A 29-unit building on the Van Ness corridor is rivaling San Francisco’s Multifamily home sales slow The contract was signed eight days after listing.
Payam Nejad, the listing agent for Colliers, who joined Dustin Dolby, Brad Lagomar, and Dustin Dolby, said four offers came from “qualified buyers who own properties in San Francisco.” Co-listed by Brad Lagomarsino and James Devincenti. The winning bidder was a local buyer.
Ahmadinejad didn’t say whether the building’s asking price exceeded $11.75 million, but given the numerous offers and fast timeline, it could be the first multi-family home in the city to transact for more than $10 million this year.
It will be the first time 900 Van Ness Avenue has sold since it was built in 2002 by Molloy Construction owners Patrick and Anne Molloy, according to public records. Ahmadinejad did not name the sellers but said the family ownership decided to liquidate one of the buildings for the first time in decades.
The building stands out in San Francisco for several reasons: the eight-story mid-level is an apartment building, but 28 residential units and a split-family commercial apartment are currently used for rental. Since the property was built after 1979, it is not covered by the city’s rent control ordinance, although there are 3 below-market units in the building. Just three residential units are vacant, and it has a steady ground floor tenant, T-Mobile, which has occupied the building since 2004 with a lease until early 2025. The building also has an assumed loan of 5.26%, which doesn’t mean it’s not due until late 2027.
Newer steel and concrete construction, “attractive” financing, full leases and units not subject to rent regulation are selling points, according to Ahmadinejad.
Last year, about a dozen apartment buildings in the city sold for more than $10 million, Peak sales of $33 millionBut only a handful of multifamily homes in the city sold for more than $5 million this year as buyers pulled out due to rising financing costs, rent stabilization.recent few notable condo deals However, what happened on the peninsula Ahmadinejad sees growth in San Francisco’s multifamily housing market.
“We believe the velocity of transactions will increase in the future,” he said. “Buyers who don’t get deals are looking for buildings to buy.”
