2929 Geary Blvd · San Francisco, CA 94118

$5,650,000

9 bd · 8.0 ba · 17,488 sqft · MultiFamily public records · 111 Days on market

Built 1984 6,250 sqft lot $323/sqft · at area comps Est $5928k · at est.

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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).

• ARV discount +9.6/15.0
• Appreciation +9.0/10.0
• Cash flow +6.2/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +0.7/10.0
• DSCR +0.6/10.0

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

1984 built mixed use building with 7 residential units with an elevator and a huge, 2 story commercial space on a very large lot. Very large apartments. Excellent income and potential to increase rents. Value add potential to convert the commercial mezzanine space into an additional floor of residential units.

Key facts

• Residential units
• Value add potential
• Elevator

Tags

• ELEVATOR
• LARGE LOT
• INCOME
• VALUE ADD POTENTIAL
• RESIDENTIAL UNITS

What this means for you Summary

Snapshot

• This is a 9-bed/8.0-bath multifamily listed at $5.65M.

Deal economics

• At list price, monthly cash flow is $-10k ($-122k/yr) — negative.
• To cash-flow at today's rent, offer at most $3.85M (31.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.23M (42.9% below list).
• Recommended offer: $3.23M (42.9% below list) — sets the bar for 1% rule.
• Cap rate 4.1% 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.
• Zoned schools: Lilienthal (Claire) Elementary (669 students, 19% FRL); Giannini (A.P.) Middle (1,192 students, 34% FRL); Lowell High (2,632 students, 37% FRL) — zoned schools average 30% FRL vs 49% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+17.1%/yr); 54 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $32,256/mo this rent would consume 236% of the median local household income ($164k/yr) (locally 1780% 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 $486k of equity ($39k loan paydown + $447k appreciation (7.9% 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 ~$779k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($5.14M) is reasonable based on typical stale-listing flexibility.
• 4 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 $4.45M; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $3,225,600 (42.9% 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. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
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: 0.57% ✗
• Cap rate: 4.13%
• Cash-on-cash: -7.73%
• DSCR: 0.66
• GRM: 14.6

CMA / ARV

• ARV (median comp): $5,928,035
• List price: $5,650,000
• Delta: -4.69%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

7.92% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 2.15×
• Total profit: $1,817,689
• Equity at exit: $4,260,975

10-year hold

• IRR: 16.1%
• Equity multiple: 4.91×
• Total profit: $6,181,493
• Equity at exit: $8,428,139

Cash invested: $1,582,000 (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 94118

• Home prices YoY: 3.3%
• Rents YoY: 17.1%
• Active inventory: 54
• Price-to-rent: 102.2×

Monthly cashflow live

• Estimated rent: $32,256 medium
• Mortgage (P&I): −$29,629
• Tax from tax record: −$3,690 /mo · $44,280/yr
• Insurance: −$2,354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,774
• Net cashflow: $-10,191

Break-even live

Break-even rent $45,156

Max offer price $3,849,698

Occupancy floor —

Sensitivity live

Price	-10% $-6,993	-5% $-8,592	+0% $-10,191	+5% $-11,790	+10% $-13,389
Rent	-10% $-12,739	-5% $-11,465	+0% $-10,191	+5% $-8,917	+10% $-7,643
Rate	-1.0pp $-7,346	-0.5pp $-8,754	base $-10,191	+0.5pp $-11,655	+1.0pp $-13,145

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

Units	Beds	Baths	Est. rent
▸ 7× units	2	1	$32,256
Total (7 units)			$32,256

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: $1,412,500
• Closing costs: $169,500
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $5,650,000 Active 111 DOM
2. 2026-06-18
   days on market $5,650,000 Active 108 DOM
3. 2026-06-17
   days on market $5,650,000 Active 107 DOM
4. 2026-06-16
   days on market $5,650,000 Active 106 DOM
5. 2026-06-15
   days on market $5,650,000 Active 105 DOM
6. 2026-06-13
   days on market $5,650,000 Active 103 DOM
7. 2026-06-13
   days on market $5,650,000 Active 102 DOM
8. 2026-06-09
   days on market $5,650,000 Active 99 DOM
9. 2026-06-08
   days on market $5,650,000 Active 98 DOM
10. 2026-06-07
    days on market $5,650,000 Active 97 DOM
11. 2026-06-04
    days on market $5,650,000 Active 94 DOM
12. 2026-06-03
    days on market $5,650,000 Active 93 DOM
13. 2026-06-02
    days on market $5,650,000 Active 92 DOM
14. 2026-06-01
    days on market $5,650,000 Active 91 DOM
15. 2026-05-31
    days on market $5,650,000 Active 90 DOM
16. 2026-03-06
    status Active 313-char remark

    Show marketing remark (313 chars)

    1984 built mixed use building with 7 residential units with an elevator and a huge, 2 story commercial space on a very large lot. Very large apartments. Excellent income and potential to increase rents. Value add potential to convert the commercial mezzanine space into an additional floor of residential units.

