278 States St · San Francisco, CA 94114

$4,300,000

16 bd · 9.0 ba · 7,268 sqft · MultiFamily public records · 59 Days on market

Built 1960 3,624 sqft lot $592/sqft · 45% above area Est $2961k · 45% 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 +17.2/30.0
• Appreciation +9.8/10.0
• DSCR +5.4/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.1/10.0
• 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: 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

278 States Street presents a rare opportunity to acquire a well-maintained, multi-structure asset situated at the crest of the highly coveted Corona Heights neighborhood. This unique property consists of two distinct buildings on a single lot, providing dual street access from both States Street and Roosevelt Way. Originally constructed in 1960, the property comprises nine total residential units (eight residential units plus one occupied, unwarranted studio). The primary unit mix consists of spacious two-bedroom, one-bathroom floor plans, designed to maximize natural light and capture the expansive city views characteristic of this elevated location. The Roosevelt Way building houses two apartments, a large storage room, the laundry facility, and a rooftop studio. This studio features a private deck and stunning panoramic views, offering a new owner the potential to pursue legalization and further solidify the property's income stream. With well-maintained systems and a considerable gap between current and market rates, the asset offers substantial rental upside.

Key facts

• Private deck
• Panoramic views
• Dual street access

Tags

• DUAL STREET ACCESS
• LARGE STORAGE ROOM
• LAUNDRY FACILITY
• PRIVATE DECK
• PANORAMIC VIEWS

What this means for you Summary

Snapshot

• This is a 16-bed/9.0-bath multifamily listed at $4.30M.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.90M (9.2% below list).
• Recommended offer: $3.90M (9.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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 (+14.4%/yr); 116 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $39,033/mo this rent would consume 229% of the median local household income ($204k/yr) (locally 1336% 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 $439k of equity ($30k loan paydown + $409k appreciation (9.5% 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 (9.5% appreciation + 8.0% rent growth), your $1.20M cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$704k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($4.17M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.
• Current owner paid $3.23M; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $3,903,300 (9.2% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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: 0.91% ✗
• Cap rate: 7.16%
• Cash-on-cash: 3.09%
• DSCR: 1.14
• GRM: 9.2

CMA / ARV

• ARV (median comp): $2,961,418
• List price: $4,300,000
• Delta: 45.20%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3946-3954 17th St	0.45mi	15/3.0 (-1)	6,996 (-4%)	16mo	$2,590,000	$370	40
45 Glendale St	0.61mi	15/— (-1)	8,280 (+14%)	14mo	$2,800,000	$338	32

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

Projected returns pro-forma

9.51% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.3%
• Equity multiple: 3.16×
• Total profit: $2,600,764
• Equity at exit: $3,720,164

10-year hold

• IRR: 25.5%
• Equity multiple: 7.63×
• Total profit: $7,978,472
• Equity at exit: $7,864,639

Cash invested: $1,204,000 (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 94114

• Home prices YoY: 4.4%
• Rents YoY: 14.4%
• Active inventory: 116
• Price-to-rent: 73.4×

Monthly cashflow live

• Estimated rent: $39,033 high
• Mortgage (P&I): −$22,550
• Tax from tax record: −$3,392 /mo · $40,703/yr
• Insurance: −$1,792
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,197
• Net cashflow: $3,103

Break-even live

Break-even rent $35,105

Max offer price $4,300,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$39,032
Total (8 units)			$39,033

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: $1,075,000
• Closing costs: $129,000
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $4,300,000 Active 59 DOM
2. 2026-06-17
   days on market $4,300,000 Active 58 DOM
3. 2026-06-16
   days on market $4,300,000 Active 57 DOM
4. 2026-06-15
   days on market $4,300,000 Active 56 DOM
5. 2026-06-13
   days on market $4,300,000 Active 54 DOM
6. 2026-06-13
   days on market $4,300,000 Active 53 DOM
7. 2026-06-09
   days on market $4,300,000 Active 50 DOM
8. 2026-06-08
   days on market $4,300,000 Active 49 DOM
9. 2026-06-07
   days on market $4,300,000 Active 48 DOM
10. 2026-06-04
    days on market $4,300,000 Active 45 DOM
11. 2026-06-03
    days on market $4,300,000 Active 44 DOM
12. 2026-06-02
    days on market $4,300,000 Active 43 DOM
13. 2026-06-01
    days on market $4,300,000 Active 42 DOM
14. 2026-05-31
    days on market $4,300,000 Active 41 DOM
15. 2026-04-20
    listed $4,300,000 Active 1082-char remark

