1155 Leavenworth Entrance
We’ve been keeping an eye on the 21 units at 1155 Leavenworth ever since a plugged-in reader dropped us a note last month musing about a “Nob Hill-ish” TIC priced at almost $1,000/square foot. Partially because of the pricing, partially becasue of the size (with or without individual financing), but mostly because of our reader’s side note: “Dashiell Hammett lived in Apt 2 at the San Loretto (1155 Leavenworth). That unit isn’t up for sale in the ad.”
Alas, Hammett’s unit #2 is now on the market (along with five others and one that’s in contract), and apparently it’s “Priced to sell Quick!” We have to imagine Dashiell would have described it differently.
∙ Listing: 1155 Leavenworth #2 (0/1) 307sqft – $249,000 (TIC) [MLS]
Wikipedia: Dashiell Hammett [wikipedia.org]

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Comments from “Plugged-In” Readers

  1. Posted by Miles

    The listing mentions that individual financing is in place however the lenders I’ve spoken with indicate that 8 units is about the largest project they will do individual financing with. Anyone know the definitive yes or no on whether this offers individual unit TIC financing? On another note, this will be very interesting how this development and that large TIC development near Bay Street (Francisco?) sell as these properties can never be converted to condos (6 units is the upper limit).

  2. Posted by Dude

    $811/sq. ft. for a walk-in closet. Am I missing something?

  3. Posted by Michael

    Assuming 10% down and a monthly rent of $1200, annual appreciation would have average over 5% a year for this to ever make any financial sense as an investment.

  4. Posted by badlydrawnbear

    gotta love the write up “…in the heart of Nob Hill WITHOUT the Nob Hill Price”
    as Dude points out “$811/sq. ft. for a walk-in closet.”
    if that isn’t a Nob Hill price I would be curious what is. It’s a TIC not a condo and it freaking 307 sqr ft!
    You know I hope this thing just sits and sits and sits. Unfortunately, I am sure their is some highly paid individual who thinks this would just be perfect for late nights at the office and weekend getaways in SF and will shell out for it.

  5. Posted by Brutus

    The price per sq ft is undoubtedly high, but the low total price point will find a buyer.

  6. Posted by Bob

    Circle Bank is doing this financing. The notion that no one would do more than 6 or 8 units in fractional/individual financing is obviously old news. This building was Ellised, which is another reason that the building can never go condo.
    But at these prices (high per square foot maybe, but still small price points), and with individual loans getting more common and user-friendly (and frankly, accepted by the banks and real estate community), I don’t think it’s going to put off people that there’s no condo in the future. Hell, there’s no condo in the 10 year future even if you’re a no Ellis, 3 unit building!

  7. Posted by Miles

    I disagree – I think TIC sales in buildings with more than 6 units (which can never be converted to condominiums) are still a very pioneering market. The number of TIC sales in units with over 6 units is a very small part of the overall number of TIC sales, so most TIC purchases have condo conversion as an ultimate exit strategy. Even with individual financing, I think the pricing on non-condo TICs should be different than condo TICs.

  8. Posted by Vince

    That’s interesting about Dashell Hammet. I lived in apartment #6 (ground floor corner) of this building for 7 years. There is a fire department up one block. You can hear the cable car chains on California street and this intersection has two bus lines (and bus stops) crossing it. LOUD!
    Neat elevator though. And pretty good neighborhood.

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