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Apartments Near Union Square Change Hands

SAN FRANCISCO-A 56-unit apartment building with street-level retail at Taylor and Sutter streets fetches just under $229,000 per unit.

By Brian K. Miller | Updated on August 14, 2007

(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.

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