San Francisco guide · Tier A · Rank #9 of 27
House hacking in San Francisco (Inner Richmond / Laurel Heights / Presidio Heights).
A large in-ZIP redevelopment, Geary BRT, and two institutional anchors (UCSF Parnassus and USF): multiple converging catalysts, discounted from an S signal because the flagship project sits in early permitting and FZP corridor reach is unconfirmed.
Status check: Verified 2026-07-14: 3333 California Phase 1 permits are filed (152 units), with vertical construction expected late 2026.
What's actually happening in 94118
- Early permitting
3333 California St (the former UCSF Laurel Heights campus): 558–744 units across 13 buildings (4–6 stories) plus retail, childcare, and 2+ acres of open space; first-phase Presidio Highlands (152 units) permits filed, with Planning Commission hearings July 2026. SF Planning 3333 California
- In design
Geary Boulevard Improvement Project Phase 2: ~$48M, in design; red lanes and signal priority on the 38/38R through the ZIP. SFMTA Geary Boulevard Improvement Project
- Existing anchors
UCSF Parnassus $4.3B about a mile south, plus USF at the Laurel Heights edge: two institutional anchors within a mile. SF Planning UCSF Parnassus MOU
- Adopted; parcel reach WARN
The Family Zoning Plan upzones Geary Blvd to ~85 ft generally, reportedly up to 20 stories at some intersections and 40 stories at Geary & Masonic (the 94118/94117 edge); parcel-level reach is unconfirmed. SF Planning Family Zoning Plan
The numbers
- Median price
- $2,014,000 (Redfin/ATTOM, May 2026), the highest of the A tier
- Market rent
- ~$4,300/mo (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
- $1,500–2,000/mo per room
- ADU rent band
- $2,800–3,500/mo (ADU or in-law)
- Whole-home rent band
- $5,800–7,500/mo whole-home
- Underwriting vacancy
- 3.0–3.5% underwriting vacancy (UCSF/USF demand)
- Appreciation scenarios
- 3 / 4 / 6 %/yr (conservative / base / upside)
High basis is the constraint. Appreciation basis: 3333 California entitling and building is the base; upside if the Geary/Masonic FZP high-rise confirms. Rent bands are city-level medians; confirm the specific parcel before trusting any of them. Run your own scenario in the calculator.
The house-hack angle
Large Richmond flats (2–4 units) and houses-over-garages; a UCSF, USF, and Geary-commuter tenant pool; 3333 California adds amenity and population.
What breaks it
- A $2M+ entry compresses house-hack DSCR: model conservatively
- 3333 California is pre-construction (July 2026 hearings); capital has yet to land on the ground
- FZP heights are unconfirmed (WARN), and all-bus transit runs 25–30 minutes to downtown