SOLD – $24,500,000.00
655 Powell Street is a beautiful 48 unit building located in one of the consistently hottest rental neighborhoods of San Francisco. This building was constructed in 1923 and includes 12 one bedroom and 36 studio apartments. There are 6 enclosed automobile parking spaces, 2 motorcycle parking spaces, and a rented storage room. The building also has an attractive lobby, an inviting roof deck with City views, a coin operated laundry room with 3 leased washers and 4 leased dryers and ample building storage in the basement. The units are substantial and have great floor plans with large kitchens, bedrooms, living rooms and closet space. They have beautiful architectural details and good natural light. Some units have views. There is a lot of upside in the rents. The units are separately metered for gas and electric and have gas stoves. Steam heat is provided by the building owner. The steam boiler was replaced in 2011, the hot water heater was replaced in 2015 and the three hot water storage tanks were replaced between 2009 and 2014. The new carpet was replaced in the common area halls and lobby in 2014. The common area lobby and halls were painted in 2014, the light fixtures replaced in 2013; and the exterior was painted in 2014.
The building is fantastically located on Nob Hill, one of the best and most desirable neighborhoods in San Francisco. It is in close proximity to many fine restaurants, bars and upscale hotels. The Cable Cars run up and down Powell Street in front of the building. Public transportation via MUNI and BART is very accessible. The property is within walking distance to Union Square, Huntington Park, the Financial District and Chinatown. The San Francisco Bay Bridge and freeways are within a short driving distance.