324 Railroad Ave · South San Francisco, CA 94080

$1,088,000

5 bd · 3.0 ba · 3,206 sqft · MultiFamily public records · 28 Days on market

Built 1978 3,001 sqft lot $339/sqft · 27% below area Est $1500k · 27% under

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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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +5.6/10.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This is a great opportunity for investors! The property, built in 1978, is located within 3 blocks of Grand Avenue, the heart of downtown South San Francisco, with numerous restaurants, shops and public transportation. SSF is home to the biotech industry, and Silicon Valley is accessible via the nearby 101 freeway. The Costco Business Center is located just across the freeway, as is a retail Costco and gas station. The building is nestled on a hillside with a southwestern view. The property consists of one 1-bedroom unit and two 2-bedroom units on two levels. Each unit is carpeted, with some linoleum and vinyl flooring. Kitchens are equipped with electric stoves vented to the outside, dish

Key facts

• Dishwashers
• Southwestern view
• Garbage disposals

Tags

• SOUTHWESTERN VIEW
• VENTED TO THE OUTSIDE
• DISHWASHERS
• GARBAGE DISPOSALS

Property features AI

Units

• Unit 1: Apartment: one bedroom, one bathroom on the ground level
• Unit 2: Apartment: two bedrooms, one bathroom on the second floor
• Unit 3: Apartment: two bedrooms, one bathroom on the second floor

Finance

• Other: Living/building area reported as 3206 square feet; Lot size approximately 3,001 sq ft
• Financial info: Triplex with 3 total units, 3 units leased; 4 independent parking spaces for the property
• HOA & community: No association fee

Exterior

• Parking: Attached garage with 4 parking spaces; 4 total parking spaces
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Common area meter; Cable connected; City water; Public sewer; Electric available; Electric on property; Separate electric meters; Separate water meters and meter on site
• Home design: Residential income property (Triplex); Contemporary architectural style; Original condition; Built in 1978
• Construction: Shingle siding and stucco construction; Built in 1978
• Exterior features: Regular-shaped lot with sidewalk

Interior

• Kitchen: Free-standing electric range; Free-standing refrigerator; Garbage disposal
• Bedrooms: 5 bedrooms total (includes unit-level bedrooms described below)
• Flooring: Carpet; Laminate; Linoleum
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas water heater
• Interior features: Carpet, laminate, and linoleum flooring; Disposal; Gas water heater; Contemporary style interior elements
• Laundry & utility: Separate meters for utilities (see Utilities section)

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $1.09M.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.09M).
• Recommended offer: $1.07M (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.1% in South 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 65/100 on livability (#372 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+; Watch: amenities F, cost of living F, health & safety F.
• South San Francisco Unified (urban): math 38% / reading 47% proficiency, ranked #176 of 517 in CA (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spruce Elementary (math 23% / reading 24%, grade F, #1,157 of 1,571 statewide, top 74%, 408 students, 61% FRL); Parkway Heights Middle (math 25% / reading 33%, grade F, #224 of 498 statewide, top 46%, 612 students, 55% FRL); South San Francisco High (math 37% / reading 64%, grade D+, #324 of 1,170 statewide, top 28%, 1,280 students, 41% FRL) — zoned schools average 52% FRL vs 33% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 76 active listings in the ZIP; high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).
• At $11,567/mo this rent would consume 102% of the median local household income ($137k/yr) (locally 2470% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $305k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,071,680 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.06% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.66%
• DSCR: 1.43
• GRM: 7.8

CMA / ARV

• ARV (median comp): $1,500,391
• List price: $1,088,000
• Delta: -27.49%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
324 Railroad Ave	0.00mi	5/3.0	3,206 (0%)	0mo	$1,100,000	$343	100
723 Olive Ave	0.52mi	5/4.5	2,883 (-10%)	14mo	$1,923,000	$667	41

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

Projected returns pro-forma

-3.0% appreciation · 6.02% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $15,806
• Equity at exit: $162,224

