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488 Folsom St Apt 5203, San Francisco, CA · San Francisco, USA · RInvestments

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San Francisco, USA

488 Folsom St Apt 5203, San Francisco, CA

Floor-51 two-bed at The Avery in South Beach with panoramic city and Twin Peaks views, LEED-certified 2019 construction, and full-service amenities — a trophy hold in one of San Francisco's strongest luxury rental submarkets.

AvailableFeatured

Asking price

US$3,150,000

All-in. No markup. Refundable reservation deposit.

Reserve this property

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Projected ROI

9.7%

Monthly cashflow

$-1,850

Annual appreciation

5.5%

Asset class

Apartment

Property features

Features

Bedrooms

2 bedrooms · walk-in closet

Bathrooms

2 full · 1 half · marble finishes

Living area

1,832 sqft corner floor plate

The neighborhood

South Beach/SoMa sits at the intersection of San Francisco's financial core, the waterfront, and the AI-driven tech resurgence reshaping the city in 2025-2026. Within four blocks you have Salesforce Tower, the Transbay Transit Center, Oracle Park, and the Embarcadero. This is the highest-density concentration of HQ-level employment in Northern California, and the tenant pool — senior tech, finance, and biotech professionals — is exactly the demographic that pays premium rents for turnkey luxury.

The property

Residence 5203 is a 1,832 sqft corner two-bedroom on the 51st floor of The Avery, a 118-unit Rem Koolhaas-era-contemporary tower completed in 2019. Views span the city, bay, Sutro Tower, and Twin Peaks through floor-to-ceiling double-pane glass. Interiors feature marble kitchens and baths, wide-plank wood floors, central HVAC, and valet parking. Building amenities include 24-hour doorman, gym, roof deck with barbecue, salt-water pool, and clubhouse — all LEED for Homes certified.

The investment case

At $3.15M ($1,720/sqft), this unit is priced roughly 20–25% below its 2019–2021 peer sale comps in the same building, reflecting the broader SF luxury condo reset rather than any impairment to the asset. With SF office occupancy rebounding, AI headcount expanding aggressively in SoMa, and essentially no new luxury high-rise supply in the permitting pipeline, we view this as a late-cycle buying window on a scarce, institutional-grade trophy floor plate.

Listing data

Property details.

Every figure here is sourced directly from the listing data.

Address: 488 Folsom St Apt 5203 · San Francisco, CA 94105
Listed: May 02, 2026
List price: $3,150,000
Year built: 2019

Why we picked this

The investment thesis.

01Basis

Acquired 20%+ below replacement cost

Peer units at The Avery traded $2,000–$2,300/sqft in 2019–2021. At $1,720/sqft, this acquisition sits meaningfully below both prior comps and the estimated $2,100+/sqft cost to deliver a comparable new high-rise in SF today. Downside is structurally protected by replacement economics.

02Scarcity

Top-floor corner with irreplaceable views

Only a handful of floor-51 corner stacks exist in the building, and no comparable luxury tower has broken ground in SoMa since The Avery's completion. View-protected, upper-floor corners consistently command 15–25% premiums and are the last units to soften and first to recover.

03Demand driver

AI capital is concentrated within walking distance

Market analysis

Why this market, why now.

The San Francisco luxury condo market has traversed a full correction cycle. Peak pricing in 2019–2021 gave way to a 20–30% drawdown through 2023 as remote work and outbound migration pressured demand. Since mid-2024, the market has inflected: AI-sector hiring has driven SF office leasing to its strongest quarters since 2019, Prop 13 reassessment dynamics have slowed seller volume, and buyer activity at the $2M–$5M level has accelerated sharply. The Avery specifically sits in the most favored micro-market — South Beach/Transbay — where walkability to Salesforce Tower, the new Transbay terminal, and the waterfront commands a durable premium. Comparable 2BR units in 181 Fremont, One Steuart Lane, and The Avery itself have cleared $1,900–$2,400/sqft in recent trades, making this listing's basis attractive on a relative-value screen. Critically, San Francisco's luxury high-rise pipeline is effectively frozen. Entitlement costs, construction financing, and inclusionary requirements have rendered new towers uneconomic below roughly $2,200/sqft. This creates a multi-year supply vacuum against a recovering demand curve — the classic setup for view-protected, already-built product to lead the next leg of appreciation.

$1,720/sqft

Acquisition basis · vs. $2,100+ replacement cost

+9.2%

YoY luxury condo rent growth · SF SoMa/South Beach

<2%

New luxury high-rise supply pipeline · SF 2026-2029

Monthly cashflow projection

A year-by-year view of expected monthly distributions, with labels placed above the bars so the trend is readable at a glance.

Starting

$-1,850

Projected monthly cashflow at the beginning of the hold.

Stabilized

$1,220

Projected monthly cashflow by the end of the model.

Growth

Increase across the forecast period.

ROI contribution

Each return driver is separated, labeled outside the bar area, and colored distinctly so the contribution stack is easier to compare.

Top driver

Appreciation

5.5% of modeled annual return.

Total model ROI

9.7%

Combined contribution across all listed drivers.

Market cap rate comparison

The subject asset is highlighted against the comparison set so the relative yield position is immediately visible.

This asset

3.6%

This property

Peer average

3.7%

Average across the comparison set.

Spread

-0.1%

Difference versus peer average.

Projected appreciation curve

A larger area chart makes the value trajectory easier to scan across the full holding period.

Entry value

$3.3M

Modeled starting property value.

Exit value

$5.3M

Projected value at the end of the model.

Value lift

$2.0M

Estimated appreciation across the hold.

Annual expense breakdown

A donut chart shows the mix, while the ranked list keeps every label readable outside the graphic.

Annual expenses

$6,780

Modeled annual operating cost.

Largest line item

Property tax

$3,281 annually.

Expense mix

Property tax48.4%

HOA36.4%

Insurance (contents)2.7%

Management & vacancy12.5%

Scenario comparison

Cashflow and annual return use separate axes, so dollars and percentages no longer compete on the same scale.

Scenarios

Return cases modeled side-by-side.

Next steps

Interested? Get the full picture first.

We will confirm availability, share the underwriting pack, and walk through fit, reservation terms, and any better alternatives before you make a decision.

Protected until the numbers make sense

Refundable reservation deposit until underwriting is approved.
Title registered directly in your name or chosen entity.
Funds flow through regulated escrow only.

Fit check

We confirm your goals, timeline, and whether this property is still a match.

Underwriting pack

You get assumptions, comps, operating notes, and reservation terms before committing.

Reserve when ready

A refundable hold starts only after you are comfortable with the numbers.

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