Veritas Spends $18.9MM on 36-Unit San Francisco Apartment Property Owned for 85 Years

Colliers, San Francisco, Veritas, Fixes Family Enterprises
Photo by Hardik Pandya on Unsplash

(EDITOR’S NOTE: According to public documents filed with the County of San Francisco, the buyer of the property was San Francisco-based Veritas Investments. The seller was Fixes Family Enterprises, which according to a public post, sold the property after 85 years of owners. The price was $18.9 million, or $525,000 per unit.)

SAN FRANCISCO, CA — Perched on Russian Hill in San Francisco, 2355 Leavenworth Street resembles the finest architectural detail from the 1920s. The Colliers Multifamily team is honored to be part of such a historical sale and is thankful for the opportunity to work with the family throughout the process.

2355 Leavenworth Street – Leavenworth Apartments is a meticulously maintained, thirty-six (36) unit, apartment building occupying the southwest corner of Leavenworth and Chestnut Streets, in the heart of prestigious, Russian Hill. This magnificent asset has been under family stewardship since it was acquired in 1937. The building has been maintained and managed with extraordinary detail and pride of ownership. 2355 Leavenworth Street is comprised of eighteen (18) studio/1-bath and eighteen (18) 1-bedroom/1 bath apartments. The Spanish-influenced lobby is ornate with clay tile floors, large arched mirrors, hand-crafted chandeliers, and sconces that highlight an intricately detailed and designed ceiling. The apartments are accessed by a central staircase or fully restored overhead traction elevator.

The apartments are grand with eat-in kitchens and large closet/ storage spaces. Almost every apartment has outstanding natural light and tremendous views of the City and the Bay. The building was constructed in 1928 as a 6-story, concrete, and steel building over a concrete foundation. Tenant amenities include garage parking for 18 cars and laundry facilities.

Russian Hill is a quaint, upscale residential community known for the famously crooked Lombard Street. The iconic San Francisco cable cars crest the neighborhood’s hills, which provide views of the City’s many landmarks, including the Golden Gate and Bay Bridges. 2355 Leavenworth Street is within comfortable walking distance to a wonderful assortment of restaurants, entertainment, and shopping in the nearby neighborhoods of North Beach and Fisherman’s Wharf. The subject property is within walking distance to the City’s central business district. Public transportation serves the area well. One can easily catch one of the three major bus lines (28, 45, and 70) or two Cable Car lines that pass through the neighborhood.

This location is one of the most walkable neighborhoods in San Francisco with a walk score of 97. 2355 Leavenworth Street offers the rare opportunity for an owner/user or investor to acquire a “Trophy” asset in one of San Francisco’s most desired neighborhoods. The rental unit composition is ideal for keeping pace with market rates in a rent-controlled market. The property possesses excellent income upside through unit turnover.

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