2272-2276 Union St · San Francisco, CA 94123

$2,299,000

3 bd · 2.0 ba · 2,800 sqft · MultiFamily · 86 Days on market

Built 1900 2,813 sqft lot $821/sqft · 8% below area Est $2494k · 8% under ↓ 8% since listing

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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).

• ARV discount +11.0/15.0
• Cash flow +10.0/30.0
• Appreciation +9.1/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

2272-2276 Union Street is a mixed-use property spanning three addresses in the heart of Cow Hollow, offering stabilized income, a vacant unit ready to occupy or lease at market rate, and a ground floor with great development potential. 2274 Union is a vacant 735-square-foot street-level commercial suite, featuring a private office, dressing area, storage, a half bath, and a back deck overlooking the shared courtyard. 2276 Union is a vacant top floor one-bedroom apartment with 845sqft featuring a sunroom, formal dining, private deck, and in-unit washer/dryer, ready for an owner-occupant or market-rate tenant from day one. The rear cottage at 2272 Union is a multi-level residence with 1,220 sqft across two floors occupied and income-producing. Below the cottage is a finished 560-square-foot space with two rooms, wet bar and a bathroom. An additional 510 square feet of storage with high ceilings and great potential completes this lower level. Connecting it all, a large courtyard between the two structures offers a lush, quiet escape that feels worlds away from the energy of Union Street. 48-hour notice required for tenant-occupied units. Subject to tenants' rights.

Key facts

• Private office
• Back deck
• Mixed-use property

Tags

• MIXED-USE PROPERTY
• STABILIZED INCOME
• STREET-LEVEL COMMERCIAL SUITE
• PRIVATE OFFICE
• DRESSING AREA
• BACK DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $2.30M.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $2.10M (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.84M (20.1% below list).
• Recommended offer: $1.84M (20.1% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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 (+19.2%/yr); 60 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $18,376/mo this rent would consume 101% of the median local household income ($219k/yr) (locally 883% 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 $204k of equity ($16k loan paydown + $188k appreciation (8.2% 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 ~$327k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($2.16M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $196k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,837,600 (20.1% 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. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.56%
• DSCR: 0.89
• GRM: 10.4

CMA / ARV

• ARV (median comp): $2,493,776
• List price: $2,299,000
• Delta: -7.81%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2314 - 2316 Filbert St	0.08mi	4/2.0 (+1)	2,988 (+7%)	3mo	$2,530,000	$847	78
41-43 Mallorca Way	0.29mi	4/— (+1)	2,800 (0%)	10mo	$2,750,000	$982	73
2661-2663 Greenwich St	0.37mi	2/2.0 (-1)	2,629 (-6%)	1mo	$2,679,900	$1,019	67
2941-2943 Broderick St	0.42mi	4/— (+1)	2,674 (-4%)	16mo	$2,600,000	$972	55
1374-1376 Chestnut St	0.69mi	4/2.0 (+1)	2,740 (-2%)	6mo	$2,650,000	$967	54
3240-3242 Divisadero St	0.36mi	4/— (+1)	2,900 (+4%)	23mo	$2,510,000	$866	53
1656-1658 Chestnut St	0.45mi	4/3.0 (+1)	2,820 (+1%)	19mo	$2,400,000	$851	53
1921-1923 Jackson St	0.61mi	3/2.0	2,630 (-6%)	12mo	$2,220,000	$844	52
2949 Octavia St	0.42mi	4/2.0 (+1)	3,100 (+11%)	8mo	$2,550,000	$823	51
3443-3445 Scott St	0.42mi	4/2.0 (+1)	3,006 (+7%)	23mo	$2,625,000	$873	44
2580-2582 Clay St	0.45mi	4/2.0 (+1)	3,120 (+11%)	23mo	$2,955,000	$947	36

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

Projected returns pro-forma

8.18% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 2.53×
• Total profit: $983,180
• Equity at exit: $1,774,316

10-year hold

• IRR: 20.2%
• Equity multiple: 5.92×
• Total profit: $3,164,062
• Equity at exit: $3,548,753

Cash invested: $643,720 (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 94123

• Home prices YoY: 4.0%
• Rents YoY: 19.2%
• Active inventory: 60
• Price-to-rent: 31.8×

Monthly cashflow live

• Estimated rent: $18,376 high
• Mortgage (P&I): −$12,056
• Tax est. 1.5%: −$2,874 /mo · $34,485/yr
• Insurance: −$958
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,859
• Net cashflow: $-1,371

Break-even live

Break-even rent $20,111

Max offer price $2,100,638

Occupancy floor —

Sensitivity live

Price	-10% $218	-5% $-576	+0% $-1,371	+5% $-2,165	+10% $-2,960
Rent	-10% $-2,823	-5% $-2,097	+0% $-1,371	+5% $-645	+10% $81
Rate	-1.0pp $-213	-0.5pp $-786	base $-1,371	+0.5pp $-1,967	+1.0pp $-2,573

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$6,033
1× unit	0	0.5	$6,172
1× unit	0	0	$6,172
Total (3 units)			$18,376

