NAI Brokers $9M SF Community Sale
- May 08, 2017
By Ariela Moraru
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