15-Unit San Francisco Property Trades for $6,965,000

SAN FRANCISCO (April 22, 2020) – Colliers’ Northern California multifamily team recently brokered the sale of 99 Jersey Street, a “marina style,” 15-studio apartment building in the heart of San Francisco’s Noe Valley District. Brad Lagomarsino and James Devincenti, executive vice presidents for Colliers International, represented both the seller and buyer in the $6,965,000 transaction ($464,333 per unit), which closed escrow on April 7.

“It is rare to find an asset that possesses not only unit conversion potential but accessory dwelling unit (ADU) opportunities at grade level,” said Lagomarsino. “Between this and the fact the building has been immaculately maintained, we were not surprised to see the seller receive multiple offers
and the property trade over the asking price.”

Known for its well-preserved features and quality finishes, the 8,539 square-foot property offers residents substantial space, a generous amount of natural light as well as a seven-car garage. Located at the corner of Jersey Street and Church Street, the building is also mere blocks away from an array of neighborhood stores, dining, entertainment, schools and transit systems, including Silicon Valley “Tech Shuttles.”

About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

West Coast Commercial Real Estate News