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Multifamily

278 States St

278 States St, San Francisco, CA 94114

Listing Price: $3,725,000

Cap Rate
4.47%
Number of Units
8
Occupancy
96.0%
Price/Unit
$465,625
Price/Gross SF
$512.52
Gross SF
7,268

Investment Overview

278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. There is access on both Roosevelt Way and States Street. 278 States Street was built in 1960 and is located on the northern part of States Street. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. The seismic retrofit was completed in 2018. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. The buildings are connected by a large deck that offers the tenants outdoor space. The Corona Heights neighborhood is home to some one the most desirable real estate on the West Coast. This neighborhood is within walking distance to both the Haight Street and Castro Street shopping districts which have many popular bars, restaurants, and shops. The neighborhood is located in the middle of the city which gives easy access to downtown via public transportation and the Peninsula via highways. There are plenty of parks to enjoy within close proximity of the neighborhood, including Corona Heights Park, Buena Vista Park, Mt. Sutro Open Space Reserve and Twin Peaks. UCSF Parnassus and CPMC Davies Campus are two world class hospitals that are just a few blocks away. Corona Heights is a wonderful neighborhood for residents to enjoy. The property offers an investor a very well-maintained asset with views and a considerable amount of upside in rents.

Investment Highlights

  • 8 Units in Corona Heights
  • Parking for 8 cars
  • Steps to Randall Museum and Corona Heights Park
  • Excellent Decks and Outdoor Space
  • 14.48 GRM and 4.21% Cap Rate
  • Great light and Views From Most Units
  • Two Buildings on One Lot
  • Seismic Retrofit Completed in 2018

Exclusively Listed By

Multifamily

278 States St

Listing Price: $3,725,000

Cap Rate
4.47%
Number of Units
8
Occupancy
96.0%
Price/Unit
$465,625
Price/Gross SF
$512.52
Gross SF
7,268

Investment Highlights

  • 8 Units in Corona Heights
  • Parking for 8 cars
  • Steps to Randall Museum and Corona Heights Park
  • Excellent Decks and Outdoor Space
  • 14.48 GRM and 4.21% Cap Rate
  • Great light and Views From Most Units
  • Two Buildings on One Lot
  • Seismic Retrofit Completed in 2018

Investment Overview

278 States Street is a charming property that consists of 2 buildings on one lot at the top of the Corona Heights neighborhood. The property consists of 8 residential units plus a vacant (unwarranted) unit. There is access on both Roosevelt Way and States Street. 278 States Street was built in 1960 and is located on the northern part of States Street. The building is comprised of all 2-bedroom and 1-bathroom units, and most units have excellent light and views. Electrical service is 400 amps, and the units are all separately metered for gas and electricity. The apartments are built on a sturdy concrete foundation that includes a parking garage for four cars on States Street and tuck under parking for four cars on Roosevelt Way. The seismic retrofit was completed in 2018. There is a shared laundry room in the building as well. The Roosevelt Way structure has two apartments, a large storage room, a laundry room, and a vacant, un-warranted studio unit on the roof. This studio offers a new buyer the potential to legalize a 9th unit which has stunning views and a private deck. The States Street structure has six units and four car parking. The buildings are connected by a large deck that offers the tenants outdoor space. The Corona Heights neighborhood is home to some one the most desirable real estate on the West Coast. This neighborhood is within walking distance to both the Haight Street and Castro Street shopping districts which have many popular bars, restaurants, and shops. The neighborhood is located in the middle of the city which gives easy access to downtown via public transportation and the Peninsula via highways. There are plenty of parks to enjoy within close proximity of the neighborhood, including Corona Heights Park, Buena Vista Park, Mt. Sutro Open Space Reserve and Twin Peaks. UCSF Parnassus and CPMC Davies Campus are two world class hospitals that are just a few blocks away. Corona Heights is a wonderful neighborhood for residents to enjoy. The property offers an investor a very well-maintained asset with views and a considerable amount of upside in rents.

Exclusively Listed By

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