1372 Union Dining
As we wrote this past October:

The plans to add a third story and terrace at 1372 union were first approved in 2002, renewed in 2007 (along with plans to excavate for a garage), and finished up this year.

Atop the building now sits a 3,200 (plus) square foot penthouse with framed bridge views and 800 square feet of outdoor space. Asking $3,295,000 as a TIC.

Relisted anew in January and then reduced to $3,250,000 in February, yesterday the sale of 1372 Union closed escrow with a reported contract price of $2,700,000, 18 percent under original expectations but still $844 per square foot for the penthouse TIC in a two-unit building (i.e., with lower barriers to condo convert).
1372 Union: Eight Years Later Its Penthouse Finally Pops Up [SocketSite]
Condo Conversion 2011: Are You Feeling Lucky Punk? Well, Are You? [SocketSite]

6 thoughts on “Atop The Two-Unit TIC Market”
  1. buyers agent knows TICs and sellers agent did not. Sale price reflected true value. I suspect seller had a TON of secured debt and buyer likely took security in form of deed.
    Great property.

  2. I suspect seller had a TON of secured debt
    ROYO LIND BLDG GRP filed a Mechanics Lien on 3/11/2011.
    Deed of Trust with Camicot LLC April 15, 2011.
    Wonder if they got to spend some quality time (2 of the last 5 years?) in 1372 Union before they put on the penthouse.

  3. What’s to understand about a TIC in a 2-unit building? That had nothing to do with the sales price. I saw it, thought it was way over priced at anything above $3M, but frankly would have attempted the same since it was a unique property in a great location. But getting lucky enough to get a dumb-rich buyer is like winning the lottery – it usually doesn’t happen. $2.7 sounds about right. The bedrooms were down, and were awkward. The top floor is what got this place sold – and had to carry the bedroom level with it kicking and screaming.

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