CFAH

Purchased as a vacant fixer with two large one-bedroom units for $725,000 seven months ago, the two-unit building at 2473-2475 Bryant Street has since been remodeled and returned to the market as two modern two-bedroom TIC units with two car parking a piece.
While the lower unit which was listed for $789,000 two months ago sold for $775,000 last week, the upper unit has just hit the market listed for $899,000, likely delayed as an illegally built penthouse addition was hastily removed and replaced with an access hatch to the artfully worded “landscaped rooftop garden that boasts a gourmet mini-kitchen & state of the art built-in BBQ” following an anonymous complaint in January.
In addition to the interior remodeling of the building, the foundation was upgraded and seismically strengthened at permitted cost of $200,000.
∙ Listing: 2473 Bryant Street (2/1) – $899,000 (TIC) [via Redfin]

Comments from Plugged-In Readers

  1. Posted by vanillablue

    so wait, they tried to add a 3rd floor, got caught, responded by lopping off the roof and adding some plants, and now are calling it a “rooftop garden”?

  2. Posted by 7by7

    Why did they TIC this instead of condo’ing it? If it’s only 2 units, both vacant at the time of purchase so no evictions took place, isn’t this an easy condo conversion?

  3. Posted by dparker

    For a two unit fast track condo conversion you need two owners using this as their primary residence, so a developer can’t perform that operation. Often these sell together so that the owners can ensure the other resident will be fast track eligible and willing to follow the one year process.

  4. Posted by 7by7

    Thanks for explaining, dparker!

  5. Posted by neighbor

    If I’m not mistaken, those are IKEA cabinets. Not that there’s anything wrong with that.

  6. Posted by 49yo hipster

    Either way, looks like the dev will make some serious dinero on this flip. Wish I had some cashish!

  7. Posted by SocketSite

    The sale of 2473 Bryant closed escrow on Friday with a reported contract price of $900,000.

Comments are closed.

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