Four of the firearms were assault rifles and the other 153 were a combination of handguns and rifles.
San Francisco city officials held the buyback event in an effort to reduce the potential for violence in the neighborhood.
Supervisor David Campos, who represents the Mission District, joined Mayor Ed Lee and community partners to organize the event.
Between 6-8 p.m. in the U.S. Bank parking lot at 22nd and Capp streets, police distributed $15,500 in cash in exchange for the firearms, according to the supervisor's office.
Guns in working condition were turned in for $100, while assault rifles were exchanged for $200, with no questions asked.
Money for the event came from a discretionary fund allotted to Campos as supervisor. More than 150 community members also donated more than $10,000 for the event via Gunbygun.org, a nonprofit aimed at reducing the number of firearms on the streets.
The Central American Resource Center (CARECEN), the Police Department's Mission Station, U.S. Bank, the University of California and local community members partnered with city officials on the program.
Participants were asked to bring guns to the buyback in the trunks of their cars. However, 30 people attended the event on foot. Supervisor Campos has pledged to commit an additional $40,000 for future gun buybacks in the city.
According to the supervisor's office, another gun buyback event will take place in San Francisco within the next six months.