453-457A Potrero Ave.
10 BR, 7.5 BA San Francisco 4-Unit Building for Sale
453-457A Potrero Ave.
Address: 453-457A Potrero Street
Neighborhood: Potrero Hill
City: San Francisco
Bedrooms: 10 BR
Bathrooms: 7.5 BA
Style: 4-Unit Building
Sold On: 26-Jun-2015
Located where Potrero Hill meets the Inner Mission, 453-457A Potrero is a single lot containing 2 different and unique properties! On the front of the lot you will find a brand new 2 bedroom, 2.5 bathroom luxury building perfect for an owner-occupant. On the back of the lot you will find a separate existing building containing 3 recently renovated rental units. Each building can be sold separately, or you can buy all 4 units together (pending DBI approval). This is one of the most unique real estate opportunities to hit the San Francisco market in many years and offers flexibility and endless options for current and future use.
453-457A Potrero could appeal to any of the following:
• An investor looking for a straight investment: buying the entire project or just the 3-unit building. The property was previously rented with strong rents and 2 units will be delivered vacant at close of escrow (per the seller).
• An owner-occupier looking for a 2 bedroom, 2.5 bathroom home with a patio and garage ideally situated between Potrero Hill and the Mission.
• A savvy combination of both owner and investor; i.e. someone who wants to live in the front home and offset their mortgage and increase their investment and equity by also owning a 3-unit rental building.
The detached front building, 455 Potrero Avenue, makes a great condo alternative featuring 2 bedrooms and 2.5 bathrooms. The home includes parking and sits at the front of the lot high above street level and is perfectly appointed with high-end stainless steel kitchen appliances including a Bertazzoni gas range and Bosch dishwasher. This newly constructed building has a garage on street level with an interior entrance to the home. On the level above the garage you will find two bedrooms, each with its own private bathroom. On the top level a grand entertaining space awaits you which opens onto a large patio perfect for a sunny Potrero outdoor gathering.
On the rear of the lot you will find a separate historic 3-unit building with city views from the top unit. Only one of the three units will remain occupied with near-market rent; the other two units will be delivered vacant by close of escrow (per the seller). This is a perfect way for owner-occupants to offset the cost of the mortgage on their home in the front!
The whole property is zoned for urban mixed development (per the tax records) and buyers are advised to fully investigate the current and future use before making an offer. As the neighborhood continues to change over the years with new condo buildings popping up and revamped commercial areas planned, the proximity to Mission Bay, the San Francisco Design Center, and SOMA as well as the urban mixed development zoning make for exciting future potential.
This neighborhood is also a transportation hub; 453-457A Potrero is only a few blocks to BART, one block to the Google Shuttle, and close to buses to downtown and other areas of the city. 453-457A Potrero is also near the freeway for easy access to both the South Bay and East Bay. Cafes, Potrero Square Safeway, and nightlife are in very close proximity. Also nearby you will find all of the amenities of Potrero Hill, the Design District, the Inner Mission, and Western SOMA. The services are unlimited, and the property receives a 93 on the Walk Score website.
If you purchase all units in the current state, you may also have the ability to separate the 2 buildings into separate air parcels immediately after the sale. The condo maps are completed for the change and will be included in the sale. The buyer should investigate further costs and ability to go forward with an air parcel split, as only preliminary approvals have been issued and maps will need minor changes prior to recordation.
First Republic has reviewed the project. Three, five, and seven-year ARMs with competitive rates may be available to qualified purchasers for the entire project as well as the individual buildings if sold separately. Please contact Steve Reinhardt at 415.364.4321 to confirm qualification and for other financing questions.