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Listed by Aida Molina-Polle • The Agency
$7,000,000
Est. payment /mo
25,896 SqFt
Active
515 Ofarrell ST San Francisco, CA 94102
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Key Details
Property Type Commercial
Sub Type Highrise (7+ Flrs)
Listing Status Active
Purchase Type For Sale
Square Footage 25,896 sqft
Price per Sqft $270
Subdivision Civic Center
MLS Listing ID 41128295
HOA Y/N No
Year Built 1926
Lot Size 4,534 Sqft
Property Sub-Type Highrise (7+ Flrs)
Source Bridge AOR
Property Description
Significant Price Reduction! First time on the market in 49 years, this 46-unit mixed-use flagship trophy asset offers an outstanding investment opportunity in San Francisco's core corridor. Delivering an 8.37% actual in-place cap rate, the property is offered at approximately $152,174 per unit and $270 per square foot, well below estimated replacement cost. The 100% occupied asset consists of 45 studio apartments, one ground-floor commercial space, and seven garage spaces. The high-rise fire sprinkler upgrade is approximately 90% complete, with the balance to be completed prior to close of escrow. Additional value includes approximately $190,000 in annual rental upside, $46,947 in documented banked rent increases, Fannie Mae and Freddie Mac approved, no mandatory soft-story retrofit, located within a Federal New Markets Tax Credit (NMTC) Census Tract. Ideally situated near Union Square, Powell BART/MUNI, and major hotels. Offering Memorandum available upon request.
Location
State CA
County San Francisco
Interior
Heating Wall Furnace
Cooling None
Flooring Concrete, Vinyl
Fireplace No
Building
Lot Description Other
Water Public, Meter on Site
Others
Special Listing Condition Standard
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