Real Estate Investing in San Francisco, California (94123)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 94123 (San Francisco, CA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- High vacancy: 14.2% of homes vacant — above national norms.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 41.1 — hard to cash-flow at these prices.
What’s happening in San Francisco, CA (94123)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 94123 San Francisco
Investors eyeing 94123 need to respect the fundamentals at play. Home values of $2.5M come alongside slower price movement and elevated management overhead.
For an experienced owner, 94123 can be a a strong candidate for hunting ground — but the discount at $2.5M reflects genuine risk that outside investors often underestimate.
ZIP 94123's metrics run below San Francisco County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
A solid renter share of 72% in 94123 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
The 94123 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in San Francisco:
Property Strategy for 94123
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $920,293 | $3,780 | 3.0% | -1.3% | $920,293 |
| 2BR | $1,586,994 | $4,580 | 2.1% | -0.3% | $793,497 |
| 3BR | $2,642,467 | $5,850 | 1.6% | +0.1% | $880,822 |
| 4BR | $4,217,634 | $6,060 | 1.0% | -0.1% | $1,054,409 |
| 5BR | $6,261,300 | — | — | -0.2% | $1,252,260 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 94123 Compare?
| Metric | 94123 | San Francisco | San Francisco-Oakland-Berkeley, CA | California |
|---|---|---|---|---|
| Home Value | $2,490,120 | $693,502 | N/A | $761,003 |
| 5-Year CAGR | 2.2% | N/A | N/A | 5.7% |
| Avg Rent | $5,052 | $4,437 | N/A | - |
| Cap Rate | 1.6% | 2.6% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 94123 (San Francisco, CA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 94123 (San Francisco, CA)?
~25 seconds · no account needed · your report is anonymous
Property managers serving San Francisco County
Manage rentals here? List your business →2B Living offers reimagined property management services, including residential management, property onboarding, accounting, and reporting, for properties around the Bay Area. summary from their website
Azari Property Management provides one-stop real estate service as a property management company since 2006. summary from their website
Boardwalk Investments Property Management specializes in property management and leasing in San Francisco and the Northern Peninsula. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $2,490,120 |
| Monthly Rent | $5,052 |
| Price-to-Rent | 41.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.4% |
| Cap Rate | 1.6% |
| 5-Year IRR | 3.8% |
📈 Home Appreciation
| 1-Year | +20.0% ▲ |
| 3-Year CAGR | +6.6% ▲ |
| 5-Year CAGR | +2.2% ▲ |
| 10-Year CAGR | +1.3% ▲ |
🏠 Rent Trends
| 1-Year | +22.0% ▲ |
| 3-Year CAGR | +12.5% ▲ |
| 5-Year CAGR | +9.0% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 94123
Population: 24,518
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 94123
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Everett Middle
Francisco Middle
Lick (James) Middle
Parks (Rosa) Elementary
Roosevelt Middle
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Is housing expensive in San Francisco, CA?
In San Francisco, CA the median home value sits at $2.5M. Against the broader CA market, that reads as reasonable for most investors.
What is the typical vacancy rate in San Francisco, CA?
Vacancy risk in San Francisco, CA is elevated. That supports measured cash flow for typical rental holds.
Does San Francisco, CA favor landlords or tenants?
CA law tenant-protective for landlords, and San Francisco inherits those rules. Investors should still review local ordinances for rental licensing.
Are rents high in San Francisco, CA?
The typical rental in San Francisco, CA commands about $5,052/mo monthly. That rent profile measured cash flow against the $2.5M purchase basis.
What is the typical renter like in San Francisco, CA?
The tenant pool in San Francisco, CA is solid, supported by local employment and population fundamentals. Rents of $5,052/mo are well-absorbed by the market.
You know 94123 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 94123 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 94123 ranks in San Francisco-Oakland-Berkeley, CA
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 94123 (San Francisco)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 94123 (San Francisco, CA).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.