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.
Button
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