449 9th Street, San Francisco, CA 94103, San Francisco, 94103 - 10 bed, 0 bath
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San Francisco, CA 94103
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.
Property is move-in ready.
The property is in good condition, featuring residential units that have been updated with modern kitchenettes, quartz countertops, and gas stoves. Bathrooms have been modernized with newer vanities and fixtures, and the units feature updated wood-look flooring and fresh paint. Although the building was constructed in 1914, it has been well-maintained with updated water heaters, a recently renovated backyard, and full compliance with fire safety ordinances, making it move-in ready for tenants.
The property features a substantial 42% rental upside with a projected pro forma cap rate of 10.29%, offering investors a clear path to increased yield in a high-demand submarket.
Centrally located within walking distance of major transit hubs, tech shuttles, and downtown amenities, ensuring consistent tenant demand and high occupancy rates.
Units are updated with quartz countertops and modern finishes, and the building is fully compliant with San Francisco's Fire Alarm Sleeping Room Ordinance, reducing immediate liability.
Constructed in 1914, the building is noted as a candidate for long-term capital improvements, which may necessitate significant future investment for structural or system upgrades.
With current rents significantly below market, San Francisco's stringent rent control regulations may limit the speed and ease of realizing the projected 42% rental upside.
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 42% rental upside. Current rents are notably below market, and the building offers a 6.75% cap rate with a projected pro forma cap rate of 10.29% and an impressive 6.14% cash-on-cash return. With a high-demand unit mix, strong in-place income, and location within walking distance of major transit options, tech shuttles, and downtown amenities, 449-451 9th Street delivers immediate cash flow with meaningful potential for future growth in one of San Francisco's most active rental submarkets.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 10.0 | 9.5 | 50% |
| Baths | 0.0 | 0.0 | 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 | 289 | 239 | 0% |
Mar 3, 2026
$2,388,000
$2,488,000
-4% Price Drop
Initial Listing
Jul 7, 2025
$2,488,000
Initial Listing