467 22nd Ave · San Francisco, CA 94121

$1,175,000

4 bd · 4.0 ba · 3,650 sqft · MultiFamily public records · 15 Days on market

Built 1923 2,996 sqft lot Est $2004k · 41% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

A rare four-unit investment opportunity in the Richmond District, offering a blend of current stability and future upside. 467 22nd Avenue features four spacious one-bedroom units with abundant natural light, hardwood floors, and high ceilings. A new roof (2025) helps minimize near-term expenses, making this a low-maintenance investment. The property includes a two-car tandem garage (delivered vacant), shared backyard, and a large unfinished basement with potential for storage or future development (buyer to verify). Just moments from Clement Street, Golden Gate Park, Ocean Beach, and Land's End, with nearby MUNI access, this location supports strong, consistent rental demand. A well-locate

Key facts

• Natural light
• High ceilings
• Hardwood floors

Tags

• NATURAL LIGHT
• HARDWOOD FLOORS
• HIGH CEILINGS
• NEW ROOF
• SHARED BACKYARD
• LARGE UNFINISHED BASEMENT

Property features AI

Finance

• Financial info: All 4 units are currently leased
• HOA & community: No association fee

Exterior

• Parking: Attached tandem parking for 2 vehicles (attached garage)
• Utilities: Gas on separate meter; Electric on separate meter
• Home design: Residential income property (quadruplex); Single building
• Construction: Built in 1923
• Exterior features: Landscaped lot with garden

Interior

• Bedrooms: Total of 4 bedrooms across the building (each unit is 1 bedroom)
• Bathrooms: Four full bathrooms (one per unit)
• Interior features: Unfinished basement with storage space; Four 1-bed/1-bath units (no units furnished)

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $1.18M.

Deal economics

• At list price, monthly cash flow is $6k ($67k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.18M).
• Recommended offer: $1.16M (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 (+13.0%/yr); 76 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $15,975/mo this rent would consume 144% of the median local household income ($133k/yr) (locally 2072% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $35k of value loss. Plan a longer hold.
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $329k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,157,375 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.46%
• DSCR: 1.91
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $2,003,850
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
779-781 24th Ave	0.30mi	4/2.0	3,600 (-1%)	2mo	$2,100,000	$583	74
326 11th Ave	0.70mi	4/4.0	3,580 (-2%)	2mo	$1,825,000	$510	62
563-565 20th Ave	0.18mi	4/2.0	3,210 (-12%)	3mo	$1,300,000	$405	62
1614-1618 Balboa St	0.33mi	5/2.0 (+1)	3,263 (-11%)	1mo	$1,600,000	$490	53
1708-1710 Cabrillo St	0.37mi	4/1.0	3,450 (-6%)	10mo	$1,828,125	$530	53
2901 Cabrillo St	0.56mi	4/4.0	3,352 (-8%)	9mo	$1,700,000	$507	53
874 27th Ave	0.47mi	4/2.0	3,290 (-10%)	2mo	$2,600,000	$790	52
218-220 18th Ave	0.42mi	5/3.0 (+1)	3,826 (+5%)	17mo	$2,100,000	$549	49
4134-4136 Fulton St	0.50mi	4/4.0	3,220 (-12%)	12mo	$2,200,000	$683	48
422-424 Funston Ave	0.57mi	5/3.0 (+1)	3,625 (-1%)	19mo	$2,050,000	$566	48
171 23rd Ave	0.39mi	5/2.0 (+1)	3,220 (-12%)	3mo	$2,125,000	$660	47
5414-5416 Fulton St	0.63mi	5/3.0 (+1)	3,465 (-5%)	12mo	$1,680,000	$485	43

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 1.76×
• Total profit: $250,799
• Equity at exit: $175,196

10-year hold

• IRR: 29.4%
• Equity multiple: 4.22×
• Total profit: $1,060,823
• Equity at exit: $101,593

Cash invested: $329,000 (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 94121

• Rents YoY: 13.0%
• Active inventory: 76
• Price-to-rent: 24.5×

Monthly cashflow live

• Estimated rent: $15,975 high
• Mortgage (P&I): −$6,162
• Tax from tax record: −$360 /mo · $4,323/yr
• Insurance: −$490
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,355
• Net cashflow: $5,609

Break-even live

Break-even rent $8,875

Max offer price $1,175,000

Occupancy floor 60%

Sensitivity live

Price	-10% $6,274	-5% $5,941	+0% $5,609	+5% $5,276	+10% $4,943
Rent	-10% $4,347	-5% $4,978	+0% $5,609	+5% $6,240	+10% $6,871
Rate	-1.0pp $6,200	-0.5pp $5,907	base $5,609	+0.5pp $5,304	+1.0pp $4,994

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$15,976
Total (4 units)			$15,975

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: $293,750
• Closing costs: $35,250
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-02
   statusdays on market $1,175,000 Pending 15 DOM
2. 2026-06-01
   days on market $1,175,000 Active 14 DOM
3. 2026-05-31
   days on market $1,175,000 Active 13 DOM
4. 2026-05-18
   listed $1,175,000 Active

ⓘ 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: $4,323 · $360/mo
• Projected year-2 tax: $8,930 · $744/mo
• Expected delta: +$4,607/yr (+$384/mo · 106.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥77°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $191,700
• − Mortgage interest: −$65,818
• − Property taxes: −$4,323
• − Insurance: −$5,875
• − Repairs & maintenance: −$15,336
• − Management: −$15,336
• − Depreciation: −$34,182
• Taxable income: $50,830
• Est. tax owed @ 24.0%: −$12,199
• After-tax cash flow: $55,104/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): 41,995
• Household income: $133,358
• Rent vs Own: 56.1% rent · 43.9% own
• Severe rent burden: 2072.0

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 0.65)
• Race & ethnicity: Asian 42% White 41% Two or more races 10% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Scotch-Irish 3% Lithuanian 2% Romanian 2%
• Foreign-born: 35% · China, Canada, Vietnam
• Languages at home: 59% English-only · Chinese 22% Russian/Polish/Slavic 4% Spanish 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: ▼ -1078.57%
• Current HPI: 266.5786
• Rent YoY: ▲ 13.03%
• 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

• 2026-05-18 Listed $1,175,000 San Francisco MLS

Property tax history

+2.7%/yr

Latest (2025): $4,323 · +3.1% YoY. Source: county tax records.