When the Roosevelt Tamale Parlor building on 24th Street in the Mission quietly traded hands for $1.85 million five months ago, the two one-bedroom flats above the restaurant were rented for $2,200 a month and the Parlor was paying $4,500 per month with a long-term lease.
While the Tamale Parlor remains in place and is turning a profit at its current rent, the two flats have since been emptied of tenants and renovated.
And the entire building at 2817 24th Street, at the heart of Calle 24, is now back on the market with a $3.2 million price tag.
I don’t get the asking price. What are those 1 BRs w/o parking worth, as condo-convertible units? Maybe $600-$700 apiece?
I guess someone has concluded that auctions are not the only way to sell real estate…
GRM of about 26, I don’t think so. And isn’t the commercial close to market rent anyways?
Low $2’s is more like it. It’s just pure greed. Wonder if it will be match by equally pure stupid money?
It’s just pure greed
The whole City is living and breathing on greed now, lets face it..
Nah…it’s just a little bit of irrational exuberance here and there.
For 3.2 million, Roh, from Million dollar listing, should come with the package and breakdance on demand.
That dude’s my hero! If anyone can get 3.2 it’s him. Can’t wait for the party!
UPDATE: The asking price for the Roosevelt Tamale Parlor building has just been cut $200,000 (6 percent) and they’re now seeking an even $3 million.
UPDATE: Despite the price cut last month, the listing for the Roosevelt Tamale Parlor building has just been withdrawn from the MLS without a reported sale.
Could have a lot to do with the PCE discharge next door at the historic White Cleaners. Significant soil and groundwater impact. I have alway steered my clients away from that specific area. Too many potential concerns.
UPDATE: Withdrawn from the MLS last month having been reduced $200K to $3.0 million, the Roosevelt Tamale Parlor building has just been listed anew with an official “1” day on the market for $2.9 million.
Interesting side note here. Flippers never sold it. They refied 5 weeks ago and promptly bought a gut job on my block in Bernal 3 weeks ago. They are gutting with deliberate haste. I hope with the proceeds of their upcoming Bernal flip they can give the Parlor a break….