765 14th Ave.
17 BD, 12 BA San Francisco Multi-Unit Building for Sale 10,570 Sq. Ft.
Six-Unit Trophy Building in Central Richmond
Address: 765 14th Avenue
Neighborhood: Central Richmond
City: San Francisco
Bedrooms: 17 BD
Bathrooms: 12 BA
Square Feet: 10,570
Sold On: 29-Oct-2015
765 14th Avenue offers savvy investors a tremendous opportunity to acquire a six-unit trophy building in Central Richmond delivered fully vacant at close of escrow. Situated adjacent to the Park Presidio green belt, this classic 10,570 sq. ft. property is situated on an oversized 4,463 sq. ft. lot and features three floors of living space over a large garage/storage area. As marquee rental units, this building could deliver premium market rents, and with its desirable location and accessibility, it could command superior market values if sold as individual TIC units. Alternatively, the upper floor view homes are a gem for owner-occupants who could garner significant income support from the other units.
Originally built in 1925, the building was updated in the early ’90s and features a large parking area and additional storage for possible future expansion. The units are spacious (over 1,500 sq. ft. on average) with wonderful curb appeal, charming classic architecture, period details, and hardwood floors. Originally, the property was configured as six grand-scale two bedroom flats, but it is currently used as a non-profit space and has been expanded to include 17-plus bedrooms. The building is an open palette for design, and draft plans that illustrate the potential for six elegant and functional two or three bedroom luxury homes with contemporary kitchens and bathrooms are available for review.
With easy access to Golden Gate Park, the Presidio, shopping options, and main thoroughfares via Fulton and Geary Streets close by, the Central Richmond is ideal for a broad range of demographics in home buyers or renters. Take advantage of this rare property. With its grand floor plans, architectural significance, Park Presidio-adjacent location, and 100% vacancy, 765 14th Avenue is a wonderful value-added opportunity to establish a marquee investment property by optimizing the building as a premier income building or as extraordinary TIC units.
• Trophy 6-unit building with 10,570 sq. ft. on a 4,463 sq. ft. lot (per tax record) delivered fully vacant at close of escrow
• Three floors of living space over a large garage/storage area with the draft plans to update to grand-scale two to three bedroom luxury homes
• Units offer hardwood floors, classic architecture, and period detail, and could command premium market rents or superior values sold as TIC units
• Owner-occupant may leverage the gem penthouse units while benefiting from income support from other units
• Desirable location adjacent to Park Presidio green belt and close by to Golden Gate Park and several mass transit options
• Acquisition cost: $4,200,000
• Improvement cost: $1,000,000
• Completed cost: $5,300,000
Income and Expense:
• Annual rents: $356,400
• Annual operating expenses: $67,596
• Net annual cash flow: $270,984
• GRM: 14.59
• CAP rate: 5.21%
• $/Square foot: $491.96
* Estimated values for illustration purposes only and are based on the completed cost and income from 6 renovated units with parking and stabilized rents