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6/06/25
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An 18-unit, trophy multifamily asset in San Francisco’s prestigious Pacific Heights neighborhood sold for $7.535 mil. The deal for the fully leased property works out to approximately $418.5k/unit and $410/sf, roughly 30% below its pre-pandemic peak pricing.
Built in 1923, the 18.3k sf building is located at 1991 California St, three blocks west of Van Ness Ave and north of Geary Blvd. The property includes two parking garages and is ideally located near Lafayette Park, the Fillmore Street retail corridor and major transit lines. With strong in-place occupancy and potential for operational and unit-level enhancements, the property offers compelling long-term upside.
Payam Nejad with Colliers represented the buyer, Peter Ulman and Mark Lively, CFA, managing partners at Prescott Partners. The purchase marks Prescott Partners’ debut apartment acquisition in the San Francisco market, adding to its extensive multifamily and commercial West Coast portfolio.
“The San Francisco multifamily market is showing robust activity, with northside neighborhoods like Pacific Heights and the Marina producing a particularly strong uptick in deal flow,” says Nejad. “In Q1 2025, the average days on the market in this area dropped to just 25—down from 59 a year ago. This drop demonstrates a sharp increase in buyer urgency and a clear indication of renewed confidence among buyers.”
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