Uptown
By Larrie Furst And Brad Lagomarsino
World-wide turmoil in the financial markets has created a severe scarcity of available financing. Economic uncertainty , increased interest rates and higher debt coverage ratios have dampened investor demand. Although San Francisco rents and occupancy levels remain healthy, investors are seeking an up-tick in cap rates prior to investment. However, evidenced by the transactions below deals are occurring and multiple offer bidding is happening albeit at a noticeably slower pace from recent years.
Thirty units plus 13-car parking at 240 Cumberland Street sold for $5,900,000. Richard Meyerson (Zephyr Real Estate) listed and Tim Brown (Brown & Co.) sold the property. The price reflects a GRM of 13.4, and a price per foot of $309 with an average rent of $1.92 per square foot per month.
The foreclosure sale of 1900 Eddy Street (Divisadero Street) was completed at the purchase price of $4,000,000. The price represents $247 per square foot, $210,000 per unit and an 11.8 GRM. East West Bank and the Buyer were represented by a designated receiver.
1046-50 Pacific Avenue sold for $3,700,000. This is 9-unit apartment property (7 units delivered vacant at close of escrow) with TIC papers. The price represents $411,111 per unit and $743 per square foot. No Ellis Act had been invoked on the property and the seller provided financing with release clauses to facilitate sales. The listing agent was Kevin Chuck (BT Commercial) and the selling agent was Kirtkumar Menon (Argent).
710 Ellis Street is a retrofitted masonry building with two retail units, 39 apartments and rooms master-leased as an SRO Residential Hotel. The $2,900,000 price is 18 x gross and $136 per square foot. Toni Thomas and David Parry (McGuire Real Estate) listed and Sam Hom (Ben Hom & Associates) sold it.
475 Warren Drive is 12 units with 12-car parking and sold for $2,850,000. The units were separately metered and had individual heat. The price is 18.7 x gross rents and $269 per square foot. Nancy Lee (Century 21 Alliance) listed and Ali Khostovan (Capitol Investment) sold it.
Marc Wilson (TRI Coldwell Banker) listed and sold 10 Gardenside Drive for $2,800,000. This is a 12-unit property with 12-car parking and views. The price is 14.5 x gross and $283 per foot. Marc also listed 190 27th Avenue a 6-unit property with 4-car parking. Abraham Uziel (Citibrokers Real Estate) sold it. The price was $2,560,000 or $345 per foot and 18 x gross rents.
738 Stockton Street, a six-story, brick building consisting of 12 apartments sold for $2,448,000. The price was $257 per square feet, and 13.54 times gross rents. Mark Grant (Amore real Estate) listed and sold the property.
Daniel Reynolds (Reynolds & Associates) listed and Roger Perez (Paragon Real Estate) sold the “Marina style” building located at 1270 Grove Street. The four-story, twelve-unit building with six garages sold for $2,725,000. The price translates to $300 per square foot, $227,083 per unit and a 15.13 GRM.
1706 Steiner Street was co-listed by Tim Johnson (Paragon Real Estate) and Judy Yuen (Prudential) and sold by Michael Klestoff (West & Praszker). This is 6 units in lower Pacific Heights. The purchase price was $ 1,472,500 and reflects a GRM of 14.3 and $251 per square foot.
When you have sold a property to report, please fax a statement
to Larrie Furst at (415) 771-1264 containing the close date, price, the
agents involved and the other pertinent information. Larrie Furst is Director
of Investment Sales at
TRI Coldwell Banker’s Van Ness office, 415-474-1750.
Brad Lagomarsino, Director of the National Multi-Housing Group, is a top
producer at Marcus & Millichap and focuses on the sale of apartment
properties in San Francisco. Contact Brad at 415-625-2137
Uptown
By Larrie Furst And Brad Lagomarsino
World-wide turmoil in the financial markets has created a severe scarcity of available financing. Economic uncertainty , increased interest rates and higher debt coverage ratios have dampened investor demand. Although San Francisco rents and occupancy levels remain healthy, investors are seeking an up-tick in cap rates prior to investment. However, evidenced by the transactions below deals are occurring and multiple offer bidding is happening albeit at a noticeably slower pace from recent years.
Thirty units plus 13-car parking at 240 Cumberland Street sold for $5,900,000. Richard Meyerson (Zephyr Real Estate) listed and Tim Brown (Brown & Co.) sold the property. The price reflects a GRM of 13.4, and a price per foot of $309 with an average rent of $1.92 per square foot per month.
The foreclosure sale of 1900 Eddy Street (Divisadero Street) was completed at the purchase price of $4,000,000. The price represents $247 per square foot, $210,000 per unit and an 11.8 GRM. East West Bank and the Buyer were represented by a designated receiver.
1046-50 Pacific Avenue sold for $3,700,000. This is 9-unit apartment property (7 units delivered vacant at close of escrow) with TIC papers. The price represents $411,111 per unit and $743 per square foot. No Ellis Act had been invoked on the property and the seller provided financing with release clauses to facilitate sales. The listing agent was Kevin Chuck (BT Commercial) and the selling agent was Kirtkumar Menon (Argent).
710 Ellis Street is a retrofitted masonry building with two retail units, 39 apartments and rooms master-leased as an SRO Residential Hotel. The $2,900,000 price is 18 x gross and $136 per square foot. Toni Thomas and David Parry (McGuire Real Estate) listed and Sam Hom (Ben Hom & Associates) sold it.
475 Warren Drive is 12 units with 12-car parking and sold for $2,850,000. The units were separately metered and had individual heat. The price is 18.7 x gross rents and $269 per square foot. Nancy Lee (Century 21 Alliance) listed and Ali Khostovan (Capitol Investment) sold it.
Marc Wilson (TRI Coldwell Banker) listed and sold 10 Gardenside Drive for $2,800,000. This is a 12-unit property with 12-car parking and views. The price is 14.5 x gross and $283 per foot. Marc also listed 190 27th Avenue a 6-unit property with 4-car parking. Abraham Uziel (Citibrokers Real Estate) sold it. The price was $2,560,000 or $345 per foot and 18 x gross rents.
738 Stockton Street, a six-story, brick building consisting of 12 apartments sold for $2,448,000. The price was $257 per square feet, and 13.54 times gross rents. Mark Grant (Amore real Estate) listed and sold the property.
Daniel Reynolds (Reynolds & Associates) listed and Roger Perez (Paragon Real Estate) sold the “Marina style” building located at 1270 Grove Street. The four-story, twelve-unit building with six garages sold for $2,725,000. The price translates to $300 per square foot, $227,083 per unit and a 15.13 GRM.
1706 Steiner Street was co-listed by Tim Johnson (Paragon Real Estate) and Judy Yuen (Prudential) and sold by Michael Klestoff (West & Praszker). This is 6 units in lower Pacific Heights. The purchase price was $ 1,472,500 and reflects a GRM of 14.3 and $251 per square foot.
When you have sold a property to report, please fax a statement
to Larrie Furst at (415) 771-1264 containing the close date, price, the
agents involved and the other pertinent information. Larrie Furst is Director
of Investment Sales at
TRI Coldwell Banker’s Van Ness office, 415-474-1750.
Brad Lagomarsino, Director of the National Multi-Housing Group, is a top
producer at Marcus & Millichap and focuses on the sale of apartment
properties in San Francisco. Contact Brad at 415-625-2137