1821-1823 Oak St · San Francisco, CA 94117

$1,995,000

8 bd · 0.0 ba · 4,457 sqft · MultiFamily · 29 Days on market

Built 1900 Good condition 3,436 sqft lot Est $2171k · 8% under

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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).

• Cash flow +12.3/30.0
• ARV discount +11.1/15.0
• Appreciation +9.6/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 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

1821 Oak Street is a well-maintained five-unit apartment building located in the heart of San Francisco's sought-after NOPA neighborhood. The property consists of three spacious 2-bedroom/1-bath units, one 1-bedroom/1-bath unit, and one studio apartment totaling approximately 4,457 square feet. Fully occupied and professionally managed, the building offers stable in-place income with attractive future rental upside potential. The property has benefited from extensive system and capital improvements including completed earthquake retrofit work, updated electrical systems, and separate gas and electric metering for each unit. Several apartments have been remodeled with updated kitchens and ba

Key facts

• 3,436 sq ft lot
• Garage
• Built 1900

Tags

• FIVE-UNIT APARTMENT BUILDING
• HEART OF NOPA NEIGHBORHOOD
• EXTENSIVE SYSTEM IMPROVEMENTS
• EARTHQUAKE RETROFIT WORK
• UPDATED ELECTRICAL SYSTEMS
• REMODELED KITCHENS AND BATHS

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Garage with 1 parking space
• Home design: Multi-family residential income building (5 or more units); Built in 1900
• Construction: Building area reported as 4,457 square feet
• Exterior features: Lot approximately 3,437 square feet; No notable lot features listed

Interior

• Bedrooms: Total of 7 bedrooms across the building
• Interior features: Residential income property with five occupied rental units

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $2.00M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-363 ($-4k/yr) — negative. Per door: $-181/mo.
• To cash-flow at today's rent, offer at most $1.94M (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.70M (14.8% below list).
• Recommended offer: $1.70M (14.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 $16,993/mo this rent would consume 122% 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 $199k of equity ($14k loan paydown + $185k 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.
• By year 2, paydown + projected appreciation supports a ~$319k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($1.97M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 33y ago; this cycle's ask has dropped $205k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $415k; list at $2.00M implies a 381% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $1,699,300 (14.8% 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 1900 — 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. 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: 0.85% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.78%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $2,170,559
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1814-1818 Fell St	0.15mi	7/— (-1)	4,500 (+1%)	8mo	$2,190,825	$487	80
2144 Grove St	0.25mi	8/—	4,500 (+1%)	22mo	$2,198,000	$488	68
1522-1524 Waller St	0.16mi	8/6.0	4,189 (-6%)	0mo	$4,875,000	$1,164	62
102 Baker St	0.51mi	7/— (-1)	4,543 (+2%)	9mo	$4,999,000	$1,100	61
152 Central Ave	0.33mi	7/— (-1)	4,000 (-10%)	4mo	$1,500,000	$375	60
531-535 Frederick St	0.42mi	8/3.0	4,275 (-4%)	10mo	$1,885,000	$441	53
376 Frederick St	0.30mi	9/— (+1)	5,075 (+14%)	17mo	$2,153,550	$424	43
1614-1616 Grove St	0.44mi	8/4.0	4,535 (+2%)	23mo	$1,370,000	$302	41
618-622 Broderick St	0.64mi	9/4.0 (+1)	4,890 (+10%)	2mo	$2,050,000	$419	32
283 Parker Ave	0.68mi	8/6.0	4,650 (+4%)	16mo	$2,400,000	$516	28
651-653 3rd Ave	0.72mi	8/4.0	4,224 (-5%)	21mo	$2,318,000	$549	24

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

Projected returns pro-forma

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

5-year hold

• IRR: 23.9%
• Equity multiple: 2.89×
• Total profit: $1,054,901
• Equity at exit: $1,692,360

10-year hold

• IRR: 22.8%
• Equity multiple: 6.95×
• Total profit: $3,325,606
• Equity at exit: $3,543,497

Cash invested: $558,600 (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 94117

• Home prices YoY: 4.2%
• Rents YoY: 18.2%
• Active inventory: 71
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $16,993 high
• Mortgage (P&I): −$10,462
• Tax est. 1.5%: −$2,494 /mo · $29,925/yr
• Insurance: −$831
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,569
• Net cashflow: $-363

Break-even live

Break-even rent $17,452

Max offer price $1,942,542

Occupancy floor 97%

Sensitivity live

Price	-10% $1,016	-5% $327	+0% $-363	+5% $-1,052	+10% $-1,741
Rent	-10% $-1,705	-5% $-1,034	+0% $-363	+5% $309	+10% $980
Rate	-1.0pp $642	-0.5pp $145	base $-363	+0.5pp $-879	+1.0pp $-1,405

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$16,994
Total (2 units)			$16,993

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: $498,750
• Closing costs: $59,850
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $1,995,000 Active 29 DOM
2. 2026-06-17
   days on market $1,995,000 Active 28 DOM
3. 2026-06-16
   days on market $1,995,000 Active 27 DOM
4. 2026-06-15
   days on market $1,995,000 Active 26 DOM
5. 2026-06-13
   days on market $1,995,000 Active 24 DOM
6. 2026-06-13
   pricedays on market $1,995,000 Active 23 DOM
7. 2026-06-09
   days on market $2,200,000 Active 20 DOM
8. 2026-06-08
   days on market $2,200,000 Active 19 DOM
9. 2026-06-07
   days on market $2,200,000 Active 18 DOM
10. 2026-06-04
    days on market $2,200,000 Active 15 DOM
11. 2026-06-03
    days on market $2,200,000 Active 14 DOM
12. 2026-06-02
    days on market $2,200,000 Active 13 DOM
13. 2026-06-01
    days on market $2,200,000 Active 12 DOM
14. 2026-05-31
    days on market $2,200,000 Active 11 DOM
15. 2026-05-20
    listed $2,200,000 Active
16. 2008-06-20
    listed $1,500,000
17. 1994-02-16
    soldstatus $415,000
18. 1993-11-24
    historical
19. 1993-07-29
    listed $439,000

ⓘ 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 · 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: $203,916
• − Mortgage interest: −$111,751
• − Property taxes: −$29,925
• − Insurance: −$9,975
• − Repairs & maintenance: −$16,313
• − Management: −$16,313
• − Depreciation: −$58,036
• Taxable loss: −$38,398
• Est. tax savings @ 24.0%: +$9,216
• After-tax cash flow: $4,865/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.

Condition & rehab AI · 11 photos

Good 80/100 Cosmetic rehab

A well-maintained five-unit apartment building in the NOPA neighborhood, with good condition and minimal repairs needed. Potential for rental value increase with exterior painting and landscaping.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both landscaping — improves curb appeal and rental value
• Both HVAC maintenance — improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both landscaping — improves curb appeal and rental value ↑
• Both HVAC maintenance — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+401.1% since first listed

5 events — show timeline

• 2026-05-20 Listed $2,200,000 San Francisco MLS
• 2008-06-20 Listed $1,500,000 San Francisco MLS
• 1994-02-16 Sold (MLS) $415,000 San Francisco MLS
• 1993-11-24 Delisted — San Francisco MLS
• 1993-07-29 Listed $439,000 San Francisco MLS