Reviewed On: 2008-09-02

Listing Price:		$5,795,000	Units:	32
Price/Unit:		$181,094	Price/SqFt:	$319
Cap Rate:		5.27%	GRM:	12.51

Pros: The common areas are clean, the light well has new windows and the windows in the units are relatively new (I would guess 10 years old). Overall, the units are clean with upgraded kitchens and decent bathrooms.

Cons: Closets are too big to be useful as a closet, and too small to be a bedroom. The noise in the area is unavoidable.

The Wheel Deal: Only the most accomplished fashionista would be able to utilize the massive closets (~50 sf), but the way they are now they are a waste of living space. As far as financials, this building is priced somewhat realistically (4.2% CAP, 13.9 GIM).

Reviewed On: 2010-07-07

Listing Price:		$3,195,000	Units:	17
Price/Unit:		$187,941	Price/SqFt:	$275
Cap Rate:		6.78%	GRM:	11.27

Pros: Bright units with decks on the back of most, tons of parking, roof was done in 2009 and the remodels are decent for the area. The upper units have views of downtown and the buildings achieves strong average rents.

Cons: Across from Muni depot so a little noisy, and the tree in the front yard could use a serious trim. The expenses are historically low, but a Buyer should ensure they are realistic.

The Wheel Deal: There are show horses, and there are work horses, this building is the latter. The expenses are low, the units are well laid out and the parking is a huge plus. You are not going to be competing with A+ buildings for tenants, which is great and the cash flow will remain strong.

Reviewed On: 2010-05-26

Listing Price:		$2,350,000	Units:	7
Price/Unit:		$335,714	Price/SqFt:	$309
Cap Rate:		4.08%	GRM:	14.82

Pros: Fantastic location and bright units help to keep this building full of tenants. There are decent views from upper rear units, new paint and carpet in the hallways. Expenses are kept relatively low and one of the back units has a nice little deck.

Cons: Cash flow is going to be skinny if you buy at the asking price and your downpayment is going to need to be high (about $1 MM). Not too many other negatives for this building though.

The Wheel Deal: If you buy for pride of ownership, the longterm and want a building photo for your fridge, this one is perfect for you. The rents are good ($2,100 average) except for the studio, which seems to be the only long term tenant. It remains to be seen how motivated the Sellers are, but I am confident that a stabilized building in a good area with curb appeal will always attract a strong price. This building will be a good barometer for where prices are headed.

Reviewed On: 2010-04-28

Listing Price:		$2,000,000	Units:	12
Price/Unit:		$166,667	Price/SqFt:	$297
Cap Rate:		6.24%	GRM:	12.22

Pros: The location is great, units are large (for studios), the pest inspection report was less than $1,000, and the seller is motivated to sell. Can you ask for anything more? Oh yeah, there is ample bike storage.

Cons: Only having studios limits the tenant pool you can pull from and the hallways could use new carpet and touch up paint because they are a little dark. The lack of parking is a little tough as well given the proximity to Clement Street.

The Wheel Deal: To be candid, I have a big crush on this building. The location is strong, the major upgrades have been done already (windows, roof, unit remodels) and the current owner has taken great care of the building. All the positive attributes make me able to look past the lack of parking, dark hallways and lack of diverse unit mix. Call my bat-phone to come tour with me.

Reviewed On: 2010-03-24

Listing Price:		$3,989,000	Units:	13
Price/Unit:		$306,846	Price/SqFt:	$377
Cap Rate:		4.87%	GRM:	13.72

Pros: This is a fantastically located property with a strong unit mix and the prominence of being a corner building. The parking, new paint and possibility to add a roof deck make this a great investment. The top unit will be vacant and has been remodeled.

Cons: Let's be honest about this building. It is going to need a new boiler in the next ten years which is keeping the utility bills nice and high, it has no laundry and the building could definitely support it and the lobby is somewhat underwhelming.

The Wheel Deal: I like this building and think that it will sell for pretty close to the asking price. The capital improvements that this building needs would be justified and would immediately contribute to upside potential and expense reduction. The location is always going to be good, the views are not going away and the rents will remain strong. As is usually the case though, the asking price is aggressive and this deal starts to make a lot more sense even at a slightly lower price. **For full disclosure, my boss is a part owner in this building so I have to be careful with what I say so as to keep my job. If you want the scoop and want to hear about all the dirty secrets though, call me on my Bat Phone at 415-250-7834.**

Reviewed On: 2010-04-23

Listing Price:		$2,495,000	Units:	14
Price/Unit:		$178,214	Price/SqFt:	$292
Cap Rate:		5.99%	GRM:	11.00

A Wheelhouse Listing!

The Wheel Deal: 121 Broderick is a 14-unit building comprised primarily of one bedroom apartments. Each unit has well laid out floorplans with kitchens that open up to the living area, ample closet space and very large bedrooms. This building has historically pulled from a distinct and discerning tenant pool and has enjoyed ease of management. There is the added benefit of onsite laundry and the ability for upside potential with cosmetic improvements. Steps from Buena Vista Park, three blocks to Golden Gate Park's panhandle and three blocks to the head of the historic Haight Ashbury, this building is perfect for the location sensitive. Tenants enjoy being on the Haight Street bus corridor (6 and 71) and four blocks from the N-Judah rail line. Peet's Coffee is two blocks away and the high density of restaurants and shopping is extraordinary.

Reviewed On: 2009-01-14

Listing Price:		$1,599,000	Units:	5
Price/Unit:		$319,800	Price/SqFt:	$323
Cap Rate:		5.33%	GRM:	14.66

Pros: Tacoma is a VERY quiet little street, which belies it's proximity to Geary. It also has an ideal owners unit (3 Bed, 2 Bath), which looks out onto the pool. Yes, the pool.

Cons: A pool can cost a lot to maintain and is an insurance liability, so I have to put it as a con. It also appears that there might be a protected tenant in the building.

The Wheel Deal: If you have ever said to yourself, "It sure would be nice to buy a potential TIC opportunity that has a pool and 1:1 parking in San Francisco," buy this building. Seriously, it is big enough and has enough parking to make sense as a TIC.

Reviewed On: 2009-02-17

Listing Price:		$925,000	Units:	6
Price/Unit:		$154,167	Price/SqFt:	$216
Cap Rate:		7.56%	GRM:	13.22

Pros: Near BART, shops, separate meters and separate water heaters for all 6 units, as well as ample (and un-utilized) storage downstairs, which is how you access the backyard.

Cons: The common areas could use some help (the linoleum flooring is patched together at best), and not having parking is tough given the area. While you can't demand premium prices for rent, $971 average rents for the property is a low for the area.

The Wheel Deal: The current owner might consider carrying back some financing and this area is seeing an influx of great restaurants, youth and is improving over all. A buyer would be in a good position to capitalize on the rising tide.