Think you have the intestinal fortitude to be a landlord? Some people look at tenants as a way to pay off their mortgage. Others look at long-term investment. Earlier in the century, investors looked at multifamily properties as a way to game the condo market with TICs. As of this morning, there were 203 multiple-unit dwellings listed for sale on the San Francisco MLS. With all the usual suspects- many duplexes, plus duplexes with the inevitable unwarranted third unit behind the garage, some deeply depressing fully-occupied apartment houses, some "development opportunities." Some vacant, some with tenants in place. In honor of Renters Week 2001 we offer three candidates from the other side. As for finances, you'll have pencil them out yourself. Carefully.
? First up: a Victorian on the corner of Divisadero and Page Streets with three commercial units-one a grocery- plus three renovated units and a sleek modern addition over three garages. Asking $3,199,000 with an estimated gross income of $216K and expenses around 34K. Handsome building, and clearly, a lot of well-considered work's been done here, but only one unit- a 1-bedroom- is vacant. Upside: you won't have to go far for milk.
· 295-297 Divisadero Street [Redfin]
? Stately! We've always admired this handsome stucco building on Broadway between Gough and Octavia. Nice details, including a pair of subjugated Native Americans painted in flesh tones flanking the entry, possibly an "artistic" 1920's renovation of an earlier building. The owners did a good job of adding a garage underneath a few years back, and all the units- a mix of nine 1-bedrooms and a studio- have different floor plans. High ceilings,a romantic shared garden and five parking spaces, fully occupied, with a stated gross of $232,848 and expenses of $59,113. Taxes won't go up much. 1815 Broadway is currently assessed at a little under the asking price of $3,600,000, with previous attempts made to sell it in 2008 and 2009.
· 1815 Broadway [Redfin]
? Mid-Century PriceChopper in Pacific Heights: in 1959, a house gets grafted to a mid-block, 1907 2-bed, 2-bath shingled cottage. And we love the results. Asking $2,900,000 after coming on the market in August for $3,800,000, this is a probate sale for a property currently assessed at $273,000. So yes, the taxes will go up. It's an interesting property with good views in need of major renovations. No garage; four units plus an unwarranted studio, a carport and an elevator in the 1959 wing. The floor plans in the gallery above are extremely schematic, so just take take them as a reference and stop wondering why the elevator looks like it's a closet. While the address is on Green Street, the cottage has an easement to Pierce Street- which sounds charming. Bring your very sharpest pencils.
· 2446-2448 Green Street [Redfin]
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