Built in 1917 and landmarked in 1988, the Russian Hill firehouse at 1648 Pacific Avenue was sold in a city auction for $1.8 million in 2007.
The buyers, Gavin Jefferies and Teresa Nittolo, spent the next six years upgrading, expanding and converting the space – which had been home to San Francisco Engine Company No. 8 and Truck Company No. 4. before being shuttered in 1980 – into an event and retail space known as Firehouse 8.
And now Firehouse 8, which includes roughly 9,000 square feet of refinished space and the original fire pole, has just returned to the market with a $7.35 million price tag.
I was going to write a rant about runaway prices, but it turns out to be (only) a 17% return, and of course that neglects all the renovation costs …which obviously reduces the ROI to …maybe single digits.
But enough maths: Mssrs Jeffries and Nittolo are to be applauded for a tasteful and creative reuse; admittedly Landmark laws probably restricted what they could do – and fortunately so, b/c many of these post-Fire firehouses have been demolished for reasons ranging from urban renewal to seismic concerns to just plain obsolescence – but whatever the reasons, a fine job. Hopefully they’ll find a buyer eager to continue their work, not one to start challenging regulations so they can screw it up.
San Francisco RE is so inflated you don’t even have to be on a hill to be on a hill, any gulch will do.
Think of the parties!
So no parking, or is the front right space the garage?
No. it’s a metered space in front (and the double doors are too narrow for a car anyway).
That view out the back window? Wow!
Isn’t Pacific St. more Nobbish than Russian Hill?
Don’t see you get to a $7m+ price for this place. Doesn’t matter what the fine folks paid, invested or their theoretical ROI. I’ve been paying more attention to commercial these days but still not well versed in the economics. Maybe I’m missing something.