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: $574,750
• Closing costs: $68,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2090 Green St San Francisco, CA	3.0	1.5	2000	$12,995	$6.50	11d	1	0.19mi
2335 Francisco St San Francisco, CA	3.0	3.0	2100	$11,995	$5.71	19d	1	0.45mi
2577 Post St San Francisco, CA	4.0	3.0	2754	$15,000	$5.45	4d	1	1.01mi
1107 Broadway Unit 1309749P San Francisco, CA	3.0	1.5	2142	$17,588	$8.21	25d	1	1.18mi
1340 Taylor St San Francisco, CA	4.0	3.0	2110	$21,420	$10.15	16d	1	1.33mi

Listing history 3 events

1. 2026-05-05
   price $2,299,000 1182-char remark

   Show marketing remark (1182 chars)

   2272-2276 Union Street is a mixed-use property spanning three addresses in the heart of Cow Hollow, offering stabilized income, a vacant unit ready to occupy or lease at market rate, and a ground floor with great development potential. 2274 Union is a vacant 735-square-foot street-level commercial suite, featuring a private office, dressing area, storage, a half bath, and a back deck overlooking the shared courtyard. 2276 Union is a vacant top floor one-bedroom apartment with 845sqft featuring a sunroom, formal dining, private deck, and in-unit washer/dryer, ready for an owner-occupant or market-rate tenant from day one. The rear cottage at 2272 Union is a multi-level residence with 1,220 sqft across two floors occupied and income-producing. Below the cottage is a finished 560-square-foot space with two rooms, wet bar and a bathroom. An additional 510 square feet of storage with high ceilings and great potential completes this lower level. Connecting it all, a large courtyard between the two structures offers a lush, quiet escape that feels worlds away from the energy of Union Street. 48-hour notice required for tenant-occupied units. Subject to tenants' rights.

2. 2026-05-01
   status Active 1182-char remark

   Show marketing remark (1182 chars)

   2272-2276 Union Street is a mixed-use property spanning three addresses in the heart of Cow Hollow, offering stabilized income, a vacant unit ready to occupy or lease at market rate, and a ground floor with great development potential. 2274 Union is a vacant 735-square-foot street-level commercial suite, featuring a private office, dressing area, storage, a half bath, and a back deck overlooking the shared courtyard. 2276 Union is a vacant top floor one-bedroom apartment with 845sqft featuring a sunroom, formal dining, private deck, and in-unit washer/dryer, ready for an owner-occupant or market-rate tenant from day one. The rear cottage at 2272 Union is a multi-level residence with 1,220 sqft across two floors occupied and income-producing. Below the cottage is a finished 560-square-foot space with two rooms, wet bar and a bathroom. An additional 510 square feet of storage with high ceilings and great potential completes this lower level. Connecting it all, a large courtyard between the two structures offers a lush, quiet escape that feels worlds away from the energy of Union Street. 48-hour notice required for tenant-occupied units. Subject to tenants' rights.

3. 2026-02-27
   listed $2,495,000 Active 1182-char remark

   Show marketing remark (1182 chars)

   2272-2276 Union Street is a mixed-use property spanning three addresses in the heart of Cow Hollow, offering stabilized income, a vacant unit ready to occupy or lease at market rate, and a ground floor with great development potential. 2274 Union is a vacant 735-square-foot street-level commercial suite, featuring a private office, dressing area, storage, a half bath, and a back deck overlooking the shared courtyard. 2276 Union is a vacant top floor one-bedroom apartment with 845sqft featuring a sunroom, formal dining, private deck, and in-unit washer/dryer, ready for an owner-occupant or market-rate tenant from day one. The rear cottage at 2272 Union is a multi-level residence with 1,220 sqft across two floors occupied and income-producing. Below the cottage is a finished 560-square-foot space with two rooms, wet bar and a bathroom. An additional 510 square feet of storage with high ceilings and great potential completes this lower level. Connecting it all, a large courtyard between the two structures offers a lush, quiet escape that feels worlds away from the energy of Union Street. 48-hour notice required for tenant-occupied units. Subject to tenants' rights.

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

Taxation est. · year 1

• Rental income: $220,512
• − Mortgage interest: −$128,780
• − Property taxes: −$34,485
• − Insurance: −$11,495
• − Repairs & maintenance: −$17,641
• − Management: −$17,641
• − Depreciation: −$66,880
• Taxable loss: −$56,410
• Est. tax savings @ 24.0%: +$13,538
• After-tax cash flow: $-2,912/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): 24,054
• Household income: $218,603
• Rent vs Own: 69.6% rent · 30.4% own
• Severe rent burden: 883.0

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 (73%)
• Race & ethnicity: White 73% Asian 11% Two or more races 11% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 3% Salvadoran 1%
• Common ancestry: Scotch-Irish 4% Italian 4% Lithuanian 3%
• Foreign-born: 17% · Canada, China, Dominican Republic
• Languages at home: 83% English-only · Spanish 5% Other Indo-European 3% Chinese 3%

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: ▲ 8.18%
• Current HPI: 212.9289
• Rent YoY: ▲ 19.17%
• 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

-7.9% since first listed

3 events — show timeline

• 2026-05-05 Price Changed $2,299,000 San Francisco MLS
• 2026-05-01 Relisted — San Francisco MLS
• 2026-02-27 Listed $2,495,000 San Francisco MLS