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August 24, 2011

Wanted: Cash Buyer for Mission Dolores Units


I walked through the three-unit building at 3883-3885 20th Street yesterday on broker tour. This is a vacant, 3,280-square foot building with two main units and one housekeeping unit that fronts the south end of Dolores Park. Listed at $1.3M, the sale will include approved plans and permits to remodel and legalize the property as a two-unit building with yard, roof deck, and parking.

The lower unit has a dead-on view of Dolores Park, but no real kitchen to speak of. And the upper unit faces the leaves from the tree outside, so you don’t get much of a view. The upper unit is also pretty much down to the studs in most of the rooms. So a regular loan requiring an appraisal won’t fly. But for someone with cash or access to a construction lor rehab oan, this is a cool project. The J Muni line runs behind the house, so that may put off a few buyers. And you’d have to be okay with having Dolores Park in your front yard, which means 24/7 activity. But for the size and scope of the building, this property will definitely work for more than one buyer (as long as the funds are available).

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