Colliers International represented the seller in the sale of 1000 Powell Street, a classic apartment building in San Francisco’s prestigious Nob Hill neighborhood, to a private capital buyer as part of a 1031 trade.
Executive Vice Presidents, James Devincenti and Brad Lagomarsino of Colliers Multifamily Investment Services team represented the Seller and the Buyer in the transaction.
1000 Powell Street built in 1926 resides on the corner of Powell Street and Clay Street and is a seven story apartment building built in the Spanish Mediterranean style. The building has been owned and operated by the same family for over 80 years. The apartment building contains forty seven (47) apartment units comprising approximately 25,920 square feet (per city records). The reinforced concrete structure is distinguished by slightly projecting bays and exterior detail at its entrance and cornice of the building.
According to Colliers International’s James Devincenti, "This sale allowed the seller to capitalize on the strength of the market, while allowing them to move into a more passive management investment vehicle. For the buyer, they were able to acquire a trophy apartment building in a prime location with fabulous water views and fulfill their 1031 exchange requirement. Although this building sold at a record breaking cap rate, the rents were 60% below market, allowing the buyer to grow their equity and cash flow over time"