With approved designs for 24 condos to be built at 376 Castro Street now in hand, the owner of the gas station site is trying to sell the parcel for $12,000,000, not including the cost of construction, a whopping $500,000 per door (industry speak for potential unit).

Keep in mind that the average cost per door for entitled land deals of this size in San Francisco is currently running around $150,000. And while that’s up from closer to $50,000 per door in 2010, it’s still a long way from $500,000 which would be quite a record and could spell trouble for those hoping for a quick development of the corner.

That being said, according to the listing on craigslist, “financing for 12,000,000 may be available depending on down payment & credit,” so there’s that.

22 thoughts on “Unreal Expectations For Castro Street Corner Of Condos”
  1. If they are posting this property on craigslist they don’t know what they are doing, and it’s not gonna sell anywhere near that price if the average is less than a third of what they are asking.

  2. 10:47 nailed it.
    If you are posting a $12,000,000 property on Craigslist aka cheap skates gazette, you are either blowing smoke, pipe dreaming, or on the pipe too much.

  3. I remember in 2005 this same gas station getting in trouble for price gouging when they one day raised the price per gallon from $3 and change to $6 and change.
    The city had to step in and tell them it was illegal.
    Not surprised they are going for the big bucks with the land deal. Will be interesting to see if it causes the deal to fall apart.

  4. To the question of whether the owner is “cheap,” one might also consider why the name of the gas station is “RC.” See, it used to be an Arco. And when it went independent, the owner simply painted over the “A” and the “O.” Voila.

  5. “While convenient, it’s also a very noisy corner with lots of traffic…”
    I recently stayed at a hotel in New York on a busy street. The triple pane windows made the road noise a non-issue. I’m sure they’d use something similar here.

  6. I like that the Monet on Amazon in the link above comes with free shipping…
    Maybe the craigslist poster should offer the buyer free gas while in escrow…

  7. This same gas station also covered up all their signage with banners advertising/celebrating Sarah Palin’s visit a few years ago. They seem to be a bit batty.

  8. LMFAO. This is too funny for words.
    As for the proposed development…IMO there is way too much glass for this intersection…noise, wind, dirt and pollution.

  9. $500K per door is way too much especially when consider the remediation cost of cleaning up the land under the gas station which is typically contaminated.
    I refuse to patronize this gas station — the operator is totally sketchy. If you go to gasbuddy, they always have the cheapest price for gas in the city, but then when you go there, the price is usually about 50 cents more. Sites like gasbuddy are crowdsourced (individuals submit the “price they paid” at a given station). I guarantee you these guys are going online and submitting fake price reports for their own station.

  10. Does the “$500 per door” figure account for mandatory “affordable” units or in-lieu fees?
    What is the total per-unit exaction (affordable housing fees, infrastructure fees, public art fees, etc.) that the city demands for a development such as this?

  11. Strangely, it has been in MLS since July 23rd, but there is a duplicate listing entered at 3:59pm today by a different broker (maybe in response to this blog?) Normally duplicate listings can’t be done because the re-use of a parcel number causes a rejection, but the earlier listing bypassed the parcel number input.

  12. So how did the plans for the building get drawn, debated and approved with no regard to how much the land was going to cost?

  13. Is that $500k per door figure after the seller credit for environmental remediation? Underground Storage Tanks almost always never leak sometimes….would be surprised if the market value for the land (setting aside any potential environmental issues) is much north of $120k per door.

  14. IMO, the new developments springing up along the length of mid-Market and Castro districts are too tall… lop off one storey for starters.

  15. I think the building is pretty ugly and clearly inappropriate for the location. It should cut out some units and drop a story off the street edges, and some effort could be made to acknowledge and deal with the impact to units behind it – I know someone living in one of them. Ideally it would be mostly smallish, all very affordable units. There are MANY street festivals right at this intersection. The building as it is currently designed somehow already looks, to me, intolerant of such activities. I deeply hope it doesn’t get built the way it is.

  16. ^Also, there should be free ice cream available at all times in the building. And cookies. And maybe milk too.

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