Multi Family In San Francisco

655 Hyde Street is a 14-unit apartment building in Lower Nob Hill. Offered at $3,095,000, or approximately $221K/unit and $390/SF, and a going-in 5.9% Cap Rate on current NOI of $182,792 and a 9.64 GRM based on current total scheduled income of $321,161. The unit mix comprises 8 studios and 6 one-bedroom apartments across approximately 6,793 rentable square feet. Thirteen of the fourteen units are occupied. Unit 5 will be delivered vacant and available for immediate re-lease at market. The 1913 building is wood frame over a concrete foundation, with an arched entry and ornate cornice detailing. Gas and electric are separately metered to the units, water is master metered with a RUBS program in place, and hot water is supplied by a central boiler. The property has gated intercom entry, on-site coin-operated laundry, a central addressable fire alarm, and a UMB seismic retrofit completed in 2004. The building complies with the San Francisco sleeping area fire alarm ordinance. Union Square retail and the Civic Center and Financial District employment base are within walking distance, with Muni and BART a short walk away. For an investor, 655 Hyde Street offers an attractive current return, income growth through natural turnover, and a per-unit basis of approximately $221,071.