10-year hold

• IRR: 13.5%
• Equity multiple: 2.22×
• Total profit: $371,669
• Equity at exit: $94,070

Cash invested: $304,640 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 94080

• Rents YoY: 6.0%
• Active inventory: 76
• Price-to-rent: 26.5×

Monthly cashflow live

• Estimated rent: $11,567 high
• Mortgage (P&I): −$5,706
• Tax from tax record: −$526 /mo · $6,311/yr
• Insurance: −$453
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,429
• Net cashflow: $2,453

Break-even live

Break-even rent $8,462

Max offer price $1,088,000

Occupancy floor 74%

Sensitivity live

Price	-10% $3,069	-5% $2,761	+0% $2,453	+5% $2,145	+10% $1,837
Rent	-10% $1,539	-5% $1,996	+0% $2,453	+5% $2,910	+10% $3,367
Rate	-1.0pp $3,001	-0.5pp $2,730	base $2,453	+0.5pp $2,171	+1.0pp $1,884

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$3,422
▸ 2× units	2	1	$8,146
Total (3 units)			$11,567

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: $272,000
• Closing costs: $32,640
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-28
   listed $1,088,000 Active 1061-char remark
2. 1984-08-23
   soldstatus $183,000

ⓘ 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: $6,311 · $526/mo
• Projected year-2 tax: $8,269 · $689/mo
• Expected delta: +$1,958/yr (+$163/mo · 31.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 2/10 Low 8 d/yr ≥78°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $138,804
• − Mortgage interest: −$60,945
• − Property taxes: −$6,311
• − Insurance: −$5,440
• − Repairs & maintenance: −$11,104
• − Management: −$11,104
• − Depreciation: −$31,651
• Taxable income: $12,248
• Est. tax owed @ 24.0%: −$2,940
• After-tax cash flow: $26,497/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: South San Francisco Unified
• NCES district ID: 0637530
• Math proficiency: 38% ▼ -6.00%
• Reading proficiency: 47% ▼ -5.00%
• Median HH income: $82,986
• Composite: 39.69/100
• National rank: #3905
• State rank: #176 of 517 in CA

Livability — South San Francisco

• Score: 65/100
• State rank: #372
• US rank: #12707

Category grades

Amenities F Commute A+ Cost of living F Crime C+ Employment A+ Housing B- Health & safety F User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South San Francisco, CA
• County: San Mateo County · 733,415 people
• City population: 64,761
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 64,761
• Household income: $136,733
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 2470.0

Population outlook (San Mateo County) Hauer SSP2

• Today (2025): 864,008 people
• By 2030: 910,523 · +5.4%
• By 2040: 997,285 · +15.4%
• By 2050: 1,071,189 · +24.0%
• By 2075: 1,197,206 · +38.6%
• By 2100: 1,192,523 · +38.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Asian 42% Hispanic / Latino 31% White 21% Two or more races 13% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Lithuanian 1% Italian 1% Scotch-Irish 1%
• Foreign-born: 40% · Canada, China, Vietnam
• Languages at home: 47% English-only · Spanish 20% Tagalog/Filipino 12% Chinese 11%

Political lean MEDSL · San Mateo

• 2024 margin: Solid D (+50.3) · D 73.5% · R 23.2% · Other 3.3%
• 2008→2024 swing: +1.6pp toward D · 2008: 48.7pp · 2024: 50.3pp
• All cycles: 2024: D+50.3 2020: D+57.7 2016: D+57.7 2012: D+44.8 2008: D+48.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1094.19%
• Current HPI: 330.5769
• Rent YoY: ▲ 6.02%
• 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

+501.1% since first listed

4 events — show timeline

• 2026-06-15 Sold (MLS) $1,100,000 San Francisco MLS
• 2026-05-27 Pending — San Francisco MLS
• 2026-04-28 Listed $1,088,000 San Francisco MLS
• 1984-08-23 Sold (Public Records) $183,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $6,311 · +1.4% YoY. Source: county tax records.