388 5th Street is a 12-unit apartment building in San Francisco's South of Market neighborhood. This building has been exempted from San Francisco's rent control via substantial rehabilitation in 1989, allowing the landlord to increase rents without typical SF limitations. The property consists of 6 three-bedrooms and 6 two-bedrooms. The units are well maintained and have functional layouts that work well for roommates or families. The structure and systems appear to be very well maintained. The property underwent a soft-story seismic retrofit in 2018. The units are separately metered for gas and electricity, and each has its own water heater, keeping operating expenses very low. The property's location provides easy access to the freeway, downtown, and many neighborhood amenities. This is truly a rare opportunity to purchase a building without SF rent control restrictions.