2338 Vicente St.
1 BR + 1 BR + 1 BR + 1 BR + Studio, 1 BA + 1 BA + 1 BA + 1 BA + 1 BA San Francisco 5-Unit Building for Sale 3,755 Sq. Ft.
Prime Parkside 5-Unit Income Property
Address: 2338 Vicente Street
Bedrooms: 1 BR + 1 BR + 1 BR + 1 BR + Studio
Bathrooms: 1 BA + 1 BA + 1 BA + 1 BA + 1 BA
Square Feet: 3,755
Sold On: 31-Mar-2017
2338 Vicente offers investors a prime opportunity to enhance their rental portfolio with a five-unit building in Parkside/Sunset with two vacant units. This 3,755 sq. ft. property features four one-bedroom units over a two-car garage, a ground-floor studio, and a quaint rear yard. Vacant units include the studio and a top-floor one-bedroom unit. The central location is two blocks from Pine Lake Park, a block from Sunset Boulevard, and within immediate proximity to the L-Taraval Muni line.
Additional income is available from the garage parking;, by updating the vacant units; or possibly converting the vacant one-bedroom unit to a two-bedroom unit. Alternatively, the vacant units offer flexibility for owner-occupants who would benefit from the income support from the rented units. Unit amenities include hardwood flooring, some dual pane windows, and a large walk-in closet in the studio unit. The building has additional storage units and a washer/dryer (third-party vendor-owned) on the ground level.
Projected annual income is $92,715 with $23,965 in operating expenses and a net income of $68,750. The estimated cap rate is 4.66%.
With easy access to Golden Gate Park, the Sunset, Stonestown Galleria, and main thoroughfares via Sunset Boulevard and 19th Avenue close by, Parkside is ideal for a broad range of demographics in home buyers or renters. Its close proximity to San Francisco State University, Lake Merced, and I-280 make it an appealing spot for students and commuters alike. With its efficient floor plans, convenient location, and opportunities for unit/income optimization, 2338 Vicente Street is a wonderful value-add opportunity as an income property and is suitable for an occupant-owner with an income stream.
• 5-unit building: 4 one bedroom, one bathroom units and 1 studio
• 3,755 sq. ft. on a 2,495 sq. ft. lot (per tax records)
• Hardwood floors
• Efficient layouts
• Dual pane windows in some units
• 2 vacant units offer options for owner-occupants with rental support or units can be updated or reconfigured to improve rents further
• Desirable Parkside location close to Pine Lake Park, Golden Gate park, Stonestown Galleria, I-280, several mass transit options including Muni lines on Sunset, Taraval, and Sloat Boulevard
• Projected annual income: $92,715
• Estimated annual operating expenses: $23,965 (includes PG&E: $480; water: $2,000; garbage: $2,033; insurance: $2,059; property taxes: $17,393.20)
• Projected net income: $68,750 per year
• Estimated capitalization rate of 4.66%
Projected Monthly Income: $7,726.24 (Units 1, 4, and Parking Estimated, Units 2, 3, and 5 Scheduled):
• Unit 1, vacant studio: $1,475
• Unit 2, 1 bedroom, 1 bathroom: $1,015.80
• Unit 3, 1 bedroom, 1 bathroom: $958.40
• Unit 4, vacant 1 bedroom, 1 bathroom: $2,500
• Unit 5, 1 bedroom, 1 bathroom: $1,417.04
• Parking: $360