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.
Buildings we underwrote in 94118
37 buildings in 94118 carry a record. 0 beat renting and index funds; the rest did not. Every row links to its own page, with the numbers it was scored on.
| Property | At our defaults | Status |
|---|---|---|
| 753 Spruce St 1 unit · $998,000 | −$378,176 S&P 500 | Underwritten — the index wins at our defaults |
| 751 Spruce St 1 unit · $1,495,000 | −$962,519 S&P 500 | Underwritten — the index wins at our defaults |
| 724 8th Ave 2 units · $1,998,000 | −$1,180,403 S&P 500 | Underwritten — the index wins at our defaults |
| 1124 Balboa St 2 units · $3,200,000 | −$2,663,537 S&P 500 | Underwritten — the index wins at our defaults |
| 4135 California St, Unit 4 1 unit · $2,995,000 | −$3,147,931 S&P 500 | Underwritten — the index wins at our defaults |
| 635-637 Spruce St 3 units · $1,665,000 | −$401,011 S&P 500 | Underwritten — the index wins at our defaults |
| 501 Arguello Blvd, Apt 301 1 unit · $898,000 | −$709,137 S&P 500 | Underwritten — the index wins at our defaults |
| 847 Arguello Blvd, Apt 1 1 unit · $998,000 | −$744,242 S&P 500 | Underwritten — the index wins at our defaults |
| 508 Cabrillo St 4 units · $1,980,000 | −$745,220 S&P 500 | Underwritten — the index wins at our defaults |
| 710-712 9th Ave 2 units · $1,799,000 | −$792,768 S&P 500 | Underwritten — the index wins at our defaults |
| 109-111 Masonic Ave 2 units · $1,695,000 | −$824,153 S&P 500 | Underwritten — the index wins at our defaults |
| 235-237 7th Ave 2 units · $1,695,000 | −$824,153 S&P 500 | Underwritten — the index wins at our defaults |
| 3826-3828 Fulton St 2 units · $1,699,000 | −$828,856 S&P 500 | Underwritten — the index wins at our defaults |
| 800 Arguello Blvd 1 unit · $1,198,000 | −$830,765 S&P 500 | Underwritten — the index wins at our defaults |
| 109 Masonic Ave 2 units · $1,695,000 | −$837,360 S&P 500 | Underwritten — the index wins at our defaults |
| 516-520 Anza St 2 units · $1,650,000 | −$902,088 S&P 500 | Underwritten — the index wins at our defaults |
| 612-614 Balboa St 2 units · $1,589,000 | −$1,008,561 S&P 500 | Underwritten — the index wins at our defaults |
| 2001 Mcallister St, Apt 112 1 unit · $1,125,000 | −$1,029,272 S&P 500 | Underwritten — the index wins at our defaults |
| 2427 Turk Blvd 4 units · $1,998,700 | −$1,037,601 S&P 500 | Underwritten — the index wins at our defaults |
| 1358 Clement St 3 units · $1,828,000 | −$1,044,388 S&P 500 | Underwritten — the index wins at our defaults |
| 200 4th Ave 1 unit · $1,395,000 | −$1,056,043 S&P 500 | Underwritten — the index wins at our defaults |
| 184 5th Ave 1 unit · $1,400,000 | −$1,159,343 S&P 500 | Underwritten — the index wins at our defaults |
| 558-560 Balboa St 2 units · $1,925,000 | −$1,192,008 S&P 500 | Underwritten — the index wins at our defaults |
| 3946 California St 2 units · $1,988,000 | −$1,238,540 S&P 500 | Underwritten — the index wins at our defaults |
| 357-359 Arguello Blvd 2 units · $1,795,000 | −$1,271,962 S&P 500 | Underwritten — the index wins at our defaults |
| 3124-3126 Turk Blvd 2 units · $2,195,000 | −$1,402,378 S&P 500 | Underwritten — the index wins at our defaults |
| 204 4th Ave 2 units · $2,115,000 | −$1,509,976 S&P 500 | Underwritten — the index wins at our defaults |
| 1545-1547 Balboa St 2 units · $1,950,000 | −$1,531,700 S&P 500 | Underwritten — the index wins at our defaults |
| 83-85 Stanyan St 2 units · $1,997,000 | −$1,689,587 S&P 500 | Underwritten — the index wins at our defaults |
| 4918 California St 2 units · $2,295,000 | −$1,693,444 S&P 500 | Underwritten — the index wins at our defaults |
| 414 12th Ave 2 units · $2,495,000 | −$1,777,954 S&P 500 | Underwritten — the index wins at our defaults |
| 2920 Turk Blvd 1 unit · $2,195,000 | −$1,836,561 S&P 500 | Underwritten — the index wins at our defaults |
| 40 Annapolis Ter 1 unit · $2,395,000 | −$2,071,708 S&P 500 | Underwritten — the index wins at our defaults |
| 2235-2237 Turk Blvd 2 units · $2,695,000 | −$2,126,946 S&P 500 | Underwritten — the index wins at our defaults |
| 3461-3463 Sacramento St 2 units · $3,998,000 | −$3,388,174 S&P 500 | Underwritten — the index wins at our defaults |
| 645 Clement St 2 units · $4,200,000 | −$3,657,577 S&P 500 | Underwritten — the index wins at our defaults |
| 176-178 Parker Ave 2 units · $4,490,000 | −$3,912,281 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 94118, newest basis first.
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