San Francisco Schtuff

By Coach A:

In Coach A’s sporadic installments of Investor Alley he picks a house, building or condo and talks about how somebody can create a return on their investment.

Current Schtuff:

• Address: 2882 Pine Street
• ‘Hood: Lower Pacific Heights
• Price: $1,199,000
• Beds: 1
• Baths: 1
• SqFt: 864

Currently a 1900 era 1 bed/1 bath tenant occupied house on Pine St between Broderick and Baker. Nice Lower Pacific Heights location – great block with some incredible homes. House is a mess as-is, but has a small yard and a garage. Owner purchased in 2006 for $1,125,000 and is now “motivated.” Owner has unpermitted plans to create 3 bed/3.5 bath 2800+ square foot house, which is consistent with most of the block.

Plan:

• Purchase price: Savvy buyers will use a recent comp on 2613 Post St to drive the price to the $1M mark or slightly below. At this price point it becomes attractive. The most recent sale of a comparable house (after upgrades–3bed/3 bath) is 2793 Pine Street which sold for $2.25M
• Upgrades: Blow out the interior of the house and add 1 level with 2 master suites. Main level consists of a living room, guest bedroom with bath, open kitchen and dining room with French doors leading to garden. I’m not gonna spare any expense, so let’s say we spend 650K on the remodel.
  • Purchase Price: $1,000,000
  • Remodel with Permits: $700,000
  • Potential Sales price: $2,250,000

Investor Alley [SF Schtuff]
2882 Pine Street [Home San Francisco]
**Listed by Charles Turner of Svetlana Panfilova**
**Home San Francisco or San Francisco Schtuff makes no claims to the sale-ability of the home in its current or future state**

make a comment