Measuring 342 square feet, the Nob Hill studio TIC number Two at 1615 Jones Street between Broadway and Pacific has just been listed for $385,000 or $1,126 per square foot.
The list price does, however, include all the furnishings. And according to the seller, “two corporate rental agencies have expressed interest in renting property for $3250 a month on renewable 3 month contracts.”
We’ll let you do the math and forecasting for month number four and one step beyond.
∙ Listing: 1615 Jones Street #2 (0/1) 342 sqft – $385,000 (TIC) [billwygant.com]
9.8grm, good deal. buy it.
For the size, this apartment appears to be well-designed and the high ceilings are nice.
That said, the building’s appearance is undistinguished and the TIC aspect (“seller financing”) would concern me at this price. Also, this is a very good location but not a “10”.
Don’t have a problem with living in small spaces, but I find it interesting that the listing broker basically admits that it is not marketable for use as a full-time abode (“ready to produce great income or be a wonderful part-time San Francisco residence for a new owner”).
I haven’t been shopping for a place to buy in San Francisco and can’t opine on whether the asking price is reasonable.
About the size of my current Berkeley apartment. Cute and nice use of space. Certainly it’s possible for one person to live in a studio.
Most likely buyer will be investor buying for cash. New mortgage rules make it illegal to use as a rental if purchased as primary home.
Makes sense to purchase as investment given there is nowhere to make any ROI with cash these days. Wonder how much the HOA dues are? And of course there is no parking included.
Need to see the CC&R on rental restrictions. My bet it’s 3 mo min….but could be 1yr….
With that said let’s add up all the carry cost and see if it makes $ense?
Taxes
Ins
HOA
Mort
Utilities ( corp renters don’t pay utilities, PG&E, Cable, Internet, trash, water/sewer)
.. HOA on this property is just $100. The unit is on the first floor street side and over the garage door. It has been offered for sale, on and off, for many months, with asking prices ranging from $299k to $399k. There is very little closet space. I have been to three open houses, and I was told three different things regarding who was living there and what they were paying. It is a nice room, but for my money, it is a low-end, no park TIC that should go for about $280k.
The list price for 1615 Jones #3 has just been reduced $36,000 (9%), now asking $349,000.