We Know Exactly What We’re Looking For

Our Buy Box is narrow on purpose. It helps us avoid wasted time — and focus on the kinds of buildings where we’ve consistently outperformed.

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Our Buy Box, NOT!

Once we close, we don’t hand it off. Our team takes over leasing, tenant relations, city compliance, and building improvements.

Attribute

Typical Range

Why It Matters

Units

10-15

Enough scale for real upside, small enough

to stay off institutional radar

Construction Year

Pre-1980

Ensures rent control and historical

pricing inefficiencies

Rent Roll

20-40% below market

Creates upside without needing
rent growth or market timing

Submarkets

Mission, Inner Richmond,
Hayes Valley, Noe Valley

Neighborhoods with high renter
demand and walkability

Condition

Deferred maintenance, dated interiors,

non-renovated common areas

Cosmetic or manageable CapEx
with no structural issues

Complexity

Tenant buyouts, family ownership,
permitting, title oddities

Our operating team thrives
where others walk away

Actionable Deals

We’re in-market and reviewing new deals every week.

If a building fits our criteria and we can underwrite it to a clear NOI lift —
We’re ready to move.

  • We’ve walked 100+ assets in the past year

  • We maintain active convos with 20+ SF brokers

  • Our pipeline includes assets from $2M to $20M

  • We underwrite for rent delta, operating upside, and legal fit

01

1745 Market St

SRO conversion with deep value and strong upside

02

1035 Stockton

Chinatown asset with below-market rents and major retail upside

03

1405 Van Ness

Classic façade, prime corridor, ripe for unit modernization and value-add

04

1499 California St

Premium corner location with potential for shared housing model expansion

05

195 Los Robles

Suburban value play with stable tenants and operational lift opportunity

06

Old Mother’s Cookies

Industrial-to-residential repositioning with historic charm and zoning unlock

07

500 Haight St

Iconic Lower Haight corner with mixed-use upside and street-level activation

Recent Deals

Check out examples of our track record

01

270–272 Divisadero St

11 units, 38% below market, prime location

Purchased: $M | Sold: $M | Profit: $K | IRR: %
→ A clean exit with stable rent base and quick value realization.

02

800 Capitol St

6 units, short hold, full-cycle exit in 12 months

Purchased: $2.48M | Sold: $2.6M | Profit: $70K | IRR: 2.68%
→ A clean exit with stable rent base and quick value realization.

03

1000 8th St, Novato

3 units, nearly 9,000 sq ft, held under 2 years

Purchased: $3.93M | Sold: $4.25M | Profit: $325K | IRR: 4.72%
→ Low-friction exit with reliable tenants and rising submarket demand.

04

257 S Van Ness Ave

8 units, held 4.8 years, prime corridor

Purchased: $2.55M | Sold: $3.2M | Profit: $650K | IRR: 5.42%
→ Deep value asset with rent control and below-market positioning.

05

949 Post St

24 units, 11,800 sq ft, owned 3.8 years

Purchased: $5.1M | Sold: $5.5M | Profit: $400K | IRR: 2.04%
→ Mid-size building in a high-barrier market with stable upside.

WHAT WE'RE LOOKING AT NOW?

  • Several walk-ups with deferred maintenance in Noe Valley and the Mission

  • SRO assets trading 50–60% off replacement cost with significant rent delta

  • Small mixed-use buildings with underutilized upper floors

INVESTOR BUY BOX

For LPs and capital partners, here’s what to expect from the types of deals we pursue:

  • Entry basis: typically $250K–$500K/unit

  • Deal sizes: $3M–$20M total acquisition

  • Rent roll: often 20–40% below market

  • Hold horizon: 3–7 years

  • Returns: 8%+ pref, 18–22% target net IRR

a

Entry basis

typically $250K–$500K/unit

b

Deal sizes

$3M–$20M total acquisition

c

Rent roll

often 20–40% below market

d

Hold horizon

3–7 years

e

Returns

8%+ pref, 18–22% target net IRR

548 Market Street, Suite 17237
San Francisco, CA 94104

SF Market Thesis

Investor Information

About Us

Team

Track Record

Investments

Investment Strategy

Target Asssets

Rental Types

Value Add

Operations & Construction