Working with a probate sale agent, we purchased this 6-unit apartment building near the beach in the Sunset district in San Francisco in December of 2023. It was bought with equity at close due to some favorable purchase circumstances, with good current cash flow and upside in rents long-term. She won't win any beauty contests, but situated in a stellar location, with rents and long-term fundamentals improving, this mid-to-long term bet has excellent upside prospects.

Details

Purchased in December of 2023, this 6-unit apartment building had one vacant unit, which has been subsequently leased at market rent. The six units are 800 sq ft, where each consists of a bedroom, bathroom, full kitchen, breakfast nook, and spacious living area. There is a dedicated parking spot for each tenant, with on-site laundry. The building is located a block from the beach, on a cute street with coffee shops, retail, local restaurants and bars.

Financials

Purchase Price: $1,710,000

Appraised Value: $1,950,000

Original Ask Price: $2,300,000

Stabilized Value (5% Cap): $2,800,000