1623 Vallejo St · San Francisco, CA 94123

$2,799,000

5 bd · 4.0 ba · 3,707 sqft · MultiFamily public records · 301 Days on market

Built 1900 3,040 sqft lot Est $2280k · 23% 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).

• Cash flow +14.8/30.0
• Appreciation +9.1/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.5/10.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• 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

1623 Vallejo Street, a prime property located in the heart of San Francisco's prestigious Pacific Heights neighborhood. This property features four distinct units, offering great investment potential. One unit features 2 bedrooms, 2.5 baths, and an updated kitchen with modern appliances. Fireplace & hardwood floors. Enjoy direct access to a private backyard with a BBQ area, perfect for entertaining. 3-1BR/1Ba Units: Ideal for tenants, these units provide a cozy living environment in a vibrant and desirable area. Additional space in the basement is perfect for storage and can be used as a private office/Gym, offering flexibility for various needs. Large patio in the front. This propert

Key facts

• Private backyard
• Modern appliances
• Distinct units

Tags

• PACIFIC HEIGHTS NEIGHBORHOOD
• DISTINCT UNITS
• UPDATED KITCHEN
• MODERN APPLIANCES
• PRIVATE BACKYARD
• BBQ AREA

Property features AI

Finance

• Financial info: Four-unit building with all 4 units currently leased; Unit mix includes three 1-bedroom units and one 2-bedroom unit
• HOA & community: No association fee

Exterior

• Parking: Attached side-by-side garage for 2 cars; Total 2 parking spaces (covered)
• Utilities: City utilities; Electricity available with separate meters; Natural gas connected; Public water; Public sewer
• Home design: Residential income property (Quadruplex); Three or more levels; Built in 1900
• Construction: Wood construction; Asphalt roof; Concrete foundation
• Exterior features: Balcony/Deck; Landscaped lot

Interior

• Kitchen: Dishwasher; Free-standing gas range; Free-standing refrigerator; Gas water heater
• Bedrooms: Five bedrooms
• Flooring: Wood floors
• Bathrooms: Five bathrooms (4 full, 1 partial)
• Heating & cooling: Gas heating; Fireplace(s)
• Interior features: Fireplace(s); Gas heating (natural gas)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $2.80M.

Deal economics

• At list price, monthly cash flow is $777 ($9k/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 $2.34M (16.5% below list).
• Recommended offer: $2.34M (16.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 (+19.2%/yr); 59 active listings in the ZIP; 2 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 $23,373/mo this rent would consume 128% of the median local household income ($219k/yr) (locally 883% 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 $248k of equity ($19k loan paydown + $229k appreciation (8.2% 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 (8.2% appreciation + 8.0% rent growth), your $784k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$398k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 301 days — a 12% lower offer ($2.46M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 87% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $1.18M; list at $2.80M implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,337,300 (16.5% below list)

Questions for the listing agent

1. It's been on market 301 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 0.84% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $2,279,805
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1531 Filbert St	0.20mi	4/4.0 (-1)	3,680 (-1%)	1mo	$2,025,000	$550	84
1325-1327 Vallejo St	0.31mi	5/3.0	3,660 (-1%)	15mo	$2,699,000	$737	67
2209 Gough St	0.20mi	5/—	3,489 (-6%)	18mo	$2,950,000	$846	66
1358-1360 Union St	0.25mi	5/—	3,333 (-10%)	9mo	$3,550,000	$1,065	64
2512-2516 Sacramento St	0.69mi	4/— (-1)	3,700 (-0%)	1mo	$3,275,000	$885	61
2749 Gough St	0.23mi	6/4.0 (+1)	3,514 (-5%)	18mo	$1,870,000	$532	60
1272-1276 Sacramento St	0.65mi	6/3.0 (+1)	3,765 (+2%)	3mo	$2,200,000	$584	56
3130 Octavia St	0.43mi	6/4.0 (+1)	4,210 (+14%)	1mo	$2,375,000	$564	52
1230 Broadway St	0.40mi	6/— (+1)	3,980 (+7%)	16mo	$1,625,000	$408	51
1341-1343 Green St	0.22mi	4/3.0 (-1)	4,222 (+14%)	13mo	$2,595,000	$615	47
837-839 Filbert St	0.69mi	6/2.0 (+1)	3,666 (-1%)	10mo	$2,090,000	$570	45
1015 Francisco St	0.51mi	5/4.0	4,258 (+15%)	19mo	$3,850,000	$904	35

