Offered at: $3,350,000 : Sold for $3,255,000
Aesthetic beauty, location, property condition, effective management, amenities and, of course, overall value, are the critical factors that drive most every Apartment Building investment decision.
And the beautifully renovated and well managed 19 unit Edwardian era Building at 985 Pine Street shines in every one of those categories. It delights tenants with its charming architectural detail, its clean and functional interior, and its direct access to work and play. The building is just two blocks from many of San Francisco’s finest hotels and best known Nob Hill landmarks, and just five blocks from Union Square, and the Financial District. And with a GRM of under 12, and a $/Sq. Ft. value under $500, it represents one of the best investment values in San Francisco.
A summary of highlights includes:
- $3,600,000 list price
- $355,012 Gross Income (per seller)
- CAP Rate: 6.3%
- 10.14 Gross Rent Multiple
- $498 per Square Foot
- 7,232 Square Feet (per tax records)
- 19 Units consisting of 2 one bedroom units, 13 Studios, and 4 guest room/efficiency units
- Pride of Ownership Edwardian Era residential building on Lower Nob Hill built in 1911. Spectacular architectural detail.
- Original built-in cabinetry and hardwood floors.
- Experienced on-site management.
- Coin-operated washer and dryer (also accepts payment through smartphone app).
- Storage room in basement.
- Two blocks from the famed landmarks of Nob Hill: Grace Cathedral, The Fairmont Hotel, the Pacific Union Club, the Huntington Hotel and the Mark Hopkins Hotel.
- In the immediate vicinity of cafes, bars, and restaurants in and around Nob Hill.
- Just one block away from both the historic California Street and Powell Street Cable Car lines.
- Near SFMuni bus lines with direct access to the Financial District and Downtown.
