2817 24th Street Listing

Listed for $3.2 million in July, reduced to $3.0 million in August, and then withdrawn from the MLS in September, the Roosevelt Tamale Parlor building at 2817 24th Street in the Mission has just been relisted anew for $2.9 million.

The building quietly traded hands for $1.85 million in February, at which point the two one-bedroom flats above the restaurant were rented for $2,200 a month and the Tamale Parlor was paying $4,370 per month with a long-term lease.

While the Parlor remains in place and is turning a profit at its current rent, its lease expires November 2017 according to the new listing.  And the two flats, which were emptied of tenants and renovated after the last sale, remain vacant but are now staged and listed with projected rents of $3,700 and $4,100 per month.

Comments from Plugged-In Readers

  1. Posted by Sam

    Wow, one bedroom across from Pops and next to St. Francis for 4k. You literally could never have convinced me of that in my early 24th street days when Pops traded hands to the previous owner (2003 maybe? I’ve been to the new Pops once, meh, if Phone Booth closes the hip days of my 24th street college youth will be over.

  2. Posted by Torger Cobus

    I’ve lived in the neighborhood 19 years. Lots of changes. I’ll be very sad if Roosevelt closes, but I’m afraid the writing is on the wall.

  3. Posted by escapee

    Yeah, with rising rents and all….Roosevelt is on the doomed list. While the upstairs unit look nice, I really can’t justify the rental price.

  4. Posted by hgh

    Is Roosevelt good these days?

    For what it’s worth, I saw them doing work to restore the sign recently. Something about that made me feel better about the visibly empty units above. Speaking of which, they’re much, much nicer than I’d expect. To think, it wasn’t long ago the Police had a gang unit parked in a trailer on that part of 24th.

  5. Posted by Torger Cobus

    It is quite good, maybe not great. It is a far cry from the greasy spoon it used to be. It’s good enough for regular visits. Oh, and the portions are huuuuge!

  6. Posted by Ohlone Californio

    Everyone can do GRM and/or CAP rate calcs. Why these guys feel as if they can get ~3M is beyond me. They are off by well over $1M.

  7. Posted by chuco35

    Check out 2018 Fell St, which just traded hands at $2,500,000. A 3 flat residential Edwardian building in NoPa with rental income of $13,250 a month and a gross CAP rate, at the sales price, of 6.4%. It sold within a week of being listed at $2,090,000, probably with multiple offers. The market for investors, IMHO, is all about CAP rate calculations, as it has always been.

    This building is a perfect example of sellers being too greedy to price their property to attract investors – the only market for multi-unit buildings in SF. Even if the projected rent is realized on the two apartments, and the Tamal property’s rent is increased by $1,000 a month to $5,370, the gross CAP rate at $2.9M is not even 2.5%. You can almost do better in CDs.

  8. Posted by SocketSite

    UPDATE: Roosevelt Tamale Parlor on the Market in the Mission (and not simply the building this time).

  9. Posted by SocketSite

    UPDATE: Withdrawn from the MLS last month, the Tamale Parlor building has just been relisted for $2.9 million and with an official “1” day on the market for the third time in seven months.

  10. Posted by SocketSite

    UPDATE: The listing for the Tamale Parlor building has once again been withdrawn from the MLS without a reported sale.

  11. Posted by SocketSite

    UPDATE: Having failed to sell back in 2015, the Roosevelt Tamale Parlor building is now back on the market without an advertised (i.e., fluid) price.

Comments are closed.

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