1188 Valencia, the 49-unit 2018 building on the old Chevron corner at 23rd: one transfer this year, a 628-square-foot one-bedroom at $657,000 off the MLS, 26 percent under its 2018 price

1188 Valencia's one sale this year is a 2018 buyer leaving at a 26 percent loss, through the recorder. One condominium transferred between January 1 and October 15, 2026, against two in the same window of 2025; $657,000 of volume against $1,862,000. The price per square foot is $1,046, against $1,021 on last year's pair, $1,276 in 2024, $1,111 across three sales in 2023, $1,754 on the one 2020 sale, the building's high, and $1,410 across the 16 developer sales of 2018, the most in any year.

#403, a 628-square-foot one-bedroom, transferred at $657,000 on June 2 with no listing; it was bought new on April 13, 2018 for $889,000, down 26.1 percent, and it is the year's one paired resale; the listing record carries no below-market-rate designation for the unit, and its 2025 assessed value was $832,000 (Redfin).

The site was a shuttered Chevron station on the northwest corner of Valencia and 23rd; demolition was floated with Planning in 2012, a 52-unit plan was cut to 49 in October 2015, the Board of Supervisors approved the final map for 49 residential and five commercial condominiums on March 6, 2018, and the sales office opened the following month; the five-story building has a roof deck and side-by-side parking (SocketSite; Board of Supervisors; RubyHome).

2026 so far, against the same window in 2025

Closings at 1188 Valencia between January 1 and October 15, 2026, set against January 1 to October 15, 2025. Days on market is median days from listing to contract on MLS-listed sales; "under 15 days" counts how many of those went into contract inside two weeks.

Year by year

Every recorded closing at 1188 Valencia since March 2018, by calendar year. 2026 runs through October 15, 2026. Days on market is available for MLS-listed sales from 2020 onward.

The building's highest median price per square foot in any year with five or more closings was $1,410 in 2018 (16 closings). 2026 year to date stands at $1,046.

By bedroom count, 2025 against 2026

Every closing in 2026

All 1 closings through October 15, 2026, highest price first. Square footage and days on market are as recorded on the MLS; county-recorded transfers that never listed show no days.

Paired resales

Units that closed in 2026 and had a prior recorded sale in the same building. The change is gross, before any improvements, fees or carrying costs.

0 of these resold above the prior price, 1 below.

Valencia and 23rd

Valencia Street was rebuilt outside the door in 2025, when the SFMTA removed the center-running bike lane between 15th and 23rd from February 10 and put side-running lanes in its place (SFMTA). The Valencia night market announced in March 2025 runs on second Thursdays from May to October between 16th and 19th, four to seven blocks north, and the 2026 Valencia LIVE editions closed the street between 17th and 20th in July and August (Mission Local; Funcheap).

No AI office of any size is within walking distance; the nearest large lease is Thinking Machines Lab's full building at 2300 Harrison, about a mile northeast, and the office figures in the paragraphs below describe SoMa (SF Standard).

The timetable that every South of Market building now sits inside is the public-offering calendar. Anthropic filed a confidential draft registration with the SEC on June 1, 2026, a week after a funding round that set its valuation at $965 billion (TechCrunch). As of this week the Standard reports the Anthropic listing has been pushed to November, after the midterms, that OpenAI's has moved to 2027, and that Anthropic is weighing a lockup longer than the usual six months (SF Standard). The same piece carries a Redfin estimate that current and former OpenAI and Anthropic employees could in theory buy close to a third of the metro area's homes with their proceeds, and the counter-argument from UC Berkeley's Enrico Moretti and the Bay Area Council's Jeff Bellisario that the money is concentrated in fewer hands than past booms and that these firms create fewer jobs per dollar because so much goes to data centers rather than headcount. The record in this report ends on October 15. None of it reflects a single share that has been sold.

Two citywide facts frame every building figure here. First, the office recovery is lopsided: CBRE put Q3 2026 vacancy at 27.7 percent citywide, down 6.6 points in a year, but Avison Young splits that into roughly 12 percent for Class A and north of 31 percent for Class B, and a Presidio Bay executive told Bisnow the headline number is misleading for that reason (Bisnow). Second, the condo market is still digging out: the Chronicle's May analysis found that only eight Bay Area ZIP codes showed inflation-adjusted condo gains over the year, all of them in San Francisco, and that Noe Valley's typical condo remained close to $400,000 below its 2019 level in real terms (SF Chronicle).

How this was counted

Two records feed this review. The MLS layer is one row per listing and carries days on market and square footage. The county layer reaches back further and catches transfers that never listed, but records the same closing once per data source, so the two were merged on unit, date and price and each closing kept once. Below-market-rate units and transfers under $300,000 are listed but excluded from every median. "Same window" means January 1 to October 15 of each year. Nothing here is a valuation of any unit, and nothing here is advice.

Tim McMullen · CA DRE #02016832
[email protected] · (415) 691-9272