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7/13/20
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Heres a rundown of eight San Francisco multifamily sales totaling $48 mil that closed in the second quarter of 2020. The deals, all brokered at least in part by Colliers International San Francisco pros James Devincenti, Brad Lagomarsino and Dustin Dolby, were in the neighborhoods of Russan Hill, Alamo Square, Nob Hill, Lone Mountain, Cow Hollow and Noe Valley.
Well-located, high quality, multi-family assets continue to trade at aggressive pricing despite the crisis, said Lagomarsino. The turmoil has had a dampening effect on the market, as even contingent-free deals were subject to modest renegotiations of 1.8% - 5% percent during the shelter in place. Vacancy rates have increased from 3% to 6% in the second quarter of the year resulting in a noticeable softening of rental rates that will put further pressure on pricing. As the debt markets become more attractive, investors will return in hopes of capitalizing on these changes in the market.
Details on the individual transactions include the following:
1900-1906 Hyde Street in Russian Hill sold for $3.55 mil and is comprised of seven units including six one-bedrooms, one commercial unit and two parking spaces.
1509 Golden Gate Avenue in Alamo Square sold for $6.32 mil and is comprised of 15 units including 12 two-bedrooms, three one-bedrooms and 15 parking spaces.
1244-50 California Street in Nob Hill sold for $8.025 mil and is comprised of 12 large three to four bedroom units.
828 Anza Street in Lone Mountain sold for $5.9 mil and is comprised of 12 one-bedroom apartments and 12 parking spaces.
1690 Greenwich Street in Cow Hollow sold for $7.4 mil and is comprised of 15 units including 12 one bedroom units, three studio units, and 13 parking spaces.
510 Stockton Street in Lower Nob Hill sold for $7.3 mil and is comprised of 17 units including eight one-bedrooms, eight two-bedrooms, one commercial unit and six parking spaces
99 Jersey Street in Noe Valley sold for $6.965 mil and is comprised of 15 studio units and seven parking spaces.
48-50 Pond Street sold for $3.134 mil and is comprised of three flat-like apartments and two parking spaces.
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