ResidentialIncome — 515 Ofarrell ST, San Francisco, CA
$7,000,000
515 Ofarrell ST, San Francisco, CA
About this property
Significant Price Reduction! First time on the market in 49 years, this 46-unit mixed-use flagship trophy asset offers an outstanding investment opportunity in San Francisco's core corridor. Delivering an 8.37% actual in-place cap rate, the property is offered at approximately $152,174 per unit and $270 per square foot, well below estimated replacement cost. The 100% occupied asset consists of 45 studio apartments, one ground-floor commercial space, and seven garage spaces. The high-rise fire sprinkler upgrade is approximately 90% complete, with the balance to be completed prior to close of escrow. Additional value includes approximately $190,000 in annual rental upside, $46,947 in documented banked rent increases, Fannie Mae and Freddie Mac approved, no mandatory soft-story retrofit, located within a Federal New Markets Tax Credit (NMTC) Census Tract. Ideally situated near Union Square, Powell BART/MUNI, and major hotels. Offering Memorandum available upon request.
Property details
Location
515 Ofarrell ST • San Francisco, CA 94102
Listed by
Aida Molina-Polle · The Agency