8-Unit Pride of Ownership in Potrero Hill

04-15-2022
06-01-2022

1385 Kansas St, San Francisco, CA 94107

  • Rare Opportunity to Purchase a Multifamily, Value-Add, Investment Property in Potrero Hill
  • Fantastic Opportunity to Assume the In-Place Debt Which is Approximately 67% LTV and Currently at a 2.78% Interest Rate
  • 6 of 8 Units Have Been Renovated With High-End Finishes Including Updated Kitchens, Bathrooms and In-Unit Laundry
  • Solid In-Place Rental Income - Annual Gross Scheduled Rental Income of More Than $212,000 
  • Potential Rental Income Upside - In-Place Rents  Approximately 21% Below Current Market Rate Rents, Creating Potential To Increase NOI by 46%
  • Inherent Rental Income Upside As San Francisco Weens Out Of The COVID-19 Downturn - In-Place Rents are Approximately 18% Below Pre-Pandemic Rents
  • Potential Opportunity to Convert Garages Into An Accessory Dwelling Unit

Property Description

PROPERTY TOURS AVAILABLE BY APPOINTMENT

 

CBRE, Inc. is pleased to offer for sale 1385-1391 Kansas Street and 2330-2336 25th Street, an 8-unit, value-add, pride of ownership multifamily investment property located in the popular Potrero Hill Neighborhood of San Francisco, CA.

Built in 1908, this two-story ±5,150 sq ft structure is situated on a ± 3,746 sq. ft. / 0.09-acre lot at the Northeast corner of Kansas Street and 25th Street. The building is comprised of 8 residential units and features a unit mix of 2 X two-bedroom, one-bathroom units and 4 X one-bedroom, one-bathroom units. Six of the eight units have been renovated with permits and feature high-end, modern finishes including updated kitchens with new cabinets, stone countertops, and stainless-steel appliances, updated bathrooms with tile shower surrounds and tile flooring, new flooring throughout, and in-unit laundry. The property has recently been painted and features two single-car secured garages that can be rented out for additional income. In addition, The property has attractive raised planters that are well landscaped near the corner of Kansas St & 25th St giving the property excellent curb appeal.

1385-1391 Kansas Street and 2330-2336 25th Street is located in the popular Potrero Hill neighborhood on the border of the famous Mission District. The property has been deemed Very Walkable (85 Walk Score), Very Bikeable (75 Bike Score) and is considered to have Excellent Transit (70 Transit Score) by walkscore.com.  Tenants have easy access to a wide variety of dining, shopping, nightlife, and entertainment options in both Potrero Hill and the Mission District. Located in the Potrero Hill neighborhood, local favorites include Anchor Public Taps, Marcella’s Lasagneria, PoBoys Kitchen, Papito, Gilberth’s Latin Fusion, and Parker Potrero. Piccino, Cracked & Buttered, Chez Maman East, and Hazel’s Kitchen are only a few minutes away. The property is also walking distance to the 24th Street commercial corridor and just over a mile from the famous Mission St and Valencia St which are home to dozens of local favorites including the likes of La Taqueria, Foreign Cinema, Lolinda, Senor Sisig, Souvla, and Tacolicious Among many others.

The property is just steps from SFMTA bus stops on 25th Street & 24th Street and under 1-mile to MUNI stops on 3rd Street, the 24th Street Mission BART Stop, and the 22nd St CalTrain stop making public transportation a viable option for residents of the property. The property also provides convenient access to North and South bound on ramps for the US 101 & CA 280 making commuting a breeze.

Key Property Information

Listing Status
Available
Multifamily type
Garden Style
Price
$ 3,100,000
No. of Units
8
Cap Rate
4.57%
GRM / GIM
14.62
Average Occupancy
100%
Year Built
1908
Building Size
5,150 Sq ft
Lot Size
3,746 Sq ft
No. of Stories
2
APN
4260-013
No. of Parking Spots
2
Opportunity Zone
Off
Price per unit
$ 387,500
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