34 Turk St · San Francisco, CA 94102

$4,500,000

None bd · None ba · 58,718 sqft · MultiFamily · 56 Days on market

Built 1909 9,453 sqft lot $77/sqft · 70% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +7.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 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: 1 unit. 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 MLS

34 Turk Street (The Dalt Hotel) presents a rare opportunity to acquire a large-scale, income-generating mixed-use asset in the heart of San Francisco's Tenderloin neighborhood. The property consists of one hundred eighty (180) units, including a diverse mix of SRO configurations supported by various housing programs, along with two (2) ground-floor commercial spaces, offering both residential stability and additional revenue streams. Originally constructed in 1909, the building features classic San Francisco architectural character and spans approximately 58,718 square feet on a 9,453 square foot lot. The asset includes elevator access and a variety of on-site amenities, including laundry facilities and communal spaces, all within a well-secured building. Many units offer efficient layouts designed to maximize livability, while the property's historical use as supportive housing provides consistent occupancy and income stability. The Dalt Hotel benefits from multiple layered income sources, including tenant rents, government-backed subsidies, and service-related revenue programs such as HUD Project-Based Vouchers (PBS8), VASH, and local housing initiatives. This structure enhances revenue reliability while also providing a clear opportunity for operational improvement through expense optimization and management efficiencies. Situated just steps from Market Street, Civic Center, and Union Square, the property offers immediate access to San Francisco's primary employment hubs, public transit, and neighborhood amenities. The surrounding area continues to see ongoing public and private investment, reinforcing long-term demand for centrally located, transit-oriented housing. 34 Turk Street offers investors a compelling combination of scale, strong in-place income, and significant operational upside. With current expenses elevated due to historical operations and rents supported by a variety of subsidy programs, new ownership has the opportunity to streamline operations and unlock meaningful increases in net operating income, positioning the asset for long-term value creation.

Key facts

• Laundry facilities
• Elevator access
• Communal spaces

Tags

• GROUND FLOOR COMMERCIAL SPACES
• ELEVATOR ACCESS
• LAUNDRY FACILITIES
• COMMUNAL SPACES

🏷️ Possibly a rental listed for sale. The $4,500,000 price doesn't fit this home's estimated sale value (~$15,150,000) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a multifamily listed at $4.50M.

Deal economics

• At list price, monthly cash flow is $319k ($3.83M/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($443k rent vs $4.50M).
• Recommended offer: $4.37M (3.0% below list) — sets the bar for market timing.
• Cap rate 91.4% 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 $443,426/mo this rent would consume 8805% 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 $247k of equity ($31k loan paydown + $216k 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 $1.26M cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$396k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($4.37M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $4,365,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 9.85% ✓
• Cap rate: 91.42%
• Cash-on-cash: 304.01%
• DSCR: 14.53
• GRM: 0.8

CMA / ARV

• ARV (median comp): $15,150,000
• List price: $4,500,000
• Delta: -70.30%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 19.78×
• Total profit: $23,665,851
• Equity at exit: $2,494,815

10-year hold

• IRR: —
• Equity multiple: 48.32×
• Total profit: $59,626,015
• Equity at exit: $4,260,688

Cash invested: $1,260,000 (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: 152.2×

Monthly cashflow live

• Estimated rent: $443,426 high
• Mortgage (P&I): −$23,598
• Tax est. 1.5%: −$5,625 /mo · $67,500/yr
• Insurance: −$1,875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$93,119
• Net cashflow: $319,208

Break-even live

Break-even rent $39,365

Max offer price $4,500,000

Occupancy floor 23%

Sensitivity live

Price	-10% $322,318	-5% $320,763	+0% $319,208	+5% $317,653	+10% $316,098
Rent	-10% $284,177	-5% $301,693	+0% $319,208	+5% $336,723	+10% $354,239
Rate	-1.0pp $321,474	-0.5pp $320,353	base $319,208	+0.5pp $318,042	+1.0pp $316,856

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

Units	Beds	Baths	Est. rent
▸ 180× units	1	1	$443,340
Total (180 units)			$443,426

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: $1,125,000
• Closing costs: $135,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $4,500,000 Active 56 DOM
2. 2026-06-17
   days on market $4,500,000 Active 55 DOM
3. 2026-06-16
   days on market $4,500,000 Active 54 DOM
4. 2026-06-15
   days on market $4,500,000 Active 53 DOM
5. 2026-06-13
   days on market $4,500,000 Active 51 DOM
6. 2026-06-13
   days on market $4,500,000 Active 50 DOM
7. 2026-06-09
   days on market $4,500,000 Active 47 DOM
8. 2026-06-08
   days on market $4,500,000 Active 46 DOM
9. 2026-06-07
   days on market $4,500,000 Active 45 DOM
10. 2026-06-04
    days on market $4,500,000 Active 42 DOM
11. 2026-06-03
    days on market $4,500,000 Active 41 DOM
12. 2026-06-02
    days on market $4,500,000 Active 40 DOM
13. 2026-06-01
    days on market $4,500,000 Active 39 DOM
14. 2026-05-31
    days on market $4,500,000 Active 38 DOM
15. 2026-04-23
    listed $4,500,000 Active 2107-char remark

    Show marketing remark (2107 chars)

    34 Turk Street (The Dalt Hotel) presents a rare opportunity to acquire a large-scale, income-generating mixed-use asset in the heart of San Francisco's Tenderloin neighborhood. The property consists of one hundred eighty (180) units, including a diverse mix of SRO configurations supported by various housing programs, along with two (2) ground-floor commercial spaces, offering both residential stability and additional revenue streams. Originally constructed in 1909, the building features classic San Francisco architectural character and spans approximately 58,718 square feet on a 9,453 square foot lot. The asset includes elevator access and a variety of on-site amenities, including laundry facilities and communal spaces, all within a well-secured building. Many units offer efficient layouts designed to maximize livability, while the property's historical use as supportive housing provides consistent occupancy and income stability. The Dalt Hotel benefits from multiple layered income sources, including tenant rents, government-backed subsidies, and service-related revenue programs such as HUD Project-Based Vouchers (PBS8), VASH, and local housing initiatives. This structure enhances revenue reliability while also providing a clear opportunity for operational improvement through expense optimization and management efficiencies. Situated just steps from Market Street, Civic Center, and Union Square, the property offers immediate access to San Francisco's primary employment hubs, public transit, and neighborhood amenities. The surrounding area continues to see ongoing public and private investment, reinforcing long-term demand for centrally located, transit-oriented housing. 34 Turk Street offers investors a compelling combination of scale, strong in-place income, and significant operational upside. With current expenses elevated due to historical operations and rents supported by a variety of subsidy programs, new ownership has the opportunity to streamline operations and unlock meaningful increases in net operating income, positioning the asset for long-term value creation.

ⓘ 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: $5,321,112
• − Mortgage interest: −$252,070
• − Property taxes: −$67,500
• − Insurance: −$22,500
• − Repairs & maintenance: −$425,689
• − Management: −$425,689
• − Depreciation: −$130,909
• Taxable income: $3,996,755
• Est. tax owed @ 24.0%: −$959,221
• After-tax cash flow: $2,871,275/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): 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

• 2026-04-23 Listed $4,500,000 San Francisco MLS