449 9th Street, San Francisco, CA 94103, San Francisco, 94103 - 10 bed, bath
449 9th Street
San Francisco, CA 94103
Property Price
SUMMARY
Analysis of 449 9th Street, San Francisco, CA 94103 is currently available with a list price of $2,388,000. The property maintains a Good Condition Rating (78/100), reflecting solid structural condition with well-maintained systems. The property presents an attractive opportunity for buyers seeking a move-in ready home. Located in a high-demand neighborhood within the San Francisco Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Condition Analysis
OVERALL CONDITION SCORE
Property is move-in ready.
Despite being built in 1914, the property has undergone extensive renovations, particularly in the residential units. The description highlights 'modern kitchenettes featuring quartz countertops and gas stoves,' 'updated bathrooms,' and 'wood flooring,' indicating a move-in ready condition for tenants. Key infrastructure like separately metered gas/electricity, updated water heaters, and a hardwired fire system are also in place. The exterior appears well-maintained, and the backyard is recently renovated. While the building's age and the mention of 'long-term capital improvements' suggest some older components or future needs, the significant updates to the living spaces and essential systems align with a 'Good' score, meaning it's well-maintained with minimal wear and tear in its renovated areas.
PROSSTRENGTHS & OPPORTUNITIES
- Exceptional Investment Potential
The property offers a strong value-add opportunity with approximately 36% rental upside, a projected pro forma cap rate of 9.05%, and an impressive 11.89% cash-on-cash return.
- Prime SOMA Location
Centrally located in the heart of San Francisco's vibrant SOMA neighborhood, ensuring high demand and excellent accessibility to urban amenities.
- Diversified Income Stream
As a mixed-use building with ten (10) 1-bedroom residential units and one (1) ground-floor commercial space, it provides a stable and diversified income portfolio.
CONSRISKS & DEFICIENCIES
- Age of Building
Constructed in 1914, the property's age, despite updates, may imply potential for unforeseen maintenance or system upgrades typical of historic buildings.
- Lack of On-Site Parking
The property description does not mention any on-site parking, which can be a significant drawback and a highly sought-after amenity in a dense urban environment like San Francisco.
- Future Capital Improvement Needs
While not on the soft-story list, the property is noted as an 'ideal candidate for long-term capital improvements,' suggesting that further significant investment will likely be required to fully maximize its potential.
About 449 9th Street
449-451 9th Street is a mixed-use, 11-unit building centrally located in the heart of San Francisco's vibrant SOMA neighborhood. Constructed in 1914 and encompassing approximately 4,765 square feet, the property features a blend of ten (10) - 1 bedroom / 1 bath apartment units and one (1) ground-floor commercial space. Units are thoughtfully designed with wood flooring, modern kitchenettes featuring quartz countertops and gas stoves, updated bathrooms, and ample natural light. Each residential unit benefits from dedicated storage space and access to a recently renovated backyard. Situated on a 2,500-square-foot parcel zoned SCI, the building offers separately metered gas and electricity, a local hardwired fire system, and updated water heaters. The property is fully compliant with San Francisco's Fire Alarm Sleeping Room Ordinance and includes both front and rear fire escapes. While the property is not on the soft-story retrofit list, it presents an ideal candidate for long-term capital improvements. This asset represents a strong value-add investment opportunity with approximately 36% rental upside. Current rents are notably below market, and the building offers a 6.30% cap rate with a projected pro forma cap rate of 9.05% and an impressive 11.89% cash-on-cash return.
Property Details
Public Facts
- Property Type
- Mixed Use
- Year Built
- 1914
- Lot Size
- 2,500.34 Sq. Ft.
Interior
- Total Bedrooms
- 10
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 10.0 | 9.5 | 50% |
| Baths | - | - | 50% |
| Square foot | 4,765 | 7,666.5 | 50% |
| Lot Size | 2,500.34 | 5,000.685 | 50% |
| Price | $2.39M | $2.30M | 50% |
| Price per sq ft | $501 | $355 | 50% |
| Built year | 1914 | 1900 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 243 | 194 | 0% |
Pricing History
Listed for Sale
Mar 3, 2026
$2,388,000
$2,488,000
-4% Price Drop
Initial Listing
Price Change
Jul 7, 2025
$2,488,000
Initial Listing