17. 2026-02-23
    listed $5,650,000 Active 313-char remark

    Show marketing remark (313 chars)

    1984 built mixed use building with 7 residential units with an elevator and a huge, 2 story commercial space on a very large lot. Very large apartments. Excellent income and potential to increase rents. Value add potential to convert the commercial mezzanine space into an additional floor of residential units.

18. 2023-06-19
    status Pending 1003-char remark

    Show marketing remark (1003 chars)

    First time on the market! Pride of ownership abounds in this professionally managed mixed-use investment opportunity. Built in 1984 and not subject to local rent control. 17,488 sq ft of income space per tax records. Modern building of 4 levels over parking. Ground floor retail/furniture store occupies the commercial space on levels 2 & 3. This 9,922 sq. ft. space, per graphic artist, is directly located on the high-traffic Geary Commercial Corridor with an average daily volume of 57,336. Levels 4 & 5 include seven residential units: five-1bd/1ba, one-2bd/1ba, and one, newly renovated 3bd/2ba. Halfway between Ocean Beach & Downtown, many residents consider the Lone Mountain Neighborhood location a San Francisco sweet spot. Muni transit at your doorstep. Proximity to USF, Kaiser, Laurel Village, Target, Trader Joe's, post office, banks, restaurants, coffee shops, Golden Gate Park & more keeps vacancy low. You do not want to miss this fabulous investment opportunity!

19. 2023-06-15
    soldstatus $4,450,000
20. 2023-06-12
    soldstatus $4,450,000 Closed 1003-char remark

    Show marketing remark (1003 chars)

    First time on the market! Pride of ownership abounds in this professionally managed mixed-use investment opportunity. Built in 1984 and not subject to local rent control. 17,488 sq ft of income space per tax records. Modern building of 4 levels over parking. Ground floor retail/furniture store occupies the commercial space on levels 2 & 3. This 9,922 sq. ft. space, per graphic artist, is directly located on the high-traffic Geary Commercial Corridor with an average daily volume of 57,336. Levels 4 & 5 include seven residential units: five-1bd/1ba, one-2bd/1ba, and one, newly renovated 3bd/2ba. Halfway between Ocean Beach & Downtown, many residents consider the Lone Mountain Neighborhood location a San Francisco sweet spot. Muni transit at your doorstep. Proximity to USF, Kaiser, Laurel Village, Target, Trader Joe's, post office, banks, restaurants, coffee shops, Golden Gate Park & more keeps vacancy low. You do not want to miss this fabulous investment opportunity!

21. 2023-04-23
    historical Contingent - Show 1003-char remark

    Show marketing remark (1003 chars)

    First time on the market! Pride of ownership abounds in this professionally managed mixed-use investment opportunity. Built in 1984 and not subject to local rent control. 17,488 sq ft of income space per tax records. Modern building of 4 levels over parking. Ground floor retail/furniture store occupies the commercial space on levels 2 & 3. This 9,922 sq. ft. space, per graphic artist, is directly located on the high-traffic Geary Commercial Corridor with an average daily volume of 57,336. Levels 4 & 5 include seven residential units: five-1bd/1ba, one-2bd/1ba, and one, newly renovated 3bd/2ba. Halfway between Ocean Beach & Downtown, many residents consider the Lone Mountain Neighborhood location a San Francisco sweet spot. Muni transit at your doorstep. Proximity to USF, Kaiser, Laurel Village, Target, Trader Joe's, post office, banks, restaurants, coffee shops, Golden Gate Park & more keeps vacancy low. You do not want to miss this fabulous investment opportunity!

22. 2022-12-12
    historical
23. 2022-12-05
    status Active 1003-char remark

    Show marketing remark (1003 chars)

    First time on the market! Pride of ownership abounds in this professionally managed mixed-use investment opportunity. Built in 1984 and not subject to local rent control. 17,488 sq ft of income space per tax records. Modern building of 4 levels over parking. Ground floor retail/furniture store occupies the commercial space on levels 2 & 3. This 9,922 sq. ft. space, per graphic artist, is directly located on the high-traffic Geary Commercial Corridor with an average daily volume of 57,336. Levels 4 & 5 include seven residential units: five-1bd/1ba, one-2bd/1ba, and one, newly renovated 3bd/2ba. Halfway between Ocean Beach & Downtown, many residents consider the Lone Mountain Neighborhood location a San Francisco sweet spot. Muni transit at your doorstep. Proximity to USF, Kaiser, Laurel Village, Target, Trader Joe's, post office, banks, restaurants, coffee shops, Golden Gate Park & more keeps vacancy low. You do not want to miss this fabulous investment opportunity!

