# House Hacking in San Francisco (94121): 562 units filed at the Safeway site, plus a VA anchor · The Rent Hacker > San Francisco 94121 for house hackers: A large in-ZIP redevelopment, confirmed FZP reach, and an in-ZIP federal hospital anchor, all on the Geary corridor: th Canonical: https://therenthacker.com/house-hacking/sf-outer-richmond-94121/ Source: The Rent Hacker (https://therenthacker.com/). License: RSL, attribution required — https://therenthacker.com/license.xml --- [San Francisco guide](/house-hacking/san-francisco/) · 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](https://sfyimby.com/2026/05/formal-application-filed-for-outer-richmond-safeway-redevelopment-san-francisco.html) - 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](https://sfplanning.org/sf-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](https://www.sfmta.com/projects/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](https://www.va.gov/san-francisco-health-care/locations/san-francisco-va-medical-center/) ## 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](/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](/property/rh-rve0vy/425-26th-ave-apt-1/) 1 unit · $895,000 −$368,663 S&P 500 Underwritten — the index wins at our defaults [522 26th Ave](/property/rh-m7es8t/522-26th-ave/) 1 unit · $998,000 −$378,795 S&P 500 Underwritten — the index wins at our defaults [130 23rd Ave, Apt 1](/property/rh-kdptul/130-23rd-ave-apt-1/) 1 unit · $950,000 −$477,024 S&P 500 Underwritten — the index wins at our defaults [836 33rd Ave](/property/rh-ttk9m8/836-33rd-ave/) 1 unit · $1,295,000 −$890,283 S&P 500 Underwritten — the index wins at our defaults [622 19th Ave](/property/rh-l16gqt/622-19th-ave/) 2 units · $3,495,000 −$2,851,301 S&P 500 Underwritten — the index wins at our defaults [561 41st Ave](/property/rh-fraplk/561-41st-ave/) 4 units · $1,500,000 −$39,750 S&P 500 Underwritten — the index wins at our defaults [768-770 17th Ave](/property/rh-x0a6ry/768-770-17th-ave/) 2 units · $1,000,000 −$80,535 S&P 500 Underwritten — the index wins at our defaults [701 27th Ave](/property/rh-7oe3b8/701-27th-ave/) 2 units · $1,495,000 −$362,216 S&P 500 Underwritten — the index wins at our defaults [826-828 30th Ave](/property/rh-tyezjo/826-828-30th-ave/) 2 units · $1,800,000 −$538,074 S&P 500 Underwritten — the index wins at our defaults [522 22nd Ave](/property/rh-ijlm38/522-22nd-ave/) 2 units · $1,750,000 −$731,746 S&P 500 Underwritten — the index wins at our defaults [603 22nd Ave](/property/rh-obwt6o/603-22nd-ave/) 1 unit · $1,195,000 −$857,733 S&P 500 Underwritten — the index wins at our defaults [2532 Cabrillo St](/property/rh-ncqtbc/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](/property/rh-sz7jis/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](/property/rh-dg099w/6027-california-st/) 2 units · $1,750,000 −$1,167,389 S&P 500 Underwritten — the index wins at our defaults [323 19th Ave](/property/rh-4dr61i/323-19th-ave/) 1 unit · $1,688,000 −$1,190,056 S&P 500 Underwritten — the index wins at our defaults [499 36th Ave](/property/rh-ic12qc/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](/property/rh-6w4xaq/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](/property/rh-aa6r2q/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](/property/rh-jkhp4u/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](/property/rh-lf8nwy/1916-balboa-st/) 2 units · $1,888,000 −$1,562,240 S&P 500 Underwritten — the index wins at our defaults [496 38th Ave](/property/rh-5tp5ec/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](/property/rh-6eyhb5/366-368-29th-ave/) 2 units · $1,998,000 −$1,660,665 S&P 500 Underwritten — the index wins at our defaults [588-596 28th Ave](/property/rh-ahsyee/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](/property/rh-zivvp3/3735-anza-st/) 2 units · $3,595,000 −$2,584,298 S&P 500 Underwritten — the index wins at our defaults [7719 Geary Blvd](/property/rh-vj4zti/7719-geary-blvd/) 3 units · $3,380,000 −$2,738,748 S&P 500 Underwritten — the index wins at our defaults [6427 California St](/property/rh-21bps5/6427-california-st/) 1 unit · $3,595,000 −$4,004,769 S&P 500 Underwritten — the index wins at our defaults [674-676 23rd Ave](/property/rh-ph1n7e/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](/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) This page is the standing analysis. The weekly part, actual San Francisco-area listings that pass the math, lands on the San Francisco board every Tuesday. [This week's San Francisco board](/board/sf-proper/) Have a specific address? [Look up any San Francisco building](/lookup/) — free parcel facts, and Underwrite an address — $79 for the full one. Want this analysis for a specific building? Any San Francisco address, underwritten the same way: cautious rents, the registry, the S&P line. [Look up any San Francisco address →](/lookup/) A full report for an address you pick: Underwrite an address — $79, delivered within one business day. [This week's San Francisco board](/board/sf-proper/) · [Read past San Francisco issues](/issues/sf-proper/) · [Every pick, on the record](/track-record/) · [How a deal becomes a pick](/methodology/) Data synthesized 2026-07-06, catalysts re-verified 2026-07-14. Mortgage-rate basis: 6.43% (Freddie Mac PMMS, a seven-week low; 6.67% a year ago). Sources are the public planning documents and market listings named above, fetched on the synthesis date. Nothing here is investment advice; every deal needs a bindable insurance quote and parcel-level verification.