    Show marketing remark (1082 chars)

    278 States Street presents a rare opportunity to acquire a well-maintained, multi-structure asset situated at the crest of the highly coveted Corona Heights neighborhood. This unique property consists of two distinct buildings on a single lot, providing dual street access from both States Street and Roosevelt Way. Originally constructed in 1960, the property comprises nine total residential units (eight residential units plus one occupied, unwarranted studio). The primary unit mix consists of spacious two-bedroom, one-bathroom floor plans, designed to maximize natural light and capture the expansive city views characteristic of this elevated location. The Roosevelt Way building houses two apartments, a large storage room, the laundry facility, and a rooftop studio. This studio features a private deck and stunning panoramic views, offering a new owner the potential to pursue legalization and further solidify the property's income stream. With well-maintained systems and a considerable gap between current and market rates, the asset offers substantial rental upside.

16. 2023-05-18
    soldstatus $3,225,000 Closed 986-char remark

    Show marketing remark (986 chars)

    278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. Connected via a lrg deck

17. 2023-03-23
    status Pending 986-char remark

    Show marketing remark (986 chars)

    278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. Connected via a lrg deck

18. 2023-03-10
    historical 986-char remark

    Show marketing remark (986 chars)

    278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. Connected via a lrg deck

19. 2023-02-10
    historical Contingent - Show 986-char remark

    Show marketing remark (986 chars)

    278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. Connected via a lrg deck

20. 2023-01-20
    status Active 986-char remark

    Show marketing remark (986 chars)

    278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. Connected via a lrg deck

21. 2023-01-20
    historical 986-char remark

    Show marketing remark (986 chars)

    278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. Connected via a lrg deck

22. 2022-11-11
    price $3,725,000 986-char remark

    Show marketing remark (986 chars)

    278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. Connected via a lrg deck

23. 2022-09-19
    listed $3,900,000 Active 986-char remark

    Show marketing remark (986 chars)

    278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. Connected via a lrg deck

24. 2003-01-31
    soldstatus $1,800,000

ⓘ 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: $40,703 · $3,392/mo
• Projected year-2 tax: $40,703 · $3,392/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $468,396
• − Mortgage interest: −$240,867
• − Property taxes: −$40,703
• − Insurance: −$21,500
• − Repairs & maintenance: −$37,472
• − Management: −$37,472
• − Depreciation: −$125,091
• Taxable loss: −$34,708
• Est. tax savings @ 24.0%: +$8,330
• After-tax cash flow: $45,564/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): 33,020
• Household income: $204,134
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1336.0

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: Predominantly White (65%)
• Race & ethnicity: White 65% Asian 14% Two or more races 12% Hispanic / Latino 10% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 4% Italian 4% Romanian 3%
• Foreign-born: 20% · Canada, China, Vietnam
• Languages at home: 77% English-only · Spanish 6% Chinese 4% Other Indo-European 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: ▲ 9.51%
• Current HPI: 223.6988
• Rent YoY: ▲ 14.40%
• 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

+138.9% since first listed

10 events — show timeline

• 2026-04-20 Listed $4,300,000 San Francisco MLS
• 2023-05-18 Sold (MLS) $3,225,000 San Francisco MLS
• 2023-03-23 Pending — San Francisco MLS
• 2023-03-10 Delisted — San Francisco MLS
• 2023-02-10 Contingent — San Francisco MLS
• 2023-01-20 Relisted — San Francisco MLS
• 2023-01-20 Delisted — San Francisco MLS
• 2022-11-11 Price Changed $3,725,000 San Francisco MLS
• 2022-09-19 Listed $3,900,000 San Francisco MLS
• 2003-01-31 Sold (Public Records) $1,800,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $40,703 · +3.0% YoY. Source: county tax records.