1106-1108 Masonic Ave · San Francisco, CA 94117

$2,700,000

6 bd · 2.0 ba · 3,300 sqft · MultiFamily public records · 17 Days on market

Built 1906 2,344 sqft lot Est $2412k · 12% over

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Why this score? — see what drove the D- 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).

• Appreciation +9.6/10.0
• Cash flow +6.9/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• DSCR +1.1/10.0
• 1% rule +0.6/10.0

Multi-family units

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

Listing remarks

1106-1108 Masonic Avenue presents a rare combination of immediate livability and long-term expansion potential in one of San Francisco's centrally located most sought-after neighborhoods. This pride-of-ownership duplex, positioned above a spacious garage, is just steps from the heart of iconic Haight-Ashbury and Golden Gate Park, blending classic San Francisco character with comfortable everyday functionality. Original period details remain intact throughout, adding warmth, charm, and architectural character, while the two residential units offer functional floor plans, central heating, modern kitchens, and well-maintained interiors. Move-in ready! Huge upside: potential condominium conver

Key facts

• Central heating
• Spacious garage
• 2,344 sq ft lot

Tags

• SPACIOUS GARAGE
• STEPS FROM HAIGHT-ASHBURY
• STEPS FROM GOLDEN GATE PARK
• ORIGINAL PERIOD DETAILS
• FUNCTIONAL FLOOR PLANS
• CENTRAL HEATING

Property features AI

Finance

• Financial info: Two total units (both currently vacant); All units furnished; Owner-occupied units: 2; Two independent parking spaces and one tandem parking space
• HOA & community: No association fee

Exterior

• Parking: Detached garage with three covered spaces; Garage door opener; Side-by-side parking layout (includes tandem space configuration)
• Utilities: Separate gas meters; Separate electric meters
• Home design: Edwardian duplex (residential income); Three or more levels; Built in 1906; Shingle roof; Concrete perimeter foundation
• Construction: Edwardian-style construction; Shingle roof; Concrete perimeter foundation; Built in 1906
• Exterior features: Private lot

Interior

• Bedrooms: 6 bedrooms (arranged across upper and lower flats)
• Flooring: Wood flooring
• Heating & cooling: Central heating (natural gas)
• Interior features: Partial basement; Double-pane windows; Central heating (natural gas)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $2.70M.

Deal economics

• At list price, monthly cash flow is $-4k ($-49k/yr) — negative. Per door: $-2k/mo.
• To cash-flow at today's rent, offer at most $1.98M (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.51M (44.0% below list).
• Recommended offer: $1.51M (44.0% below list) — sets the bar for 1% rule.
• Cap rate 4.5% 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 (+18.2%/yr); 71 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 $15,121/mo this rent would consume 109% of the median local household income ($167k/yr) (locally 1811% 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 $269k of equity ($19k loan paydown + $250k appreciation (9.3% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$432k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($2.66M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,512,100 (44.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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 1906 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.56% ✗
• Cap rate: 4.47%
• Cash-on-cash: -6.50%
• DSCR: 0.71
• GRM: 14.9

CMA / ARV

• ARV (on-the-fly): $2,412,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
720 Ashbury St	0.19mi	6/—	3,189 (-3%)	10mo	$1,600,000	$502	77
412-414 Central Ave	0.19mi	5/2.0 (-1)	3,390 (+3%)	6mo	$1,700,000	$501	77
16-18 Hemway Ter	0.38mi	5/3.0 (-1)	3,367 (+2%)	8mo	$1,775,000	$527	63
280-282 Roosevelt Way	0.43mi	6/5.0	3,400 (+3%)	2mo	$2,600,000	$765	61
1945-1947 Fulton St	0.36mi	7/4.0 (+1)	3,197 (-3%)	6mo	$2,400,000	$751	60
1522 -1524 Waller St	0.25mi	7/3.0 (+1)	3,100 (-6%)	13mo	$2,150,000	$694	58
238-242 Alma St	0.65mi	5/— (-1)	3,425 (+4%)	3mo	$3,800,000	$1,109	56
516 Stanyan St	0.50mi	5/4.0 (-1)	3,208 (-3%)	5mo	$1,790,000	$558	55
2004-2012 Mcallister St	0.43mi	6/—	2,960 (-10%)	14mo	$1,080,000	$365	52
482-484 Belvedere St	0.52mi	5/4.0 (-1)	3,085 (-6%)	2mo	$5,300,000	$1,718	50
983-985 14th St	0.60mi	6/4.0	3,625 (+10%)	0mo	$2,650,000	$731	47
2275 15th St	0.68mi	6/3.0	2,908 (-12%)	12mo	$2,605,000	$896	35

