NAI Brokers $9M SF Community Sale

The seller of the 28-unit property located in the Mission District executed a 1031 exchange. The asset has been family-owned for more than 30 years.

By Ariela Moraru

901 Valencia St., San Francisco
901 Valencia St., San Francisco

NAI Northern California, the Bay Area branch of NAI Global, has arranged the $8.5 million sale of a 28-unit community in San Francisco’s Mission District. Senior Investment Advisor Joby Tapia represented the buyer in the sale of the 18,120-square-foot property.

The four-story asset features 68 rooms and has been family-owned for more than 30 years. The property was built in 1908 and last sold in 1994 for $1.2 million. The seller was initially planning to lease restaurant space on the ground floor.

“Despite the lengthy and challenging escrow process, I quickly identified the hidden needs of the seller and the appropriate buyer for the property so the seller could execute a 1031 exchange to increase cash flow for family needs,” said Tapia in prepared remarks. This reflects a market trend where buyers sell older multifamily properties in exchange for lower-maintenance investments.

Located at 901 Valencia St., west of Highway 101, the property has easy access to Interstate 280 and is surrounded by a host of restaurants, bars and cafés. According to Property Shark, the property is situated in an area with an average household income of $120,535.

Image courtesy of NAI Northern California