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By Coach A:

2832-2834 Anza Street
Price: $1,150,000

Two unit building - each unit is approximately 1650 square feet and consists of 2+ bedrooms, 1 bath, large living room, big kitchens and tons of 1920 detailing. Add 2+ car garage with additional storage and a shared back yard and the building sits on a quiet block in the Richmond district within walking distance of a ton of amenities.

Upper unit is vacant- full disclosure: an elderly man died of natural causes in the space.

Lower unit is rented for $1200.00 a month on a month-to-month basis; the tenant has yet to respond so we don’t know if they are protected.

Here’s what I would do with this space:

  • Purchase the property for $1,100,00 or for $1,130,000 assuming the seller buys the renter out of the space. (If purchased for $1,100,000 assume a worst case situation of a 25K tenant buy out)
  • Assuming you have both units vacant - I would immediately invest $100K and renovate both kitchens, both baths (Yes I’m confident this can be done well for under $100K) and repaint the building.
  • Owner occupy the upper unit
  • Sell the lower unit as a TIC for $750K - $800K range

You have now recouped 750K of your initial $1,225,000 investment . Owner occupy, condo convert and sell your unit for 850+ in 2-3 years. There ya go - 300K+ return for 3 years.

28320-2834 Anza Street [home-sanfrancisco.com]