San Francisco guide · Tier A · Rank #7 of 27
House hacking in San Francisco (Outer Richmond / Sea Cliff).
A large in-ZIP redevelopment, confirmed FZP reach, and an in-ZIP federal hospital anchor, all on the Geary corridor: the western Richmond's strongest engineered-growth case.
Status check: Verified 2026-07-14: 850 La Playa formal permits are filed, with residential capacity and the affordable count increased in the latest revision.
What's actually happening in 94121
- Permits filed May 2026
850 La Playa (the Safeway redevelopment): 562 units (113 affordable at 50–80% AMI), ~85 ft, ~820,000 sqft mixed-use; formal permits filed May 2026. SF YIMBY
- Adopted; corridor heights WARN
Confirmed Family Zoning Plan reach into the Outer Richmond via the SF Planning primary source: off-corridor density caps removed within roughly 4-story limits, corridors get an extra floor. Exact Geary, Clement, and Balboa heights remain WARN. SF Planning Family Zoning Plan
- Funded; construction ~2026
Geary Boulevard Improvement Project Phase 2: ~$48M, construction targeted around 2026 through this segment, with 9 upgraded Rapid stops on the 38/38R (~54,000 daily riders). SFMTA Geary Boulevard Improvement Project
- Existing anchor
SF VA Medical Center at 4150 Clement St (the former Fort Miley site, in-ZIP): a federal hospital employment anchor within a walk or bike ride for the northern Outer Richmond. VA.gov
The numbers
- Median price
- $1,697,000 (Redfin, May 2026)
- Market rent
- ~$3,150/mo 1-bed (RentCafe)
- 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
- $1,300–1,850/mo per room
- ADU rent band
- $2,600–3,300/mo (ADU or in-law)
- Whole-home rent band
- $5,000–6,500/mo whole-home
- Underwriting vacancy
- 3.5% underwriting vacancy
- Appreciation scenarios
- 3 / 4–5 / 6 %/yr (conservative / base / upside)
More negotiating room than the core before AI-cluster spillover compresses cap rates further. Appreciation basis: Base on 850 La Playa plus Geary BRT; upside if FZP corridor heights confirm. 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 94121
27 buildings in 94121 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 |
|---|---|---|
| 425 26th Ave, Apt 1 1 unit · $895,000 | −$368,663 S&P 500 | Underwritten — the index wins at our defaults |
| 522 26th Ave 1 unit · $998,000 | −$378,795 S&P 500 | Underwritten — the index wins at our defaults |
| 130 23rd Ave, Apt 1 1 unit · $950,000 | −$477,024 S&P 500 | Underwritten — the index wins at our defaults |
| 836 33rd Ave 1 unit · $1,295,000 | −$890,283 S&P 500 | Underwritten — the index wins at our defaults |
| 622 19th Ave 2 units · $3,495,000 | −$2,851,301 S&P 500 | Underwritten — the index wins at our defaults |
| 561 41st Ave 4 units · $1,500,000 | −$39,750 S&P 500 | Underwritten — the index wins at our defaults |
| 768-770 17th Ave 2 units · $1,000,000 | −$80,535 S&P 500 | Underwritten — the index wins at our defaults |
| 701 27th Ave 2 units · $1,495,000 | −$362,216 S&P 500 | Underwritten — the index wins at our defaults |
| 826-828 30th Ave 2 units · $1,800,000 | −$538,074 S&P 500 | Underwritten — the index wins at our defaults |
| 522 22nd Ave 2 units · $1,750,000 | −$731,746 S&P 500 | Underwritten — the index wins at our defaults |
| 603 22nd Ave 1 unit · $1,195,000 | −$857,733 S&P 500 | Underwritten — the index wins at our defaults |
| 2532 Cabrillo St 1 unit · $1,395,000 | −$1,013,947 S&P 500 | Underwritten — the index wins at our defaults |
| 509-511 44th Ave 2 units · $1,600,000 | −$1,144,889 S&P 500 | Underwritten — the index wins at our defaults |
| 6027 California St 2 units · $1,750,000 | −$1,167,389 S&P 500 | Underwritten — the index wins at our defaults |
| 323 19th Ave 1 unit · $1,688,000 | −$1,190,056 S&P 500 | Underwritten — the index wins at our defaults |
| 499 36th Ave 2 units · $1,899,000 | −$1,209,594 S&P 500 | Underwritten — the index wins at our defaults |
| 114-116 22nd Ave 2 units · $1,980,000 | −$1,297,270 S&P 500 | Underwritten — the index wins at our defaults |
| 823 40th Ave 1 unit · $1,998,000 | −$1,301,963 S&P 500 | Underwritten — the index wins at our defaults |
| 3239-3241 Clement St 2 units · $1,949,000 | −$1,465,392 S&P 500 | Underwritten — the index wins at our defaults |
| 1916 Balboa St 2 units · $1,888,000 | −$1,562,240 S&P 500 | Underwritten — the index wins at our defaults |
| 496 38th Ave 2 units · $2,295,000 | −$1,618,500 S&P 500 | Underwritten — the index wins at our defaults |
| 366-368 29th Ave 2 units · $1,998,000 | −$1,660,665 S&P 500 | Underwritten — the index wins at our defaults |
| 588-596 28th Ave 2 units · $2,885,000 | −$1,817,437 S&P 500 | Underwritten — the index wins at our defaults |
| 3735 Anza St 2 units · $3,595,000 | −$2,584,298 S&P 500 | Underwritten — the index wins at our defaults |
| 7719 Geary Blvd 3 units · $3,380,000 | −$2,738,748 S&P 500 | Underwritten — the index wins at our defaults |
| 6427 California St 1 unit · $3,595,000 | −$4,004,769 S&P 500 | Underwritten — the index wins at our defaults |
| 674-676 23rd Ave 2 units · $4,750,000 | −$4,782,699 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 94121, newest basis first.
The house-hack angle
Richmond Marina-style flats and houses-over-garages with strong ADU and in-law potential; the fourplex exception reaches this RH stock; a VA, UCSF, and Geary-commuter tenant pool. Sea Cliff is estate-scale and sits outside house-hack terrain.
What breaks it
- Higher entry basis ($1.7M median)
- Geary is bus-only: a 35–40 minute downtown commute
- 850 La Playa is pre-construction with no disclosed cost or timeline, and exact FZP corridor heights are unconfirmed (WARN)