3225-3227 Market St · San Francisco, CA 94114

$1,795,000

4 bd · 3.0 ba · 2,523 sqft · MultiFamily · 7 Days on market

Built 1908 2,308 sqft lot Est $1875k · at est.

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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 +9.8/10.0
• ARV discount +9.4/15.0
• Cash flow +6.5/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.8/10.0

Multi-family units

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

Listing remarks

Why Buy a Condo When You Can Own the Whole Building? Two full-floor homes, spectacular city views, a two-car garage, and monthly income of $4,446 / month - all at a price that rivals many Castro condominiums. Commanding a prominent position on one of the Castro's most desirable residential streets, this exceptional two-unit residence blends historic San Francisco character with remarkable views, abundant natural light, and outstanding owner-user potential. Originally built in 1908 as an earthquake cottage and expanded into two full-floor flats in 1927, the building showcases elegant Spanish Revival influences with a striking stucco facade, arched windows, decorative architectural detailing,

Key facts

• Rear garden
• Private view deck
• Historic character

Tags

• TWO CAR GARAGE
• HISTORIC CHARACTER
• PRIVATE VIEW DECK
• REAR GARDEN
• UNBEATABLE CASTRO LOCATION

Property features AI

Finance

• Financial info: Property configured as multi-family with 3 total units (2 leased, 1 vacant); Unit mix: one penthouse (vacant, top floor), one 2-bed flat (tenant occupied), one tenant-occupied studio; Vacancy present: 1 unit
• HOA & community: No association fee

Exterior

• Parking: Garage parking; 2 total parking spaces (2-car garage)
• Security: Carbon monoxide detectors; Smoke detectors
• Utilities: Standard utility services (water, sewer, power implied)
• Home design: Residential income property (Duplex); Mediterranean/Spanish architectural style; Originally built in 1908
• Construction: Built in 1908
• Exterior features: Balcony/deck; Landscaped lot

Interior

• Kitchen: Dishwasher; Disposal; Microwave
• Bedrooms: Total of 4 bedrooms across the property; Unit 1 (Penthouse): 2 bedrooms; Unit 2 (Flat): 2 bedrooms; Unit 3: studio
• Flooring: Carpet; Tile; Wood
• Bathrooms: Total of 4 bathrooms (3 full, 1 partial); Unit 1: 1.5 baths; Unit 2: 1 bath; Unit 3: 1 bath (studio)
• Heating & cooling: Central heating; Fireplace insert heating; Wall furnace; No central cooling
• Interior features: Central heating with fireplace inserts and wall furnaces; Fireplace(s); Coin-operated laundry in a common area; Dishwasher, Disposal, Microwave, Tankless Water Heater, Washer/Dryer (varies by unit)
• Laundry & utility: Coin-operated washer/dryer in common area; Washer/Dryer available (varies by unit); Tankless water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $1.79M.

Deal economics

• At list price, monthly cash flow is $-3k ($-36k/yr) — negative. Per door: $-2k/mo.
• To cash-flow at today's rent, offer at most $1.36M (24.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.19M (33.8% below list).
• Recommended offer: $1.19M (33.8% below list) — sets the bar for 1% rule.
• Cap rate 4.3% 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 (+14.4%/yr); 116 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $11,880/mo this rent would consume 70% of the median local household income ($204k/yr) (locally 1336% 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 $183k of equity ($12k loan paydown + $171k appreciation (9.5% 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 ~$294k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,188,000 (33.8% 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 1908 — 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: 0.66% ✗
• Cap rate: 4.27%
• Cash-on-cash: -7.21%
• DSCR: 0.68
• GRM: 12.6

CMA / ARV

• ARV (on-the-fly): $1,874,589
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
465-471 Corbett Ave	0.09mi	4/4.0	2,740 (+9%)	1mo	$1,450,000	$529	77
321 Caselli Ave	0.04mi	3/3.5 (-1)	2,250 (-11%)	2mo	$2,480,000	$1,102	71
136 Downey St	0.53mi	4/—	2,490 (-1%)	6mo	$1,900,000	$763	68
10-12 A Saturn St	0.27mi	3/4.0 (-1)	2,400 (-5%)	7mo	$1,550,000	$646	64
10-12 Grand View Ter	0.22mi	4/4.0	2,254 (-11%)	5mo	$2,700,000	$1,198	64
417-419 Eureka St	0.46mi	4/1.0	2,364 (-6%)	6mo	$1,390,000	$588	55
200 Hoffman Ave	0.50mi	3/2.0 (-1)	2,688 (+6%)	2mo	$2,700,000	$1,004	55
64-66 Woodland Ave	0.53mi	5/3.0 (+1)	2,760 (+9%)	10mo	$2,050,000	$743	47
4113-4115 20th St	0.64mi	3/4.0 (-1)	2,300 (-9%)	0mo	$2,000,000	$870	46
514 Hill St	0.67mi	4/5.0	2,740 (+9%)	10mo	$2,000,000	$730	38
253 Hartford St	0.61mi	3/2.0 (-1)	2,147 (-15%)	2mo	$1,100,000	$512	36
49 High St	0.72mi	4/1.0	2,830 (+12%)	7mo	$1,688,888	$597	32

