The Handsome Marina-Style Corner Apartment Building Features Panoramic Views of Downtown San Francisco and is Located a Block Away from Alamo Square Park.
SAN FRANCISCO – July 16, 2019 – Colliers International has sold 801 Fillmore Street, a 22-unit multifamily building in San Francisco’s Alamo Square neighborhood. Originally marketed at $13.7 million, the beautifully detailed apartment was sold for $14.8 million or $607 per square foot at a 3.3% cap rate. Executive Vice Presidents James Devincenti, Brad Lagomarsino and Vice President Payam Nejad represented the seller of the property. Colliers agent Medhi Star also represented the seller in the 1031 exchange acquisition of three net-lease properties following the sale.
Built in 1926, 801 Fillmore Street has been exceptionally well-maintained. Its intricately detailed façade is a stunning example of the area’s distinguished residential architecture spanning the 1870s through the 1920s. Casual restaurants, cool shops and convenient public transportation options add to the allure of this picturesque neighborhood.
The property also features a ground floor retail space, currently occupied by neighborhood favorite bistro Alamo Square Seafood Grill.
“We were able to attract an enormous amount of interest from buyers”, said Brad Lagomarsino, “Aside from its stunning architectural design, the new owners were attracted to the property’s potential for expansion”.
James Devincenti was optimistic about the property’s future, “We estimate that the asset has up to 37% upside appreciation potential through unit conversions and the construction of accessory dwelling units”, said Devincenti.
“This transaction has been a highlight for the first half of our year so far”, said Payam Nejad, “we helped our client trade into three fantastic net-lease properties and increased his cash flow by 40.1%. We’re very proud to be our market’s top multifamily team with systems in place to help our clients accomplish their goals seamlessly”.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.