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11/06/24
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An 18-unit trophy apartment building in San Francisco sold for $5.825 mil, or $323.6k/unit. The property is located at 655 Steiner St, three blocks east of Divisadero St on the southeast corner of Alamo Square Park.
Built in 1924, the building has been well-preserved and professionally managed, possessing many quality finishes from its era of construction. The building is comprised of six studios, twelve one-bedroom apartments, and nine individual enclosed garage spaces.
Conveniently located in the Alamo Park District, tenants enjoy excellent access to a comprehensive public transportation network, as well as iconic San Francisco landmarks and restaurants on Divisadero Street, Hayes Valley, and the Lower Haight to name a few.
Brad Lagomarsino and Ryan O’Keefe with Colliers represented both the buyer, a local family entity, and the seller in the transaction. According to Lagomarsino, the property received 12 offers and closed escrow at $125K over the asking price.
“There has been a notable increase in institutional activity within the San Francisco multifamily market, with share of transactions rising from 8% to 19%,” commented O’Keefe. “Following the first rate cut in four years this quarter, institutional investors are returning to the market as asset values start to recover. That being said, private capital still outpaces institutional in this market.”
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