2230 Steiner St · San Francisco, CA 94115

$5,900,000

132 bd · 12.0 ba · 9,174 sqft · MultiFamily public records · 18 Days on market

Built 1923 4,451 sqft lot $643/sqft · 38% above area Est $4285k · 38% over

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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 +21.5/30.0
• Appreciation +9.3/10.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 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

2230 Steiner Street is a 12-unit Edwardian in the heart of Pacific Heights. It is a half block from Alta Plaza Park and around the corner from Fillmore Street's dining, nightlife, and retail. The unit mix is 11 one-bedrooms and 1 studio, plus two individual garages. Apartments feature hardwood floors, high ceilings, period detail, and abundant natural light. They have been maintained nicely, but with modest upgrades that position the building for strong rent growth with minimal capital investment. The building is in excellent physical condition: soft-story retrofit and sleep alarm ordinances are complete, the roof was replaced in 2024, and 80 windows were replaced in 2011. The building has 200-amp electrical service with newer circuit breakers. Units are separately metered for gas and electricity, and electric heat is tenant-paid, keeping operating expenses low. This is a rare opportunity to acquire a generational asset in one of San Francisco's most desirable rental locations, with 35% upside to market rents.

Key facts

• Period detail
• 12 unit edwardian
• Soft story retrofit

Tags

• 12 UNIT EDWARDIAN
• HARDWOOD FLOORS
• HIGH CEILINGS
• PERIOD DETAIL
• ABUNDANT NATURAL LIGHT
• SOFT STORY RETROFIT

What this means for you Summary

Snapshot

• This is a 12 × 1-bed/1-bath units multifamily listed at $5.90M.

Deal economics

• At list price, monthly cash flow is $9k ($107k/yr) — positive. Per door: $740/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($63k rent vs $5.90M).
• Recommended offer: $5.81M (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 (+20.6%/yr); 61 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $62,857/mo this rent would consume 498% of the median local household income ($152k/yr) (locally 2151% 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 $543k of equity ($41k loan paydown + $502k appreciation (8.5% 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 (8.5% appreciation + 8.0% rent growth), your $1.65M cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$871k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($5.81M) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

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

Recommended offer $5,811,500 (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 1923 — 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: 1.07% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.45%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (median comp): $4,285,272
• List price: $5,900,000
• Delta: 37.68%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

8.52% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.2%
• Equity multiple: 3.13×
• Total profit: $3,525,879
• Equity at exit: $4,691,419

10-year hold

• IRR: 26.9%
• Equity multiple: 7.45×
• Total profit: $10,663,075
• Equity at exit: $9,519,178

Cash invested: $1,652,000 (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 94115

• Home prices YoY: 3.9%
• Rents YoY: 20.6%
• Active inventory: 61
• Price-to-rent: 93.9×

Monthly cashflow live

• Estimated rent: $62,857 high
• Mortgage (P&I): −$30,940
• Tax est. 1.5%: −$7,375 /mo · $88,500/yr
• Insurance: −$2,458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$13,200
• Net cashflow: $8,883

Break-even live

Break-even rent $51,612

Max offer price $5,900,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$62,856
Total (12 units)			$62,857

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: $1,475,000
• Closing costs: $177,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-08
   listed $5,900,000 Active 1025-char remark

   Show marketing remark (1025 chars)

   2230 Steiner Street is a 12-unit Edwardian in the heart of Pacific Heights. It is a half block from Alta Plaza Park and around the corner from Fillmore Street's dining, nightlife, and retail. The unit mix is 11 one-bedrooms and 1 studio, plus two individual garages. Apartments feature hardwood floors, high ceilings, period detail, and abundant natural light. They have been maintained nicely, but with modest upgrades that position the building for strong rent growth with minimal capital investment. The building is in excellent physical condition: soft-story retrofit and sleep alarm ordinances are complete, the roof was replaced in 2024, and 80 windows were replaced in 2011. The building has 200-amp electrical service with newer circuit breakers. Units are separately metered for gas and electricity, and electric heat is tenant-paid, keeping operating expenses low. This is a rare opportunity to acquire a generational asset in one of San Francisco's most desirable rental locations, with 35% upside to market rents.

2. 2025-01-31
   historical $2,845
3. 2025-01-17
   price $2,845
4. 2024-12-19
   listed $2,895
5. 2024-10-09
   historical $2,695
6. 2024-09-21
   price $2,695
7. 2024-09-12
   price $2,795
8. 2024-09-10
   price $2,855
9. 2024-09-07
   price $2,695
10. 2024-07-30
    listed $2,795
11. 2024-04-12
    price $2,100
12. 2024-04-10
    historical
13. 2024-03-20
    listed
14. 2022-11-14
    historical

ⓘ 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 8 d/yr ≥78°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: $754,284
• − Mortgage interest: −$330,492
• − Property taxes: −$88,500
• − Insurance: −$29,500
• − Repairs & maintenance: −$60,343
• − Management: −$60,343
• − Depreciation: −$171,636
• Taxable income: $13,470
• Est. tax owed @ 24.0%: −$3,233
• After-tax cash flow: $103,369/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): 32,629
• Household income: $151,524
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 2151.0

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 0.70)
• Race & ethnicity: White 49% Asian 20% Two or more races 11% Hispanic / Latino 11% Black 10%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Scotch-Irish 3% Romanian 3% Lithuanian 3%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 71% English-only · Spanish 6% Chinese 5% Russian/Polish/Slavic 3%

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: ▲ 8.52%
• Current HPI: 224.7175
• Rent YoY: ▲ 20.62%
• 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

+280852.4% since first listed

14 events — show timeline

• 2026-05-08 Listed $5,900,000 San Francisco MLS
• 2025-01-31 Rental Removed $2,845 RENT.
• 2025-01-17 Price Changed $2,845 RENT.
• 2024-12-19 Listed for Rent $2,895 RENT.
• 2024-10-09 Rental Removed $2,695 RENT.
• 2024-09-21 Price Changed $2,695 RENT.
• 2024-09-12 Price Changed $2,795 RENT.
• 2024-09-10 Price Changed $2,855 RENT.
• 2024-09-07 Price Changed $2,695 RENT.
• 2024-07-30 Listed for Rent $2,795 RENT.
• 2024-04-12 Price Changed $2,100 APPFOLIO
• 2024-04-10 Rental Removed — APPFOLIO
• 2024-03-20 Listed for Rent — APPFOLIO
• 2022-11-14 Rental Removed — APPFOLIO

Property tax history

+1.7%/yr

Latest (2025): $10,420 · +3.0% YoY. Source: county tax records.