Last fall, two flippers purchased the triplex at 1227-1231 San Bruno Avenue in the Mission off-market. At the time, the building had been vacant for two years and was quite a mess, with pigeons as its only inhabitants. The buyers set about renovating the property for resale—which is par for the course for many fixer-uppers in the Mission these days—but decided to market it a bit differently from most flips. Instead of putting the units back up for sale post-renovation, the developers of the triplex gave potential buyers several options. Option one, "Buy Now & Build," allows buyers to come in with their own contractors to finish the renovations, while option two, "Buy Now, We Build," lets buyers work with the developers' team to design and finish the space. There is also the option to wait until the triplex is finished if no one else scoops it up before then.
The owners felt that buyers willing to spend $1 million or more on a unit may want the option to choose their own cabinets, flooring, and other finishes. The preconstruction purchase options also opened up the ability for a buyer to purchase more than one unit, or even the entire building. We hear from the owners that there has been interest from potential purchasers so far, but as the units head toward completion, the time for picking those finishes is drawing near. The top floor is set to be completed in the first part of June, while construction on all three will be finished in approximately the next two months.
The triplex sits right on the edge of the Mission and Potrero Hill, near the soon-to-be-renovated San Francisco General Hospital. Each floor is designed to have three bedrooms, including a master suite, and two bathrooms. The triplex units have been listed on the MLS for $1.1 million each at 1,500 square feet, but necessary seismic renovations brought the square footage up to 1,700 per floor, meaning that the price will rise somewhat. The team behind the flip estimates the current worth of the whole building to be $3.6 million.
· SF Triplex [Official Site]