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

Projected returns pro-forma

8.18% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 2.73×
• Total profit: $1,357,073
• Equity at exit: $2,160,204

10-year hold

• IRR: 22.5%
• Equity multiple: 6.37×
• Total profit: $4,212,167
• Equity at exit: $4,320,556

Cash invested: $783,720 (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 94123

• Home prices YoY: 4.0%
• Rents YoY: 19.2%
• Active inventory: 59
• Price-to-rent: 37.9×

Monthly cashflow live

• Estimated rent: $23,373 high
• Mortgage (P&I): −$14,678
• Tax from tax record: −$1,843 /mo · $22,119/yr
• Insurance: −$1,166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,908
• Net cashflow: $777

Break-even live

Break-even rent $22,390

Max offer price $2,799,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
1× unit	2	2.5	$6,151
▸ 3× units	1	1	$17,223
Total (4 units)			$23,373

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: $699,750
• Closing costs: $83,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
— San Francisco, CA	5.0	4.5	3100	$29,990	$9.67	7d	1	0.59mi
2577 Post St San Francisco, CA	4.0	3.0	2754	$15,000	$5.45	3d	1	1.35mi

Listing history 19 events

1. 2026-06-18
   days on market $2,799,000 Active 301 DOM
2. 2026-06-17
   days on market $2,799,000 Active 300 DOM
3. 2026-06-16
   days on market $2,799,000 Active 299 DOM
4. 2026-06-15
   days on market $2,799,000 Active 298 DOM
5. 2026-06-13
   days on market $2,799,000 Active 296 DOM
6. 2026-06-13
   days on market $2,799,000 Active 295 DOM
7. 2026-06-09
   days on market $2,799,000 Active 292 DOM
8. 2026-06-08
   days on market $2,799,000 Active 291 DOM
9. 2026-06-07
   days on market $2,799,000 Active 290 DOM
10. 2026-06-04
    days on market $2,799,000 Active 287 DOM
11. 2026-06-03
    days on market $2,799,000 Active 286 DOM
12. 2026-06-02
    days on market $2,799,000 Active 285 DOM
13. 2026-06-01
    days on market $2,799,000 Active 284 DOM
14. 2026-05-31
    days on market $2,799,000 Active 283 DOM
15. 2025-12-06
    price $2,799,000
16. 2025-11-23
    listed $1,495,000 Active
17. 2025-10-08
    price $2,950,000
18. 2025-08-21
    listed $3,680,000 Active
19. 2003-08-11
    soldstatus $1,180,000

ⓘ 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: $22,119 · $1,843/mo
• Projected year-2 tax: $22,119 · $1,843/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 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: $280,476
• − Mortgage interest: −$156,788
• − Property taxes: −$22,119
• − Insurance: −$13,995
• − Repairs & maintenance: −$22,438
• − Management: −$22,438
• − Depreciation: −$81,425
• Taxable loss: −$38,727
• Est. tax savings @ 24.0%: +$9,294
• After-tax cash flow: $18,618/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): 24,054
• Household income: $218,603
• Rent vs Own: 69.6% rent · 30.4% own
• Severe rent burden: 883.0

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 (73%)
• Race & ethnicity: White 73% Asian 11% Two or more races 11% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 3% Salvadoran 1%
• Common ancestry: Scotch-Irish 4% Italian 4% Lithuanian 3%
• Foreign-born: 17% · Canada, China, Dominican Republic
• Languages at home: 83% English-only · Spanish 5% Other Indo-European 3% Chinese 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: ▲ 8.18%
• Current HPI: 212.9289
• Rent YoY: ▲ 19.17%
• 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

+137.2% since first listed

5 events — show timeline

• 2025-12-06 Price Changed $2,799,000 San Francisco MLS
• 2025-11-23 Listed $1,495,000 San Francisco MLS
• 2025-10-08 Price Changed $2,950,000 San Francisco MLS
• 2025-08-21 Listed $3,680,000 San Francisco MLS
• 2003-08-11 Sold (Public Records) $1,180,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $22,119 · +3.0% YoY. Source: county tax records.