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7/02/15
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In an interesting residential sale from San Francisco, a 12-unit multi-family property in the city’s Inner Richmond neighborhood sold for $4.9 mil ($408k/unit) in an off-market sale. Located at 242 Fifth Ave, the early 1900’s wood frame structure was originally designed as six units, but was converted into 11 separate apartments after World War II.
Colliers Executive Vice President Brad Lagomarsino and Executive Vice President James Devincenti represented the buyer, a pair of related family trusts, and the seller, a private investor.
“It is a charming structure with a car pass-thru in the center of the building that leads to off-street parking and a recently legalized loft apartment constructed over an old horse barn,” noted Lagomarsino. “The property is a short walk from the popular Lake District of San Francisco and is one of only three 10-plus unit transactions that have occurred in the Richmond District in 2015.”
In addition to a unit mix of eight one-bedroom units, one two-bedroom unit, two three-bedroom apartments and one studio apartment unit, the building also features full bathrooms in each of the 12 units. The development totals 8.3k sf of space.
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