Historic Multi-Family Apartment Building - FOR SALE

Highlights:

• VACANCY AND RENTS - Citywide vacancies have fallen to ~4.5%, with Nob Hill rents up 5-7% YoY. Median rent across unit types is $3,047, but Nob Hill skews higher at $3,500-$4,375 for studios/1-beds—ideal for student or young professional tenants.
• VALUE-ADD - The vacant 1055 Pine St building offers a prime value-add opportunity, ripe for repositioning through modern renovations to capture premium Nob Hill rents and maximize returns. 1069 Pine offers additional lot space for redevelopment or additional commercial use to complement its larger adjacent building.
• WELL BELOW REPLACEMENT COST - Acquiring 1055 Pine St below replacement cost offers a strategic advantage, with limited new construction in Nob Hill to compete, ensuring strong demand and limited supply.

Description:

The property at 1055 Pine Street is a historic multi-family apartment building located in the vibrant Lower Nob Hill neighborhood of San Francisco. Initially constructed in 1910, it spans 5 stories and approximately 36,213 square feet. The building features 80 units, primarily studios and one-bedrooms, historically used as affordable student housing affiliated with the Academy of Art University (AAU). It includes 24 bathrooms and is zoned RM-4 (Residential Mixed, High Density), allowing for high-density residential use with potential for mixed commercial elements on the ground floor.

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