SAN FRANCISCO (July 22, 2019) – Colliers International has sold 801 Fillmore Street, a 22-unit multifamily building in San Francisco’s Alamo Square neighborhood. Originally marketed at $13.7 million, the beautifully detailed apartment building was sold for $14.8 million or $607 per square foot at a 3.3% cap rate. Executive Vice Presidents James Devincenti, Brad Lagomarsino and Vice President Payam Nejad represented the seller of the property. Colliers agent Mehdi Star also represented the seller in the 1031 exchange acquisition of three net-lease properties following the sale.
Built in 1926, 801 Fillmore Street has been exceptionally well-maintained. Its intricately detailed façade is a stunning example of the area’s distinguished residential architecture spanning the 1870s through the 1920s.
Casual restaurants, cool shops and convenient public transportation options add to the allure of this picturesque neighborhood. The property also features a ground floor retail space, currently occupied by neighborhood favorite bistro Alamo Square Seafood Grill.
“We were able to attract an enormous amount of interest from buyers,” said Brad Lagomarsino, “Aside from its stunning architectural design, the new owners were attracted to the property’s potential for expansion.”
James Devincenti was optimistic about the property’s future, “We estimate that the asset has up to 37% upside appreciation potential through unit conversions and the construction of accessory dwelling units,” said Devincenti.
“This transaction has been a highlight for the first half of our year so far,” said Payam Nejad. “We helped our client trade into three fantastic net-lease properties and increased his cash flow by 40.1%. We’re very proud to be our market’s top multifamily team with systems in place to help our clients accomplish their goals seamlessly”.
“For apartment buildings with ten or more units, 801 Fillmore Street represents the 29th sold year-to-date in 2019”, said Devincenti, “This is slightly below last year’s numbers, but there are 19 apartment buildings in escrow in the ten or more unit size which, when closed, will bring the city’s year-to-date transactions close to 2018 numbers.”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 more than 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. Learn more about how we accelerate success at corporate.colliers.com.