738 Natoma St · San Francisco, CA 94103

$1,300,000

6 bd · 3.0 ba · 4,120 sqft · MultiFamily · 42 Days on market

Built 1911 Good condition 1,873 sqft lot $316/sqft · at area comps Est $1322k · at est.

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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 +28.7/30.0
• DSCR +10.0/10.0
• ARV discount +8.3/15.0
• 1% rule +8.0/10.0
• Appreciation +7.5/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

736 Natoma Street presents a rare opportunity to acquire a classic Victorian architecture triplex in the heart of South of Market (SoMa), one of San Francisco's most dynamic and evolving neighborhoods. Known for its proximity to major tech employers, transit hubs, and vibrant dining and nightlife, SoMa continues to attract a strong tenant base driven by convenience and urban lifestyle. Constructed in 1911, this well-maintained building features three spacious 2-bedroom, 1-bathroom units, each with similar, functional layouts. The property retains its original charm with period detailing throughout, including bay windows, decorative trim, formal dining rooms with built-ins, and traditional fireplaces features that continue to resonate with tenants seeking character alongside functionality. Recent capital improvements enhance the property's operational appeal, including new water heaters (2024), upgraded plumbing in select areas, a rebuilt lightwell with improved drainage, and updated kitchen and gas line improvements in select units. The property is separately metered for gas and electricity, allowing tenants to pay their own utilities and helping to minimize operating expenses.

Key facts

• Decorative trim
• Period detailing
• Bay windows

Tags

• VICTORIAN ARCHITECTURE
• PERIOD DETAILING
• BAY WINDOWS
• DECORATIVE TRIM
• FORMAL DINING ROOMS
• TRADITIONAL FIREPLACES

Property features AI

Finance

• Other: Living area reported as 4,120 (source: assessor)
• Financial info: Gross scheduled income: $59,853; Annual rental income: $59,853; Annual gross income: $57,459; Total expenses: $28,104; Gross rent multiplier: 21.72; Vacancy factor: 4%; Utility expenses: $4,620; Annual tax amount: $15,375
• HOA & community:

Exterior

• Parking: No garage; off-street parking available
• Security: Security features noted (see remarks)
• Utilities: Sewer connected; Individual electric meters; Individual gas meters; Water: other (see remarks)
• Home design: 3-story multifamily building; Single building on the lot
• Construction: Wood construction; Concrete perimeter and other foundation types; Built as a 3-unit building
• Exterior features: Roof noted as other (see remarks); Tenant pays electric and gas utilities

Interior

• Kitchen:
• Bedrooms: Three 2-bedroom units (one 2-bed unit per floor in the 3-story building)
• Flooring: Carpet; Hardwood; Other (see remarks)
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Wall furnace
• Interior features: Carpet and hardwood flooring with additional materials noted in remarks; Wall furnace heating
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $1.30M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.30M).
• Recommended offer: $1.26M (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+15.5%/yr); 108 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $16,841/mo this rent would consume 174% of the median local household income ($116k/yr) (locally 2666% 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 $74k of equity ($9k loan paydown + $65k 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 $364k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$118k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($1.26M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,261,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.30% ✓
• Cap rate: 10.28%
• Cash-on-cash: 14.24%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

• ARV (median comp): $1,322,200
• List price: $1,300,000
• Delta: -1.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
287-291 Page St	0.71mi	5/3.0 (-1)	3,518 (-15%)	0mo	$3,674,550	$1,044	37
409-413 Tehama St	0.55mi	6/5.0	4,670 (+13%)	12mo	$1,200,000	$257	34

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

Projected returns pro-forma

4.96% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.2%
• Equity multiple: 2.82×
• Total profit: $661,271
• Equity at exit: $733,733

10-year hold

• IRR: 29.5%
• Equity multiple: 6.43×
• Total profit: $1,976,724
• Equity at exit: $1,263,882

Cash invested: $364,000 (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 94103

• Home prices YoY: 2.9%
• Rents YoY: 15.5%
• Active inventory: 108
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $16,841 high
• Mortgage (P&I): −$6,817
• Tax est. 1.5%: −$1,625 /mo · $19,500/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,537
• Net cashflow: $4,320

Break-even live

Break-even rent $11,372

Max offer price $1,300,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$16,842
Total (3 units)			$16,841

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: $325,000
• Closing costs: $39,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
— San Francisco, CA	5.0	4.5	3100	$29,990	$9.67	7d	1	1.37mi

Listing history 12 events

1. 2026-06-18
   days on market $1,300,000 Active 42 DOM
2. 2026-06-17
   days on market $1,300,000 Active 41 DOM
3. 2026-06-16
   days on market $1,300,000 Active 40 DOM
4. 2026-06-15
   days on market $1,300,000 Active 39 DOM
5. 2026-06-13
   days on market $1,300,000 Active 37 DOM
6. 2026-06-13
   days on market $1,300,000 Active 36 DOM
7. 2026-06-09
   days on market $1,300,000 Active 33 DOM
8. 2026-06-08
   days on market $1,300,000 Active 32 DOM
9. 2026-06-07
   days on market $1,300,000 Active 31 DOM
10. 2026-06-04
    days on market $1,300,000 Active 28 DOM

