449-451 9th Street
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 7.11% cap rate with a projected pro forma cap rate of 10.83% and an impressive 7.03% 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.
Property Description
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 building is fully compliant with San Francisco's Fire Alarm Sleeping Room Ordinance including both a front and rear fire escape and is in compliance with the San Francisco Soft-Story ordinance.
Key Property Information
| Listing Status: | Sold |
|---|---|
| Sold Date: | 10-08-2026 |
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $2,135,000 |
| No. of Units: | 11 |
| Cap Rate: | 6.75% |
| GRM /GIM: | 10.47 |
| Year Built: | 1912 |
| Building Size: | 4,765 Sq ft |
| Lot Size: | 2,500.00 Acres |
| Opportunity Zone: | No |
| Price per unit: | $206,182 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Adam Carosso | 4152887825 | [email protected] |
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