Not counting its listings in 2007, 2008, 2009, or 2010, the three-bedroom Pacific Heights condo at 2170 Pacific Avenue is back on the MLS with an official one day on the market and once again asking $2,995,000 having been purchased for $2,350,000 in May of 2004.
The three-bedroom had been making the rounds on Craigslist asking $8,500 a month when listed in 2010. And according to the latest listing, the condo is currently rented for $8,925, which would be a current CAP Rate of around 2 percent at asking and annualized appreciation of just under 3 percent since 2004.
Once you factor in vacancy the cap rate is not as high. For a high priced rental like this it is safe to assume higher than average vacancy.
This place looks like it needs a haircut….what up with that?
Finally sold for 3 million… End of an era.
Seems anything and everything will sell in this market. Trying to think of other albatross that have languished over the years.