Uptown
By Larrie Furst And Brad Lagomarsino
Activity,
year-to-date substantially lags last year with only 19 sales of buildings
with 10-plus units. That dollar volume was $92 million, however, of that,
two sales accounted for half of the volume. Prices remain strong and averaged
between $300 to $350 per square foot with GRMs ranging from 15 to 17
.
This activity level suggests that something is changing. The red hot apartment
market of recent years may be experiencing something similar to what the
commercial leasing and residential markets in San Francisco are finding;
that values to income/rents in this new lending universe need revaluing.
Dan McGue (now with Paragon Real Estate) represented the buyer and seller
of 1221 Jones Street, a trophy Nob Hill
building with 72 units. The price, $37,265,000 reflects $496 per square
foot, and 11.9 times gross rents, a GRM which is reflective of the fact
that the property is run as corporate furnished rentals. Dan also listed
239 26th Avenue which was sold by Tim Brown (Brown Real Estate).
This 12 unit building sold for $3,275,000 which is 19.4 times gross and
$289 per foot. Dan also sold Susan Mitchell’s (Paragon) listing at 4950
California Street for $2,700,000. This is a 15.8 GRM and $247 per
foot.
Jay Greenberg (Marcus & Millichap) listed and sold
245 Leavenworth at Turk Street. The 48 unit building located in
the Tenderloin sold for $4,530,000 or $171 per square foot, $94,375 per
unit and a GRM of 9.05. Jay Greenberg & Trigg Splenda (Marcus &
Millichap) listed 460 Lyon Street a 7-unit
building with 7-car parking and Carlos Ramirez (Hawthorne Group) sold
it for $1,650,000. The price is $319 per foot and 13 times gross.
Brad Lagomarsino (Marcus & Millichap) listed and sold 1701
Turk Street at Scott Street. The 18-unit property with 10-car parking
sold for $2,830,000. The price represents $233 per square foot, 12.9 GRM
and $157,222 per unit. Brad Lagomarsino (Marcus & Millichap) listed
and Steven Fang (California Prudential Realty) sold the 7- unit building
located at 443 15th Avenue. The Central
Richmond District property transacted for $2,200,000 or $290 per square
foot, $314,286 per unit and a GRM of 15.83.
David Levy (Levy & Co.) sold the 20-unit building at 1850
Clay Street. The property consists of ten-1bd/1ba units and ten-studios.
The $7,825,000 price represents +/-20 GRM, $472 per square foot, $391,250
price per unit and a 3.18 cap rate.
Carolyn Chandler (Chandler Properties) listed and James Devincenti (Marcus
& Millichap) represented the buyer in the purchase of 1280
Lombard Street. The Russian Hill 13 units sold for $4,575,000 or
$352,000 per unit, $419 per square foot and a GRM or 15.5. Tim Farrell
(TRI Coldwell Banker) sold James Devincenti’s (Marcus & Millichap)
listing at 107 Collingwood Street, a 14-unit
building. The $4,415,000 price is $452 per foot and 12.2 times gross.
1801 Jackson Street, (at Franklin) a modern
building with 12 apartments and 8 car parking sold for $4,250,000. The
price was $513 per square feet, and 16.1 times gross rents. Stephen Pugh
(Alain Pinel) listed and Philip Chan (Pacific Union) sold it.
Larry Garvin (Paragon) sold 1801 Turk Street
for $2,250,000 which is $235 per square foot and 14.6 times gross. Ilse
Cordoni ( Zephyr Real Estate) listed this 12-unit building with 8-car
parking.
Mark Bonn and Mirella Webb (Alain Pinel) represented both the seller and
buyer of 3341 18th Street. The 10- unit
building sold at $1,375,000, $165.58 per square foot, 9.82 GRM and $137,500
per unit.
Marcia Thomas and Richard Meyerson (both of Zephyr) listed 9 units at
180 Dolores Street and Ted Hulbush (Pacific
Equity) sold them for $2,325,000. This price is $305 per foot and just
under 18 times gross rents.
2324-2334 Greenwich Street a 6-unit building
with 6-car parking sold for $2,900,000. There are four separate buildings
set on one parcel. The price is $510 per foot and 28 times the annual
rent. Carol Carruba (Pacific Union) listed the building and Michael Klestoff
(West & Praszker) represented the purchaser.
501 Capp Street AKA 3441-3447 20th Street
was listed and sold by Clinton Textor (Marcus & Millichap). The 11,450
square foot, six unit, Victorian building sold for $2,210,000, $193 per
square foot, 13.83 GRM and $368,333 per unit.
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