San Francisco guide · Tier A · Rank #8 of 27
House hacking in San Francisco (Haight-Ashbury / Cole Valley / Ashbury Heights).
A pure demand-anchor play: the actively building $4.3B UCSF Parnassus campus borders the ZIP, and separable Victorian stock lets a buyer capture UCSF staff and trainee rents at a walk-to-work location.
Status check: Verified 2026-07-14: the UCSF Parnassus expansion has moved to vertical construction, on track for the 2030 hospital opening.
What's actually happening in 94117
- Under construction
UCSF Parnassus $4.3B expansion: under construction (tower cranes since March 2025), adding 1,400 permanent jobs by 2030; the campus edge borders Cole Valley and Ashbury Heights. The dominant, capital-flowing anchor. SF Planning UCSF Parnassus MOU
- Draft-stage; WARN
FZP corridor upzoning on Haight St and Carl St: named as rezoning targets in the Jan 2024 draft (Concept 2 put 8 stories on Carl St), but the final adopted envelope for these corridors is unconfirmed. SF Planning Family Zoning Plan
- Completed
Haight-Ashbury's neighborhood streetscape plan (completed ~2015): public-space investment that supports desirability without adding a supply pipeline. SF Planning Haight Ashbury Public Realm Plan
The numbers
- Median price
- ~$1,465,000 (Zillow ZHVI, spring 2026)
- Market rent
- ~$4,300/mo proxy (Zumper)
- Property tax (San Francisco County)
- 1.183% combined effective (SF Treasurer FY2025-26, consolidated city and county); new buyers pay about 1.183% of purchase price in year one, then assessed value rises at the 2%/yr Prop 13 cap until resale
- Per-bed rent band
- $1,600–2,200/mo per room (premium UCSF and grad-student tier)
- ADU rent band
- $2,900–3,700/mo (ADU or garden unit)
- Whole-home rent band
- $6,000–8,000/mo whole-home
- Underwriting vacancy
- 3.0% underwriting vacancy
- Appreciation scenarios
- 3 / 4–5 / 6 %/yr (conservative / base / upside)
A core seller's market: sale prices run ~25% over asking. Appreciation basis: The UCSF anchor carries the base; upside only if the Haight/Carl FZP corridor confirms (currently draft-stage). Rent bands are city-level medians; confirm the specific parcel before trusting any of them. Run your own scenario in the calculator.
Buildings we underwrote in 94117
23 buildings in 94117 carry a record. 0 beat renting and index funds, 1 rejected; the rest did not. Every row links to its own page, with the numbers it was scored on.
| Property | At our defaults | Status |
|---|---|---|
| 1460 Waller St 1 unit · $2,195,000 | −$1,432,342 S&P 500 | Underwritten — the index wins at our defaults |
| 369 Frederick St 2 units · $3,995,000 | −$2,789,040 S&P 500 | Underwritten — the index wins at our defaults |
| 1460-1462 Waller St 2 units · $4,200,000 | −$2,805,885 S&P 500 | Underwritten — the index wins at our defaults |
| 1150 Haight St 2 units · $5,500,000 | −$3,963,678 S&P 500 | Underwritten — the index wins at our defaults |
| 1150-1150A Haight St 2 units · $5,500,000 | −$4,089,845 S&P 500 | Underwritten — the index wins at our defaults |
| 66 Buena Vista Ter 1 unit · $1,295,000 | −$517,511 S&P 500 | Underwritten — the index wins at our defaults |
| 1623 Hayes St 1 unit · $1,295,000 | −$620,823 S&P 500 | Underwritten — the index wins at our defaults |
| 971-975 Clayton St 3 units · $1,850,000 | −$673,386 S&P 500 | Underwritten — the index wins at our defaults |
| 630 Haight St 3 units · $2,675,000 | −$777,281 S&P 500 | Underwritten — the index wins at our defaults |
| 789 W Buena Vista Ave, Unit 202 1 unit · $1,275,000 | −$807,252 S&P 500 | Underwritten — the index wins at our defaults |
| 1462 Waller St 2 units · $2,195,000 | −$974,503 S&P 500 | Underwritten — the index wins at our defaults |
| 137 Divisadero St 1 unit · $1,799,999 | −$1,115,188 S&P 500 | Underwritten — the index wins at our defaults |
| 1206 Fulton St 3 units · $2,500,000 | −$1,338,999 S&P 500 | Underwritten — the index wins at our defaults |
| 268-272 Frederick St 2 units · $2,400,000 | −$1,474,915 S&P 500 | Underwritten — the index wins at our defaults |
| 1670 Hayes St 2 units · $3,000,000 | −$1,480,657 S&P 500 | Rejected — listing prose declares 8 units (5+ = commercial) |
| 764 Clayton St 1 unit · $2,695,000 | −$1,598,593 S&P 500 | Underwritten — the index wins at our defaults |
| 53-57 Divisadero St 2 units · $2,995,000 | −$1,707,819 S&P 500 | Underwritten — the index wins at our defaults |
| 124-126 Parnassus Ave 2 units · $2,795,000 | −$1,796,628 S&P 500 | Underwritten — the index wins at our defaults |
| 21-25 Belvedere St 2 units · $2,999,999 | −$1,801,588 S&P 500 | Underwritten — the index wins at our defaults |
| 21 Belvedere St 2 units · $2,999,999 | −$1,801,588 S&P 500 | Underwritten — the index wins at our defaults |
| 845 Fulton St 3 units · $2,500,000 | −$2,025,481 S&P 500 | Underwritten — the index wins at our defaults |
| 325-329 Webster St 2 units · $3,495,000 | −$2,461,406 S&P 500 | Underwritten — the index wins at our defaults |
| 127-129 Scott St 2 units · $4,795,000 | −$4,746,975 S&P 500 | Underwritten — the index wins at our defaults |
The full board shows every region's current week; this table is every record we hold for 94117, newest basis first.
The house-hack angle
Grand Victorian and Edwardian flats subdivide cleanly into 2–4 separable units with in-law and garden apartments, and a premium UCSF-medical and grad-student tenant pool pays for walk-to-Parnassus. The N-Judah at Cole and Carl adds downtown access.
What breaks it
- Premium basis in a core seller's market; a tech-hiring pause would hit UCSF-anchored rents hardest (stress rents down 10–15%)
- FZP corridor reach is draft-stage only (WARN): do not underwrite the upzone as delivered
- Historic contributing buildings constrain some conversions; the UCSF anchor is adjacency rather than in-ZIP jobs (verify distances before crediting it)