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

Projected returns pro-forma

9.51% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.5%
• Equity multiple: 2.57×
• Total profit: $787,966
• Equity at exit: $1,552,952

10-year hold

• IRR: 19.1%
• Equity multiple: 6.20×
• Total profit: $2,613,068
• Equity at exit: $3,283,030

Cash invested: $502,600 (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 94114

• Home prices YoY: 4.4%
• Rents YoY: 14.4%
• Active inventory: 116
• Price-to-rent: 25.2×

Monthly cashflow live

• Estimated rent: $11,880 high
• Mortgage (P&I): −$9,413
• Tax est. 1.5%: −$2,244 /mo · $26,925/yr
• Insurance: −$748
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,495
• Net cashflow: $-3,020

Break-even live

Break-even rent $15,702

Max offer price $1,358,053

Occupancy floor —

Sensitivity live

Price	-10% $-1,779	-5% $-2,399	+0% $-3,020	+5% $-3,640	+10% $-4,260
Rent	-10% $-3,958	-5% $-3,489	+0% $-3,020	+5% $-2,550	+10% $-2,081
Rate	-1.0pp $-2,116	-0.5pp $-2,563	base $-3,020	+0.5pp $-3,485	+1.0pp $-3,958

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$11,880
Total (2 units)			$11,880

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: $448,750
• Closing costs: $53,850
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
143 Corbett Ave San Francisco, CA	4.0	4.0	2500	$10,500	$4.20	44d	1	0.26mi
270 Eureka St San Francisco, CA	3.0	1.0	2024	$6,995	$3.46	3d	1	0.37mi
1265 Stanyan St San Francisco, CA	3.0	2.0	2005	$13,900	$6.93	8d	1	0.40mi
701 Castro St San Francisco, CA	5.0	4.0	3300	$22,995	$6.97	19d	1	0.59mi
753 Castro St San Francisco, CA	4.0	3.0	2467	$10,950	$4.44	44d	1	0.60mi
13 Warren Dr San Francisco, CA	3.0	3.0	1900	$8,750	$4.61	44d	1	0.67mi
1436 Waller St Unit 1436 San Francisco, CA	3.0	2.0	1800	$6,890	$3.83	44d	1	0.72mi
4058 20th St San Francisco, CA	3.0	2.0	1794	$13,975	$7.79	25d	1	0.73mi
65 High St Unit NA San Francisco, CA	4.0	3.0	2315	$9,950	$4.30	44d	1	0.74mi
124 Alpine Ter San Francisco, CA	3.0	2.0	2200	$11,995	$5.45	14d	1	0.77mi
124 Alpine Ter San Francisco, CA	3.0	2.0	2200	$11,995	$5.45	11d	1	0.77mi
124 Alpine Ter San Francisco, CA	3.0	2.0	2200	$12,500	$5.68	25d	1	0.77mi
22 Mountview Ct San Francisco, CA	4.0	2.0	1900	$7,400	$3.89	44d	1	0.83mi
1059 Noe St San Francisco, CA	3.0	2.5	2545	$14,000	$5.50	44d	1	0.87mi
1626 Noe St San Francisco, CA	3.0	2.0	1870	$12,000	$6.42	25d	1	1.34mi

Listing history 7 events

1. 2026-06-18
   days on market $1,795,000 Active 7 DOM
2. 2026-06-17
   days on market $1,795,000 Active 6 DOM
3. 2026-06-16
   days on market $1,795,000 Active 5 DOM
4. 2026-06-15
   days on market $1,795,000 Active 4 DOM
5. 2026-06-13
   days on market $1,795,000 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $1,795,000 Active 1 DOM

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

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: $142,560
• − Mortgage interest: −$100,548
• − Property taxes: −$26,925
• − Insurance: −$8,975
• − Repairs & maintenance: −$11,405
• − Management: −$11,405
• − Depreciation: −$52,218
• Taxable loss: −$68,916
• Est. tax savings @ 24.0%: +$16,540
• After-tax cash flow: $-19,696/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): 33,020
• Household income: $204,134
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1336.0

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: Predominantly White (65%)
• Race & ethnicity: White 65% Asian 14% Two or more races 12% Hispanic / Latino 10% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 4% Italian 4% Romanian 3%
• Foreign-born: 20% · Canada, China, Vietnam
• Languages at home: 77% English-only · Spanish 6% Chinese 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: ▲ 9.51%
• Current HPI: 223.6988
• Rent YoY: ▲ 14.40%
• 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

• 2026-06-11 Listed $1,795,000 San Francisco MLS