There are two homes for sale (actually, there are about four on the same block) and I viewed two of them this past weekend.
1264-1268 Treat (Yellow). Listed at $775,000 for the whole building. The top unit is vacant and the bottom unit is rented to two tenants (one living there 9 years) for $998/mo. The property has parking but due to the short lot, there is no backyard. The unit is about 1,100 square feet and the lot is short at 1,746 square feet. The current taxable value of the property is at about $42,000.
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N670583963,-N223292,-N,-A,-N14161695
The vacant unit needs a total remodel (some floors can be saved). The top unit has an an enormous attic with incredible potential. The exterior façade of the building is beautiful and grand and would look even more impressive after it is repainted.
At $775,000 you get the whole building, help with the mortgage and any upside if your tenant moves or accepts a fair buy-out agreement. With one unit vacant, you could move into the top unit and your TIC partner could perform an OMI on the bottom unit (as long as the tenant is not protected). With two tenants, you would owe them each $4,500 in relocation benefits (thanks Prop H), plus legal fees, plus money for legal, delays, etc.
1264-1268 Treat (Yellow). Listed at $775,000 for the whole building. The top unit is vacant and the bottom unit is rented to two tenants (one living there 9 years) for $998/mo. The property has parking but due to the short lot, there is no backyard. The unit is about 1,100 square feet and the lot is short at 1,746 square feet. The current taxable value of the property is at about $42,000.
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N670583963,-N223292,-N,-A,-N14161695
The vacant unit needs a total remodel (some floors can be saved). The top unit has an an enormous attic with incredible potential. The exterior façade of the building is beautiful and grand and would look even more impressive after it is repainted.
At $775,000 you get the whole building, help with the mortgage and any upside if your tenant moves or accepts a fair buy-out agreement. With one unit vacant, you could move into the top unit and your TIC partner could perform an OMI on the bottom unit (as long as the tenant is not protected). With two tenants, you would owe them each $4,500 in relocation benefits (thanks Prop H), plus legal fees, plus money for legal, delays, etc.
At $775,000, I believe 1264-1268 Treat Avenue is a great deal in a rapidly changing neighborhood.
1148 Treat (Blue) is a condo. The condo is listed at $749,000 and is a tastefully remodeled two bedroom top unit with lots of light and character. This unit also has a fantastic attic, currently used as storage that offers tremendous potential for more.
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N670583963,-N222983,-N,-A,-N14161695
I made an offer on a single family home on this block of Treat in 2005. The building was in major disrepair and the block was very rough.
When I went to the open house this weekend, Treat Avenue was HOPPING. There was still a rough element but Treat was alive with diversity – soccer and birthday parties underway at Garfield Park, young 20-somethings enjoying the great weather on their stoops and a party underway in the front yard of the small remodeled SFR that I had made an offer on 3 years ago.
There is a brand new building being built on a formerly vacant lot on this block (presumably two-unit condos). At the edge of this block is the infamous property at 1294-1298 Treat, the property owned by Gregory McDowell that was Ellis-acted and later set on fire while tenants were still living in the building (links below). There is currently still a sign on the building offering a reward for information related to the fire. The owner is waiting on an insurance claim. I understand that if he gets his claim he will redo the units and sell them as TICs again (FYI – Gregory McDowell also owns 1232 Treat which is currently on the market).
http://www.socketsite.com/archives/2008/01/a_reader_reports_12861298_treat_avenue_goes_up_in_flame.html
http://thefrontsteps.com/2008/01/22/things-getting-ugly-between-developers-and-tenant-activists/#comments
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N670583963,-N222983,-N,-A,-N14161695
I made an offer on a single family home on this block of Treat in 2005. The building was in major disrepair and the block was very rough.
When I went to the open house this weekend, Treat Avenue was HOPPING. There was still a rough element but Treat was alive with diversity – soccer and birthday parties underway at Garfield Park, young 20-somethings enjoying the great weather on their stoops and a party underway in the front yard of the small remodeled SFR that I had made an offer on 3 years ago.
There is a brand new building being built on a formerly vacant lot on this block (presumably two-unit condos). At the edge of this block is the infamous property at 1294-1298 Treat, the property owned by Gregory McDowell that was Ellis-acted and later set on fire while tenants were still living in the building (links below). There is currently still a sign on the building offering a reward for information related to the fire. The owner is waiting on an insurance claim. I understand that if he gets his claim he will redo the units and sell them as TICs again (FYI – Gregory McDowell also owns 1232 Treat which is currently on the market).
http://www.socketsite.com/archives/2008/01/a_reader_reports_12861298_treat_avenue_goes_up_in_flame.html
http://thefrontsteps.com/2008/01/22/things-getting-ugly-between-developers-and-tenant-activists/#comments
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