Bay Area Commercial Real Estate Update
The new year and changing market conditions means new opportunities and pitfalls to look out for. Let’s take a look at what is happening to the San Francisco Bay Area in the January edition of our Commercial Real Estate Update.
For Your Information - Proposition 19 Opens Up Opportunities in Multifamily
Prop 19 passed in past November, allowing seniors 55+ and natural disaster victims to transfer their current residence's property tax basis to a new primary residence. A little known fact is that the rewards of this tax advantage can be reaped by those who seek to purchase a 2-4 unit multifamily property as their new primary residence.
We've written a short article on how you can take advantage of this opportunity and grow your nest egg, click the link to read more.
San Francisco Market Performance - Year End 2020
Average Cap Rate - 5+ Unit Buildings
Average Price Per Square Foot - 5+ Unit Buildings
Average GRM - 5+ Unit Buildings
Pricing
Median Sales Price, 5-9 Unit Buildings - $2.7 Million
Median Sales Price, 10-15 Unit Buildings - $6.0 Million
Hottest Multifamily Submarkets - 5+ Unit Buildings
Noe, Eureka and Cole Valleys - 26 Transactions
Russian, Nob, Telegraph Hills and Financial District - 16 Transactions
Pacific Heights/Marina/Cow Hollow - 11 Transactions
Sunset/Parkside - 10 Transactions
Hayes Valley/NoPa/Alamo Square - 8 Transactions
Richmond/Lake Street/Jordan Park - 7 Transactions
Average Price Per Unit - 5+ Unit Buildings
Featured Listings
966 B Street
Hayward
Land/Development Opportunity
7,668 SF - $1,800,000
912 Jackson Street
San Francisco
Multifamily
24 Units - $2,100,000
2690 3rd Street
San Francisco
Retail/Restaurant/Office For Lease
1,776 SF
Trending News in San Francisco Bay Area Commercial Real Estate
Swinerton, Webcor quit Oceanwide Center as buyers eye imperiled project
Swinerton and Webcor have informed San Francisco officials that they are no longer the general contracting joint venture behind Oceanwide Center, citing lack of payment for several months in city documents obtained by the Business Times.
154-unit apartment complex in S.F.’s Diamond Heights snapped up by out-of-state investor
Chicago real estate investor and operator Waterton has acquired a 154-unit rental complex in the upscale Diamond Heights neighborhood, its first property in San Francisco.
Lawyers advise those bracing for Prop. 19’s impact: ‘Now is the time to act’
“Those grappling with the effects of Proposition 19's new tax assessment rules on their plans to bequeath real estate must take action before the law takes effect in mid-February, Bay Area lawyers said.”
Our Team’s Recent Transactions
Starbucks
Texas
1031 Exchange
3900 Geary Boulevard
San Francisco
11-Unit Multifamily
4400 Anza Street
San Francisco
7-Unit Multifamily