(Read more on the multifamily market.)
SAN FRANCISCO-A five-story apartment building with street-level retail near Union Square has changed hands for $13.5 million or about $229,000 per unit, according to the listing brokerage firm, Marcus & Millichap. Trophy Properties LLC acquired the property from Stephen and George Block. The cap rate on the transaction is in the low 4% range, according to sources familiar with the transaction.
Located at the corner of Taylor and Sutter streets, the building has 56 apartment units above three commercial storefronts. The building sits on a 0.19-acre lot and has 34,589 sf net rentable. The apartments units include 43 studio units and 13 one-bedroom units. The going rent is approximately $2.18 per sf per month.
The property is 98% occupied. The commercial tenants are Australia Fair, Sanraku, and Orchid Nail.
James Devincenti, senior director of Marcus & Millichap's National Multi Housing Group in San Francisco, represented the buyer. "This property will only increase in value, given the already constrained conditions shaping San Francisco's apartment market," Devincenti says in a prepared statement.
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