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4/07/15
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A 13-unit apartment building in San Francisco’s Nob Hill area sold for $2.7 mil, or $207.7k/unit. The transaction came in at a cap rate of 1.97%, according to Colliers International, the lowest cap rate in the last five years for a 10-unit building or larger.
The property, located at 1535 Leavenworth St, south of Broadway and east of Van Ness, was purchased by a Hillsborough investment partnership. It was sold by Adak Investors, a Pacifica, CA-based investment firm. The 1907-era building was fully occupied at the time of sale.
The historic three-story property totals 8.4k sf and consists of seven one-bedroom/one-bath units, two two-bedroom/two-bath units, one three-bedroom/two-bath unit and one parking space. It will continue to be part of a larger investment portfolio held by the partnership.
Colliers’ Payam Nejad represented the seller in the deal. Ali Khostovan with Capitol Investments repped the buyers.
“There was 133% upside in the rents,” said Nejad. “The trapped equity due to rent control will prove to make this a great investment once the units eventually turn.”
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