677 Ellis St · San Francisco, CA 94109

$2,575,000

None bd · 14.0 ba · 7,047 sqft · MultiFamily public records · 17 Days on market

Built 1908 2,284 sqft lot Est $2431k · 6% over

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Why this score? — see what drove the B+ 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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Appreciation +7.5/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• ARV discount +4.8/15.0
• 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: 14 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

677 Ellis Street presents a rare opportunity to acquire a fully renovated, turnkey 14-unit apartment building in the heart of San Francisco. Comprised of fourteen studio residences, the property offers investors an attractive 6.50% current CAP rate with stable in-place income and minimal deferred maintenance. Recent capital improvements include brand-new electrical throughout the building, while the units have been extensively renovated with high-end designer finishes, creating a modern living experience that appeals to today's urban renter. This is an ideal opportunity to own a quality, low-maintenance asset in one of San Francisco's most supply-constrained rental markets.

Key facts

• Fully renovated
• Brand-new electrical
• Turnkey

Tags

• FULLY RENOVATED
• TURNKEY
• 14-UNIT APARTMENT BUILDING
• BRAND-NEW ELECTRICAL
• EXTENSIVELY RENOVATED
• HIGH-END DESIGNER FINISHES

Property features AI

Finance

• Other: Living area reported as 7,047; Lot size source: Assessor
• Financial info: 14 total units; Annual rental income approximately $268,638; Annual gross income approximately $276,293; Gross scheduled income approximately $284,838; Other income approximately $16,200; Total expenses approximately $109,080; Other expenses approximately $5,183; Vacancy factor: 3%; Gross rent multiplier: 9.04; Trash expense approximately $9,567; Utility expenses approximately $19,710; City transfer tax applies

Exterior

• Utilities: Public water; Public sewer; Separate meters for electric and gas; Primary water meter; Public utilities
• Home design: One building; Zoned RC4
• Construction: Concrete perimeter foundation
• Exterior features: Rolled composition roof; Tenant pays electric and gas utilities

Interior

• Bedrooms: 14 units total
• Bathrooms: Each Unit: 1 full bathroom
• Heating & cooling: Gas heating
• Interior features: Gas heating

What this means for you Summary

Snapshot

• This is a 14 × 1-bed/1.0-bath units multifamily listed at $2.58M.

Deal economics

• At list price, monthly cash flow is $12k ($141k/yr) — positive. Per door: $839/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($38k rent vs $2.58M).
• Recommended offer: $2.54M (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% 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.
• Zoned schools: Lilienthal (Claire) Elementary (669 students, 19% FRL); Giannini (A.P.) Middle (1,192 students, 34% FRL); Lowell High (2,632 students, 37% FRL) — zoned schools average 30% FRL vs 49% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+15.6%/yr); 165 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).

Forward outlook

• In year one you build about $147k of equity ($18k loan paydown + $129k appreciation (5.0% 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 (5.0% appreciation + 8.0% rent growth), your $721k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$236k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($2.54M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 2y 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 $1.79M; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $2,536,375 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.46% ✓
• Cap rate: 11.77%
• Cash-on-cash: 19.55%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $2,431,215
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
417-419 Hyde St	0.07mi	—/—	6,252 (-11%)	12mo	$1,103,000	$176	68
974-980 Sutter St	0.30mi	6/—	6,330 (-10%)	1mo	$1,095,000	$173	68
1075 Ofarrell St	0.28mi	1/—	6,075 (-14%)	7mo	$1,793,750	$295	58
1875 California St	0.58mi	9/—	7,772 (+10%)	2mo	$4,650,000	$598	54
1441-1447 Sacramento St	0.52mi	14/4.0	6,747 (-4%)	3mo	$3,625,000	$537	46
1272-1276 California St	0.52mi	9/3.0	6,816 (-3%)	8mo	$2,500,000	$367	44
1401-1405 Gough St	0.47mi	10/5.0	6,960 (-1%)	17mo	$2,200,000	$316	42
1645-1649 Sacramento St	0.52mi	12/3.0	6,386 (-9%)	5mo	$2,125,500	$333	36
1424 Jones St	0.73mi	12/1.0	7,075 (+0%)	12mo	$1,950,000	$276	35
1290 Jackson St	0.75mi	8/—	6,420 (-9%)	19mo	$3,950,000	$615	35
1684 Washington St	0.68mi	7/—	6,016 (-15%)	13mo	$2,200,000	$366	33
1421 Hyde St	0.68mi	6/6.0	6,600 (-6%)	22mo	$2,275,000	$345	19

