425 Hyde St · San Francisco, CA 94109

$5,875,000

350 bd · 25.0 ba · 18,750 sqft · MultiFamily public records · 17 Days on market

Built 1923 6,875 sqft lot

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 25 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

425 Hyde Street is a classic 25-unit San Francisco apartment building showcasing beautiful bay windows and timeless period charm. Offered at an attractive 6.9% current CAP rate, the property provides substantial upside through below-market rents, strategic unit improvements, and operational enhancements. Recent capital improvements include brand-new electrical infrastructure, complemented by 11 on-site garage parking spaces and individually metered utilities, providing investors with a well-maintained asset and reduced future capital expenditure needs. The property also offers the potential to reconfigure select one-bedroom units into larger two-bedroom layouts, creating meaningful long-term value. 425 Hyde Street offers investors the rare opportunity to acquire a classic San Francisco asset with strong in-place cash flow, significant value-add potential, and long-term appreciation in one of the city's most enduring rental markets.

Key facts

• Bay windows
• Two-bedroom layouts
• 6,875 sq ft lot

Tags

• BAY WINDOWS
• ON-SITE GARAGE PARKING
• INDIVIDUALLY METERED UTILITIES
• TWO-BEDROOM LAYOUTS

Property features AI

Finance

• Other: Tenants may pay parking fees and utilities (electric and gas); Trash expense approximately $9,773; Utility expenses approximately $43,018
• Financial info: Annual rental income approximately $589,365; Annual gross income approximately $611,260; Gross scheduled income approximately $630,165; Other income approximately $40,800; Total expenses approximately $224,152; Other expenses approximately $4,175; Gross rent multiplier 9.32; Vacancy factor 3%

Exterior

• Parking: Attached and detached garages; 11 total garage spaces; Secured parking/garage
• Security: Controlled / secured access; Secured garage / parking
• Utilities: Public water; Public sewer; Public utilities
• Home design: One building
• Construction: Concrete perimeter foundation
• Exterior features: Rolled composition roof; Zoned RC4

Interior

• Bedrooms: 14 one-bedroom units; 11 additional units (bed/bath details not specified)
• Bathrooms: At least 25 full bathrooms across units (unit-level counts indicate 14 units with 1 bath and 11 units with 1 bath)
• Heating & cooling: Gas heating
• Interior features: Elevator / lift; Controlled / secured access; Secured garage / parking; Parking available on site

What this means for you Summary

Snapshot

• This is a 25 × 14-bed/25.0-bath units multifamily listed at $5.88M.

Deal economics

• At list price, monthly cash flow is $65k ($785k/yr) — positive. Per door: $3k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($133k rent vs $5.88M).
• Recommended offer: $5.79M (1.5% below list) — sets the bar for market timing.
• Cap rate 19.7% 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 (+15.6%/yr); 163 active listings in the ZIP; solid renter incomes; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $133,146/mo this rent would consume 1507% of the median local household income ($106k/yr) (locally 5272% 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 $336k of equity ($41k loan paydown + $295k 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 $1.65M cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$538k 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 ($5.79M) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $4.47M; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $5,786,875 (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: 2.27% ✓
• Cap rate: 19.66%
• Cash-on-cash: 47.74%
• DSCR: 3.12
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.02% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 59.8%
• Equity multiple: 4.79×
• Total profit: $6,234,638
• Equity at exit: $3,336,896

10-year hold

• IRR: 59.6%
• Equity multiple: 11.29×
• Total profit: $16,932,481
• Equity at exit: $5,765,330

Cash invested: $1,645,000 (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 94109

• Home prices YoY: 2.9%
• Rents YoY: 15.6%
• Active inventory: 163
• Price-to-rent: 91.9×

Monthly cashflow live

• Estimated rent: $133,146 medium
• Mortgage (P&I): −$30,809
• Tax from tax record: −$6,483 /mo · $77,794/yr
• Insurance: −$2,448
• HOA: −$0
• Vacancy / Maint / Mgmt: −$27,961
• Net cashflow: $65,445

Break-even live

Break-even rent $50,304

Max offer price $5,875,000

Occupancy floor 46%

Sensitivity live

Price	-10% $68,771	-5% $67,108	+0% $65,445	+5% $63,783	+10% $62,120
Rent	-10% $54,927	-5% $60,186	+0% $65,445	+5% $70,705	+10% $75,964
Rate	-1.0pp $68,404	-0.5pp $66,940	base $65,445	+0.5pp $63,923	+1.0pp $62,374

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

Units	Beds	Baths	Est. rent
▸ 25× units	14	25	$133,150
Total (25 units)			$133,146

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: $1,468,750
• Closing costs: $176,250
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $5,875,000 Active 17 DOM
2. 2026-06-18
   days on market $5,875,000 Active 14 DOM
3. 2026-06-17
   days on market $5,875,000 Active 13 DOM
4. 2026-06-16
   days on market $5,875,000 Active 12 DOM
5. 2026-06-15
   days on market $5,875,000 Active 11 DOM
6. 2026-06-13
   days on market $5,875,000 Active 9 DOM
7. 2026-06-13
   days on market $5,875,000 Active 8 DOM
8. 2026-06-09
   days on market $5,875,000 Active 5 DOM
9. 2026-06-08
   days on market $5,875,000 Active 4 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $5,875,000 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: $77,794 · $6,483/mo
• Projected year-2 tax: $77,794 · $6,483/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 ≥79°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: $1,597,752
• − Mortgage interest: −$329,091
• − Property taxes: −$77,794
• − Insurance: −$29,375
• − Repairs & maintenance: −$127,820
• − Management: −$127,820
• − Depreciation: −$170,909
• Taxable income: $734,942
• Est. tax owed @ 24.0%: −$176,386
• After-tax cash flow: $608,959/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): 54,553
• Household income: $106,018
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5272.0

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 0.66)
• Race & ethnicity: White 50% Asian 27% Hispanic / Latino 13% Two or more races 10% Black 4%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 31% · China, Canada, Vietnam
• Languages at home: 64% English-only · Chinese 10% Spanish 7% Other Asian/Pacific 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: ▲ 5.02%
• Current HPI: 175.8886
• Rent YoY: ▲ 15.60%
• 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

+18.7% since first listed

5 events — show timeline

• 2026-06-04 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-06-04 Listed $5,875,000 MLSListings
• 2026-06-04 Listed $5,875,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-02-23 Sold (Public Records) $4,475,000 Public Records
• 2012-12-21 Sold (Public Records) $4,950,000 Public Records

Property tax history

+7.8%/yr

Latest (2025): $77,794 · +2.9% YoY. Source: county tax records.