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

Projected returns pro-forma

9.27% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.2%
• Equity multiple: 2.53×
• Total profit: $1,154,823
• Equity at exit: $2,290,413

10-year hold

• IRR: 18.8%
• Equity multiple: 5.99×
• Total profit: $3,771,202
• Equity at exit: $4,795,710

Cash invested: $756,000 (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 94117

• Home prices YoY: 4.2%
• Rents YoY: 18.2%
• Active inventory: 71
• Price-to-rent: 29.8×

Monthly cashflow live

• Estimated rent: $15,121 high
• Mortgage (P&I): −$14,159
• Tax from tax record: −$756 /mo · $9,067/yr
• Insurance: −$1,125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,175
• Net cashflow: $-4,094

Break-even live

Break-even rent $20,303

Max offer price $1,976,764

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$15,120
Total (2 units)			$15,121

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: $675,000
• Closing costs: $81,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 Castro St San Francisco, CA	5.0	4.0	3300	$22,995	$6.97	18d	1	1.09mi

Listing history 12 events

1. 2026-06-15
   statusdays on market $2,700,000 Pending 17 DOM
2. 2026-06-13
   days on market $2,700,000 Active 16 DOM
3. 2026-06-13
   days on market $2,700,000 Active 15 DOM
4. 2026-06-09
   days on market $2,700,000 Active 12 DOM
5. 2026-06-08
   days on market $2,700,000 Active 11 DOM
6. 2026-06-07
   days on market $2,700,000 Active 10 DOM
7. 2026-06-04
   days on market $2,700,000 Active 7 DOM
8. 2026-06-03
   days on market $2,700,000 Active 6 DOM
9. 2026-06-02
   days on market $2,700,000 Active 5 DOM
10. 2026-06-01
    days on market $2,700,000 Active 4 DOM
11. 2026-05-31
    remarks 699-char remark
12. 2026-05-31
    listed $2,700,000 Active 3 DOM

ⓘ 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: $9,067 · $756/mo
• Projected year-2 tax: $20,520 · $1,710/mo
• Expected delta: +$11,453/yr (+$954/mo · 126.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥76°F today · 16 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: $181,452
• − Mortgage interest: −$151,242
• − Property taxes: −$9,067
• − Insurance: −$13,500
• − Repairs & maintenance: −$14,516
• − Management: −$14,516
• − Depreciation: −$78,545
• Taxable loss: −$99,935
• Est. tax savings @ 24.0%: +$23,984
• After-tax cash flow: $-25,145/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): 36,198
• Household income: $167,066
• Rent vs Own: 71.2% rent · 28.8% own
• Severe rent burden: 1811.0

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 0.55)
• Race & ethnicity: White 65% Asian 14% Two or more races 10% Hispanic / Latino 9% Black 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Lithuanian 5% Romanian 3%
• Foreign-born: 18% · Canada, China, Vietnam
• Languages at home: 80% English-only · Spanish 5% Chinese 4% French/Haitian/Cajun 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: ▲ 9.27%
• Current HPI: 228.7304
• Rent YoY: ▲ 18.24%
• 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

• 2026-05-28 Listed $2,700,000 San Francisco MLS

Property tax history

+2.0%/yr

Latest (2025): $9,067 · +2.9% YoY. Source: county tax records.