    Show marketing remark (1196 chars)

    736 Natoma Street presents a rare opportunity to acquire a classic Victorian architecture triplex in the heart of South of Market (SoMa), one of San Francisco's most dynamic and evolving neighborhoods. Known for its proximity to major tech employers, transit hubs, and vibrant dining and nightlife, SoMa continues to attract a strong tenant base driven by convenience and urban lifestyle. Constructed in 1911, this well-maintained building features three spacious 2-bedroom, 1-bathroom units, each with similar, functional layouts. The property retains its original charm with period detailing throughout, including bay windows, decorative trim, formal dining rooms with built-ins, and traditional fireplaces features that continue to resonate with tenants seeking character alongside functionality. Recent capital improvements enhance the property's operational appeal, including new water heaters (2024), upgraded plumbing in select areas, a rebuilt lightwell with improved drainage, and updated kitchen and gas line improvements in select units. The property is separately metered for gas and electricity, allowing tenants to pay their own utilities and helping to minimize operating expenses.

11. 2026-05-01
    listed $1,300,000 Active 1196-char remark

    Show marketing remark (1196 chars)

    736 Natoma Street presents a rare opportunity to acquire a classic Victorian architecture triplex in the heart of South of Market (SoMa), one of San Francisco's most dynamic and evolving neighborhoods. Known for its proximity to major tech employers, transit hubs, and vibrant dining and nightlife, SoMa continues to attract a strong tenant base driven by convenience and urban lifestyle. Constructed in 1911, this well-maintained building features three spacious 2-bedroom, 1-bathroom units, each with similar, functional layouts. The property retains its original charm with period detailing throughout, including bay windows, decorative trim, formal dining rooms with built-ins, and traditional fireplaces features that continue to resonate with tenants seeking character alongside functionality. Recent capital improvements enhance the property's operational appeal, including new water heaters (2024), upgraded plumbing in select areas, a rebuilt lightwell with improved drainage, and updated kitchen and gas line improvements in select units. The property is separately metered for gas and electricity, allowing tenants to pay their own utilities and helping to minimize operating expenses.

12. 2026-05-01
    listed $1,300,000 Active 1196-char remark

    Show marketing remark (1196 chars)

    736 Natoma Street presents a rare opportunity to acquire a classic Victorian architecture triplex in the heart of South of Market (SoMa), one of San Francisco's most dynamic and evolving neighborhoods. Known for its proximity to major tech employers, transit hubs, and vibrant dining and nightlife, SoMa continues to attract a strong tenant base driven by convenience and urban lifestyle. Constructed in 1911, this well-maintained building features three spacious 2-bedroom, 1-bathroom units, each with similar, functional layouts. The property retains its original charm with period detailing throughout, including bay windows, decorative trim, formal dining rooms with built-ins, and traditional fireplaces features that continue to resonate with tenants seeking character alongside functionality. Recent capital improvements enhance the property's operational appeal, including new water heaters (2024), upgraded plumbing in select areas, a rebuilt lightwell with improved drainage, and updated kitchen and gas line improvements in select units. The property is separately metered for gas and electricity, allowing tenants to pay their own utilities and helping to minimize operating expenses.

ⓘ 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 3/10 Moderate 8 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: $202,092
• − Mortgage interest: −$72,820
• − Property taxes: −$19,500
• − Insurance: −$6,500
• − Repairs & maintenance: −$16,167
• − Management: −$16,167
• − Depreciation: −$37,818
• Taxable income: $33,119
• Est. tax owed @ 24.0%: −$7,949
• After-tax cash flow: $43,896/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 · 12 photos

Good 75/100 Cosmetic rehab

This classic Victorian triplex in SoMa is well-maintained and ready for a new owner. Minor updates to the exterior and interior will further enhance its value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and property value
• Both Clean gutters — Improves drainage and property value
• Both Replace old appliances — Modernizes the kitchen and improves functionality
• Both Update bathrooms — Modernizes the bathrooms and improves functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and property value ↑
• Both Clean gutters — Improves drainage and property value ↑
• Both Replace old appliances — Modernizes the kitchen and improves functionality ↑
• Both Update bathrooms — Modernizes the bathrooms and improves functionality ↑

ⓘ 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): 34,964
• Household income: $116,438
• Rent vs Own: 80.3% rent · 19.7% own
• Severe rent burden: 2666.0

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 0.75)
• Race & ethnicity: White 32% Asian 31% Hispanic / Latino 20% Two or more races 11% Black 10% Native American 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 36% · Canada, China, Vietnam
• Languages at home: 56% English-only · Spanish 16% Chinese 9% Tagalog/Filipino 6%

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: ▲ 4.96%
• Current HPI: 175.4945
• Rent YoY: ▲ 15.50%
• 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

+0.0% since first listed

6 events — show timeline

• 2026-06-04 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-06-04 Relisted — MLSListings
• 2026-05-28 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-28 Listing Removed — MLSListings
• 2026-05-01 Listed $1,300,000 MLSListings
• 2026-05-01 Listed $1,300,000 bridgeMLS, Bay East AOR, or Contra Costa AOR