1,337 sq ft lot

Tags

• MIXED-USE INVESTMENT PROPERTY
• BASEMENT STORAGE
• COIN-OPERATED LAUNDRY
• STRONG IN-PLACE CASH FLOW
• LONG-TERM UPSIDE POTENTIAL
• DINING

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $1.39M.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.39M).
• Recommended offer: $1.30M (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 (+14.3%/yr); 28 active listings in the ZIP; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $17,727/mo this rent would consume 325% of the median local household income ($65k/yr) (locally 1314% 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 $97k of equity ($10k loan paydown + $87k appreciation (6.3% 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 (6.3% appreciation + 8.0% rent growth), your $389k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$155k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($1.30M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $795k; list at $1.39M implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,304,720 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 1907 — 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: 1.28% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.10%
• DSCR: 1.67
• GRM: 6.5

CMA / ARV

• ARV (median comp): $1,561,959
• List price: $1,388,000
• Delta: -11.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1100 Clay St	0.17mi	3/—	3,390 (-8%)	0mo	$2,040,000	$602	78
1272-1276 Sacramento St	0.33mi	6/3.0	3,765 (+2%)	3mo	$2,200,000	$584	71
837-839 Filbert St	0.53mi	6/2.0	3,666 (-0%)	10mo	$2,090,000	$570	62
1312-1314 Powell St	0.20mi	6/3.0	3,215 (-13%)	4mo	$1,650,000	$513	58
1269-1273 Pacific Ave	0.44mi	9/3.0	3,861 (+5%)	10mo	$1,250,000	$324	55
806-810 Union St	0.48mi	7/3.5	3,600 (-2%)	11mo	$1,838,000	$511	55
1029-1031 Jackson St	0.22mi	7/5.0	4,061 (+10%)	3mo	$3,050,000	$751	54
824-826 Vallejo St	0.33mi	6/5.0	3,852 (+5%)	8mo	$3,150,000	$818	54
392-394 Chestnut St	0.71mi	5/3.0	3,749 (+2%)	4mo	$4,180,000	$1,115	53
1475-1479 Washington St	0.51mi	9/3.0	3,904 (+6%)	11mo	$2,350,000	$602	49
2118-2122 Mason St	0.67mi	—/—	4,140 (+12%)	1mo	$2,155,000	$521	47
950-954 Vallejo St	0.39mi	9/4.0	4,032 (+10%)	9mo	$2,000,000	$496	47

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

Projected returns pro-forma

6.29% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 31.3%
• Equity multiple: 3.14×
• Total profit: $829,977
• Equity at exit: $898,162

10-year hold

• IRR: 31.2%
• Equity multiple: 7.24×
• Total profit: $2,423,799
• Equity at exit: $1,651,346

Cash invested: $388,640 (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 94108

• Home prices YoY: 3.8%
• Rents YoY: 14.3%
• Active inventory: 28
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $17,727 high
• Mortgage (P&I): −$7,279
• Tax from tax record: −$1,256 /mo · $15,076/yr
• Insurance: −$578
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,723
• Net cashflow: $4,891

Break-even live

Break-even rent $11,536

Max offer price $1,388,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$17,727
Total (3 units)			$17,727

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: $347,000
• Closing costs: $41,640
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $1,388,000 Active 66 DOM
2. 2026-06-17
   days on market $1,388,000 Active 65 DOM
3. 2026-06-16
   days on market $1,388,000 Active 64 DOM
4. 2026-06-15
   days on market $1,388,000 Active 63 DOM
5. 2026-06-13
   days on market $1,388,000 Active 61 DOM
6. 2026-06-13
   days on market $1,388,000 Active 60 DOM
7. 2026-06-09
   days on market $1,388,000 Active 57 DOM
8. 2026-06-08
   days on market $1,388,000 Active 56 DOM
9. 2026-06-07
   days on market $1,388,000 Active 55 DOM
10. 2026-06-04
    days on market $1,388,000 Active 52 DOM
11. 2026-06-03
    days on market $1,388,000 Active 51 DOM
12. 2026-06-02
    days on market $1,388,000 Active 50 DOM
13. 2026-06-01
    days on market $1,388,000 Active 49 DOM
14. 2026-05-31
    days on market $1,388,000 Active 48 DOM
15. 2026-04-13
    listed $1,388,000 Active 689-char remark

    Show marketing remark (689 chars)

    916-920 Clay Street is a mixed-use investment property located in the heart of San Francisco's Chinatown/North Beach corridor. The building features a fully leased ground-floor retail space with basement storage, providing stable income. The upper two floors consist of 12 SRO units (6 per floor) with shared kitchen and bathroom facilities, plus coin-operated laundry on the second floor. Approximately 3,681 SF of living area on a 1,337 SF lot, zoned CRNC. Built in 1907, this property offers strong in-place cash flow with long-term upside potential through operational improvements and repositioning. Conveniently located near public transportation, dining, and neighborhood amenities.

16. 2014-01-22
    soldstatus $795,000

ⓘ 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: $15,076 · $1,256/mo
• Projected year-2 tax: $15,076 · $1,256/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 7 d/yr ≥79°F today · 16 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: $212,724
• − Mortgage interest: −$77,750
• − Property taxes: −$15,076
• − Insurance: −$6,940
• − Repairs & maintenance: −$17,018
• − Management: −$17,018
• − Depreciation: −$40,378
• Taxable income: $38,545
• Est. tax owed @ 24.0%: −$9,251
• After-tax cash flow: $49,440/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): 11,305
• Household income: $65,388
• Rent vs Own: 89.1% rent · 10.9% own
• Severe rent burden: 1314.0

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 0.62)
• Race & ethnicity: Asian 53% White 30% Two or more races 8% Hispanic / Latino 7% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 51% · China, Canada, Vietnam
• Languages at home: 41% English-only · Chinese 42% Spanish 4% Other Indo-European 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: ▲ 6.29%
• Current HPI: 172.8561
• Rent YoY: ▲ 14.33%
• 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

+74.6% since first listed

2 events — show timeline

• 2026-04-13 Listed $1,388,000 San Francisco MLS
• 2014-01-22 Sold (Public Records) $795,000 Public Records

Property tax history

-1.3%/yr

Latest (2025): $15,076 · +3.8% YoY. Source: county tax records.