Sold: 438 Tehama
San Francisco, CA
- Offered at $ 1,928,000
- Sold: $2,200,000 on 08/08/2014
- Seller Represented
Tehama Street is one of the secret treasures of SOMA – tree lined and eclectic with industrial buildings housing high-tech companies side-by-side with classic Edwardian residences. 436-438 Tehama is one of the latter. Built in 1907, it offers an owner/investor or a pure investor the opportunity to take advantage of the amazing central location and the rents that being walking distance to the Financial District, Union Square, Mid-Market and CalTrain can command. The building has six one bedroom units, with two mirror image units per floor.
On the vacant top floor, the two one bedrooms have been joined to form a three bedroom/two bathroom + office “owner’s unit” with windows on all sides, views of the city skyline, in-unit laundry and a remodeled kitchen. On the second floor, a third unit is vacant that could easily be joined to the top floor for a grand-scale owner’s unit. The three remaining units are tenant occupied at below market rents with significant future upside. Two private garages are rented month to month to a resident of a neighboring building. The backyard is a stunning oasis lovingly cared for by one of the tenants but enjoyed by all the residents in the building.
Approximately 50% of the building, or 1800 square feet of vacant space is available for an owner user or new tenants. If vacant units were rented, GRM would be an attractive 13.79 with total income of $139,848 annually.
While Tehama is already a beautiful small street, the City has a plan to make it even nicer by adding more plantings as part of Phase II of the SOMA Alleyway Improvement Project. Additionally, Tehama is in the Central Market Community Benefit District, which provides a street sweeper seven days a week.
436-438 Tehama is located in the very center of San Francisco’s vibrant South of Market District. While the location was historically full of light industrial workplaces, starting about 25 years ago many residential units were added without the needed services such as grocery stores and restaurants. But in the last 10 years, as the residential occupancy of the area has exploded, the level of services and businesses catering to residential occupants has surpassed that of many more traditional residential areas. As a result, there are too many convenient attractions to list. But for a start, here’s a selection of what’s within three blocks:
Metreon – with Target
Yerba Buena area museums and performance spaces
Mint Plaza – with Blue Bottle!
Harvest Urban Market
Bart (six blocks to CalTrain)
Mosso SF with new ground floor commercial reputedly including a grocery store and a Peets.
The property is walking distance to the financial district and major tech employers like Twitter, Zynga, Yahoo, Foursquare, Yelp, Square, Yammer, and Box. The Bay Bridge and freeways to the Peninsula can be accessed in minutes. It is an ideal location for today’s professionals who value exciting urban living and the walking lifestyle.
|Address||436-438 Tehama Street|
|Location||Tree lined alley in Central SOMA with a Walkscore of 97, Transit Score of 100 and a Bike Score of 96. Map of Area.|
|Electric & Gas||Separate meters, utility paid by tenant|
|Heating||Individual gas units in each apartment|
|Exterior||Classic redwood siding|
|Flooring||Softwood, linoleum and tile|
|Parking||Two private garages|
|Storage||Ample ground level storage delivered more than 50% vacant.|
|Received soft story letter||Yes. Preliminary screening form filed with city. Estimate available for $78,960 to complete work.|
|Unit Mix||Four 1 bedroom/1 bath + office, one 3 bedroom/2 bath + office which is legally two one bedrooms that were joined without the benefit of permit. 3rd bedroom does not have a closet and the 2nd kitchen was removed.|