48-50 Golden Gate Ave

01-19-2023
01-25-2023

48 Golden Gate Ave, San Francisco, CA 94102

  • $14,000,000 assumable loan with 3.54% interest only rate through June 2025 before 30-year amortization starts - the rate is fixed through May 2027 before LIBOR + 2.25% adjustment
  • Since 2014, the current ownership has invested approximately $5.6 million in property upgrades including $2.1 million for the renovation of 43 units
  • 24% rental upside with unit turnover and value add potential with several units suitable for conversion to one and two bedroom units
  • Commuter friendly location with access to multiple bus lines and only a couple blocks from Powell and Civic Center BART / MUNI stations
  • Amenity rich environment with several restaurants, retail shops, and nightlife venues within walking distance
  • Trophy office suite leased until April 2025 to a strong tenant with 50-year operating history and five regional offices throughout the West coast

 

 

Property Description

Avison Young is pleased to present investors with the rare opportunity to acquire a 77-unit multifamily property in San Francisco’s renowned Theater District. The centralized location offers residents easy access to public transportation, numerous restaurants and retail shopping venues, including Westfield Mall and San Francisco’s famed Union Square. Both Civic Center and Powell Street BART / MUNI stations are a few blocks away, providing easy commutes to the Financial District, East Bay, and Peninsula.

The six-story building’s irreplaceable facade embodies the classic Italianate architecture San Francisco is renowned for, offering investors a true pride of ownership. The property has been well-maintained with seismic upgrades compliant under CCSF Ordinance No 225-92 and 43 units undergoing full renovations since 2014. The spacious 70 studio and 7 one-bedroom unit mix holds significant future upside with several units suitable for conversion to one and two bedroom units.

In addition to the residential income, the property also generates steady income from on-site laundry, RUBS program, and a 7,668 sq. ft. ground floor commercial office suite that is currently leased to PAE Engineers until April 2025. After investing $2.7 million on renovations, the PAE office suite is truly a trophy space featuring 18’ ceilings, a full kitchen, in-suite restrooms with showers, outdoor patio and dedicated entrance.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Mid-Rise
Price
$ 25,000,000
No. of Units
77
Cap Rate
4.45%
GRM / GIM
13.25
Year Built
1911
Building Size
54,939 Sq ft
Lot Size
0.22 acres
No. of Stories
6
APN
0343-008
Zoning Code
RC-4 (Residential - Commercial, High Density)
Opportunity Zone
No
Price per unit
$ 324,675
View broker details
Sign in to use the inquiry form

37.782523, -122.411552

Similar Properties in the area