24. 2022-12-05
    price $4,695,000 1003-char remark

    Show marketing remark (1003 chars)

    First time on the market! Pride of ownership abounds in this professionally managed mixed-use investment opportunity. Built in 1984 and not subject to local rent control. 17,488 sq ft of income space per tax records. Modern building of 4 levels over parking. Ground floor retail/furniture store occupies the commercial space on levels 2 & 3. This 9,922 sq. ft. space, per graphic artist, is directly located on the high-traffic Geary Commercial Corridor with an average daily volume of 57,336. Levels 4 & 5 include seven residential units: five-1bd/1ba, one-2bd/1ba, and one, newly renovated 3bd/2ba. Halfway between Ocean Beach & Downtown, many residents consider the Lone Mountain Neighborhood location a San Francisco sweet spot. Muni transit at your doorstep. Proximity to USF, Kaiser, Laurel Village, Target, Trader Joe's, post office, banks, restaurants, coffee shops, Golden Gate Park & more keeps vacancy low. You do not want to miss this fabulous investment opportunity!

25. 2022-03-26
    historical Contingent - Show 1003-char remark

    Show marketing remark (1003 chars)

    First time on the market! Pride of ownership abounds in this professionally managed mixed-use investment opportunity. Built in 1984 and not subject to local rent control. 17,488 sq ft of income space per tax records. Modern building of 4 levels over parking. Ground floor retail/furniture store occupies the commercial space on levels 2 & 3. This 9,922 sq. ft. space, per graphic artist, is directly located on the high-traffic Geary Commercial Corridor with an average daily volume of 57,336. Levels 4 & 5 include seven residential units: five-1bd/1ba, one-2bd/1ba, and one, newly renovated 3bd/2ba. Halfway between Ocean Beach & Downtown, many residents consider the Lone Mountain Neighborhood location a San Francisco sweet spot. Muni transit at your doorstep. Proximity to USF, Kaiser, Laurel Village, Target, Trader Joe's, post office, banks, restaurants, coffee shops, Golden Gate Park & more keeps vacancy low. You do not want to miss this fabulous investment opportunity!

26. 2022-03-07
    listed $4,995,000 Active 1003-char remark

    Show marketing remark (1003 chars)

    First time on the market! Pride of ownership abounds in this professionally managed mixed-use investment opportunity. Built in 1984 and not subject to local rent control. 17,488 sq ft of income space per tax records. Modern building of 4 levels over parking. Ground floor retail/furniture store occupies the commercial space on levels 2 & 3. This 9,922 sq. ft. space, per graphic artist, is directly located on the high-traffic Geary Commercial Corridor with an average daily volume of 57,336. Levels 4 & 5 include seven residential units: five-1bd/1ba, one-2bd/1ba, and one, newly renovated 3bd/2ba. Halfway between Ocean Beach & Downtown, many residents consider the Lone Mountain Neighborhood location a San Francisco sweet spot. Muni transit at your doorstep. Proximity to USF, Kaiser, Laurel Village, Target, Trader Joe's, post office, banks, restaurants, coffee shops, Golden Gate Park & more keeps vacancy low. You do not want to miss this fabulous investment opportunity!

ⓘ 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: $44,280 · $3,690/mo
• Projected year-2 tax: $44,280 · $3,690/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 ≥78°F today · 17 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: $387,072
• − Mortgage interest: −$316,488
• − Property taxes: −$44,280
• − Insurance: −$28,250
• − Repairs & maintenance: −$30,966
• − Management: −$30,966
• − Depreciation: −$164,364
• Taxable loss: −$228,241
• Est. tax savings @ 24.0%: +$54,778
• After-tax cash flow: $-67,516/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): 39,130
• Household income: $163,995
• Rent vs Own: 64.9% rent · 35.1% own
• Severe rent burden: 1780.0

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 0.64)
• Race & ethnicity: White 49% Asian 32% Two or more races 10% Hispanic / Latino 10% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 25% · China, Canada, South Korea
• Languages at home: 65% English-only · Chinese 15% Spanish 6% Other Indo-European 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: ▲ 7.92%
• Current HPI: 250.5205
• Rent YoY: ▲ 17.14%
• 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

+13.1% since first listed

11 events — show timeline

• 2026-03-06 Relisted — San Francisco MLS
• 2026-02-23 Listed $5,650,000 San Francisco MLS
• 2023-06-19 Pending — San Francisco MLS
• 2023-06-15 Sold (Public Records) $4,450,000 Public Records
• 2023-06-12 Sold (MLS) $4,450,000 San Francisco MLS
• 2023-04-23 Contingent — San Francisco MLS
• 2022-12-12 Rental Removed — RENT.
• 2022-12-05 Relisted — San Francisco MLS
• 2022-12-05 Price Changed $4,695,000 San Francisco MLS
• 2022-03-26 Contingent — San Francisco MLS
• 2022-03-07 Listed $4,995,000 San Francisco MLS

Property tax history

+4.3%/yr

Latest (2025): $44,280 · +3.0% YoY. Source: county tax records.