Reviewed On: 2008-09-24

Listing Price:		$1,695,000	Units:	7
Price/Unit:		$242,143	Price/SqFt:	$278
Cap Rate:		4.44%	GRM:	15.49

Pros: The building and the units are bright and attractive. The back yard is landscaped better than one would expect. Separate meters for PG&E and a big upside in rent, 56.5% to be exact.

Cons: It appears that there are a lot of pets in the building, great for pet lovers, bad for maintenance expenses. There is also no laundry or parking, which are two great ways to bump up cash-flow.

The Wheel Deal: From here you can walk to NOPA, The Castro, Duboce Triangle, Lower/Upper Haight, Public Transportation and a ton of local shops. A hip area, an engaging back yard, a stable (albeit not market rate) tenant base make this a good building. A side note, the broker is the owner, and he is selling to buy single family homes to remodel.

Reviewed On: 2011-01-05

Listing Price:		$1,270,000	Units:	7
Price/Unit:		$181,429	Price/SqFt:	$236
Cap Rate:		5.07%	GRM:	12.23

Pros: What appears to be good construction and views from the upper rear units help this well maintained building attract and keep tenants. Some units have been remodeled and since it is a corner building, they are bright on the inside.

Cons: The common areas are a little drab and could be improved. This would also help achieve higher rents, which this building needs since they are slightly below market.

The Wheel Deal: A great deal for a pure investor and someone who lives in the area because it is not the most convenient part of town. With ample parking (5 garage and 2 exterior) and the location, a buyer could garner higher rents than they are getting now. A buyer would likely have to manage the building themselves because there is not much room in the price for a management fee.

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.