515 Ofarrell St · San Francisco, CA 94102

$10,500,000

None bd · None ba · 25,896 sqft · MultiFamily · 86 Days on market

Built 1926 Good condition 4,534 sqft lot $405/sqft · 22% above area Est $8622k · 22% 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 +9.0/10.0
• Appreciation +7.4/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 46 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

First time on the market in 48 years - a once-in-a-generation investment opportunity. The Beverly, located at 515 O'Farrell Street, is a 46-unit mixed-use asset comprised of 45 studio apartments and one ground-floor commercial unit, ideally situated in the heart of San Francisco. The property is within walking distance to Union Square, national name-brand hotels, BART, cable cars, and offers immediate access to multiple MUNI bus lines. The residential component features 45 well-laid-out studio units, offering efficient layouts and strong rental demand. The ground floor includes a large laundromat servicing both residential and commercial clientele. Additional highlights include a roof deck with panoramic views and 7 parking spaces. Capital improvements include elastomeric roof coating, furnace improvements, and ongoing upgrades to the sprinkler system. This concrete building is not subject to San Francisco's soft-story retrofit program. Fannie Mae and Freddie Mac approv

Key facts

• Parking spaces
• Concrete building
• 4,534 sq ft lot

Tags

• GROUND-FLOOR COMMERCIAL UNIT
• ROOF DECK WITH PANORAMIC VIEWS
• PARKING SPACES
• CONCRETE BUILDING

What this means for you Summary

Snapshot

• This is a 45×?bd/1ba + 1×?bd/?ba units multifamily listed at $10.50M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $43k ($521k/yr) — positive. Per door: $944/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($147k rent vs $10.50M).
• Recommended offer: $9.87M (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 (+10.1%/yr); 63 active listings in the ZIP; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $146,804/mo this rent would consume 2915% of the median local household income ($60k/yr) (locally 3769% 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 $576k of equity ($73k loan paydown + $504k appreciation (4.8% 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 (4.8% appreciation + 8.0% rent growth), your $2.94M cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$925k 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 ($9.87M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,870,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1926 — 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: 1.40% ✓
• Cap rate: 11.25%
• Cash-on-cash: 17.72%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (median comp): $8,621,875
• List price: $10,500,000
• Delta: 21.78%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
970 Post St	0.28mi	27/—	22,310 (-14%)	1mo	$6,400,000	$287	63

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

Projected returns pro-forma

4.8% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 2.99×
• Total profit: $5,841,835
• Equity at exit: $5,821,234

10-year hold

• IRR: 32.4%
• Equity multiple: 6.85×
• Total profit: $17,195,692
• Equity at exit: $9,941,605

Cash invested: $2,940,000 (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 94102

• Home prices YoY: 2.7%
• Rents YoY: 10.1%
• Active inventory: 63
• Price-to-rent: 274.2×

Monthly cashflow live

• Estimated rent: $146,804 high
• Mortgage (P&I): −$55,063
• Tax est. 1.5%: −$13,125 /mo · $157,500/yr
• Insurance: −$4,375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$30,829
• Net cashflow: $43,412

Break-even live

Break-even rent $91,852

Max offer price $10,500,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 45× units	0	1	$143,595
1× unit	0	0	$3,191
Total (46 units)			$146,804

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: $2,625,000
• Closing costs: $315,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $10,500,000 Active 86 DOM
2. 2026-06-17
   days on market $10,500,000 Active 85 DOM
3. 2026-06-16
   days on market $10,500,000 Active 84 DOM
4. 2026-06-15
   days on market $10,500,000 Active 83 DOM
5. 2026-06-13
   days on market $10,500,000 Active 81 DOM
6. 2026-06-13
   days on market $10,500,000 Active 80 DOM
7. 2026-06-09
   days on market $10,500,000 Active 77 DOM
8. 2026-06-08
   days on market $10,500,000 Active 76 DOM
9. 2026-06-07
   days on market $10,500,000 Active 75 DOM
10. 2026-06-04
    days on market $10,500,000 Active 72 DOM
11. 2026-06-03
    days on market $10,500,000 Active 71 DOM
12. 2026-06-02
    days on market $10,500,000 Active 70 DOM
13. 2026-06-01
    days on market $10,500,000 Active 69 DOM
14. 2026-05-31
    days on market $10,500,000 Active 68 DOM
15. 2026-03-24
    listed $10,500,000 Active 1000-char remark

    Show marketing remark (1000 chars)

    First time on the market in 48 years - a once-in-a-generation investment opportunity. The Beverly, located at 515 O'Farrell Street, is a 46-unit mixed-use asset comprised of 45 studio apartments and one ground-floor commercial unit, ideally situated in the heart of San Francisco. The property is within walking distance to Union Square, national name-brand hotels, BART, cable cars, and offers immediate access to multiple MUNI bus lines. The residential component features 45 well-laid-out studio units, offering efficient layouts and strong rental demand. The ground floor includes a large laundromat servicing both residential and commercial clientele. Additional highlights include a roof deck with panoramic views and 7 parking spaces. Capital improvements include elastomeric roof coating, furnace improvements, and ongoing upgrades to the sprinkler system. This concrete building is not subject to San Francisco's soft-story retrofit program. Fannie Mae and Freddie Mac approv

ⓘ 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 ≥79°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: $1,761,648
• − Mortgage interest: −$588,163
• − Property taxes: −$157,500
• − Insurance: −$52,500
• − Repairs & maintenance: −$140,932
• − Management: −$140,932
• − Depreciation: −$305,455
• Taxable income: $376,167
• Est. tax owed @ 24.0%: −$90,280
• After-tax cash flow: $430,664/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 · 6 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with a good condition score of 75. It offers a prime location and has the potential for further value increases through cosmetic updates and maintenance.

Value-add opportunities

• Both Paint exterior — Fresh paint enhances curb appeal and can increase both resale and rental value.
• Both Deep clean common areas — A thorough cleaning of common areas can improve the overall impression and attract more tenants or buyers.
• Rental Update HVAC filters — Fresh air and a clean HVAC system can improve tenant satisfaction and reduce maintenance costs.
• Both Install energy-efficient windows — Energy-efficient windows can reduce utility costs and improve the home's energy rating, increasing its value.
• Both Add modern lighting fixtures — Modern lighting fixtures can enhance the aesthetic appeal and increase the home's value for both resale and rental purposes.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint enhances curb appeal and can increase both resale and rental value. ↑
• Both Deep clean common areas — A thorough cleaning of common areas can improve the overall impression and attract more tenants or buyers. ↑
• Rental Update HVAC filters — Fresh air and a clean HVAC system can improve tenant satisfaction and reduce maintenance costs. ↑
• Both Install energy-efficient windows — Energy-efficient windows can reduce utility costs and improve the home's energy rating, increasing its value. ↑
• Both Add modern lighting fixtures — Modern lighting fixtures can enhance the aesthetic appeal and increase the home's value for both resale and rental purposes. ↑

ⓘ 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): 35,976
• Household income: $60,431
• Rent vs Own: 92.0% rent · 8.0% own
• Severe rent burden: 3769.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 31% Asian 28% Hispanic / Latino 22% Two or more races 13% Black 9% Native American 2%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Scotch-Irish 2% Romanian 2% Lithuanian 2%
• Foreign-born: 41% · Canada, China, Vietnam
• Languages at home: 52% English-only · Spanish 16% Chinese 10% Vietnamese 5%

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: ▲ 4.80%
• Current HPI: 184.4403
• Rent YoY: ▲ 10.11%
• 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

• 2026-03-24 Listed $10,500,000 bridgeMLS, Bay East AOR, or Contra Costa AOR