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

Projected returns pro-forma

5.02% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 3.14×
• Total profit: $1,544,561
• Equity at exit: $1,462,554

10-year hold

• IRR: 34.2%
• Equity multiple: 7.24×
• Total profit: $4,499,969
• Equity at exit: $2,526,932

Cash invested: $721,000 (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 94109

• Home prices YoY: 2.9%
• Rents YoY: 15.6%
• Active inventory: 165
• Price-to-rent: 79.8×

Monthly cashflow live

• Estimated rent: $37,646 high
• Mortgage (P&I): −$13,504
• Tax from tax record: −$3,415 /mo · $40,981/yr
• Insurance: −$1,073
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,906
• Net cashflow: $11,749

Break-even live

Break-even rent $22,774

Max offer price $2,575,000

Occupancy floor 64%

Sensitivity live

Price	-10% $13,206	-5% $12,478	+0% $11,749	+5% $11,020	+10% $10,291
Rent	-10% $8,775	-5% $10,262	+0% $11,749	+5% $13,236	+10% $14,723
Rate	-1.0pp $13,046	-0.5pp $12,404	base $11,749	+0.5pp $11,082	+1.0pp $10,403

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

Units	Beds	Baths	Est. rent
▸ 14× units	1	1	$37,646
Total (14 units)			$37,646

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: $643,750
• Closing costs: $77,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Isis St Unit 4 San Francisco, CA	1.0	1.0	5526	$3,200	$0.58	45d	1	0.94mi

Listing history 11 events

1. 2026-06-21
   days on market $2,575,000 Active 17 DOM
2. 2026-06-18
   days on market $2,575,000 Active 14 DOM
3. 2026-06-17
   days on market $2,575,000 Active 13 DOM
4. 2026-06-16
   days on market $2,575,000 Active 12 DOM
5. 2026-06-15
   days on market $2,575,000 Active 11 DOM
6. 2026-06-13
   days on market $2,575,000 Active 9 DOM
7. 2026-06-13
   days on market $2,575,000 Active 8 DOM
8. 2026-06-09
   days on market $2,575,000 Active 5 DOM
9. 2026-06-08
   days on market $2,575,000 Active 4 DOM
10. 2026-06-07
    remarks 682-char remark
11. 2026-06-07
    listed $2,575,000 Active 3 DOM

ⓘ 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: $40,981 · $3,415/mo
• Projected year-2 tax: $40,981 · $3,415/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $451,752
• − Mortgage interest: −$144,240
• − Property taxes: −$40,981
• − Insurance: −$12,875
• − Repairs & maintenance: −$36,140
• − Management: −$36,140
• − Depreciation: −$74,909
• Taxable income: $106,467
• Est. tax owed @ 24.0%: −$25,552
• After-tax cash flow: $115,433/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): 54,553
• Household income: $106,018
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5272.0

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 0.66)
• Race & ethnicity: White 50% Asian 27% Hispanic / Latino 13% Two or more races 10% Black 4%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 31% · China, Canada, Vietnam
• Languages at home: 64% English-only · Chinese 10% Spanish 7% Other Asian/Pacific 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: ▲ 5.02%
• Current HPI: 175.8886
• Rent YoY: ▲ 15.60%
• 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

+39.2% since first listed

19 events — show timeline

• 2026-06-04 Listed $2,575,000 MLSListings
• 2026-06-04 Listed $2,575,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-01-16 Rental Removed $1,675 BUILDIUM
• 2025-01-05 Listed for Rent $1,675 BUILDIUM
• 2024-12-08 Rental Removed $1,675 BUILDIUM
• 2024-12-08 Listed for Rent $1,675 BUILDIUM
• 2024-11-28 Rental Removed $1,650 BUILDIUM
• 2024-11-28 Listed for Rent $1,650 BUILDIUM
• 2024-10-23 Rental Removed $1,695 LEASESTAR
• 2024-09-13 Listed for Rent $1,695 LEASESTAR
• 2024-09-13 Rental Removed $1,595 LEASESTAR
• 2024-09-12 Listed for Rent $1,595 LEASESTAR
• 2024-08-29 Rental Removed $1,650 LEASESTAR
• 2024-08-29 Listed for Rent $1,650 LEASESTAR
• 2024-08-21 Rental Removed $1,650 LEASESTAR
• 2024-08-21 Listed for Rent $1,650 LEASESTAR
• 2024-05-16 Sold (Public Records) $1,790,000 Public Records
• 2016-08-30 Sold (Public Records) $2,275,000 Public Records
• 2005-03-30 Sold (Public Records) $1,850,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $40,981 · +6.8% YoY. Source: county tax records.