About 765 Ofarrell Street
33 apartments in a four-story elevator building in the Tenderloin, built in 1924: 24 junior one-bedrooms, 7 studios and 2 two-bedrooms in about 16,768 SF on a 6,614 SF lot. About 80% of units have been renovated, and the building sits on a new concrete perimeter foundation. Units offer hardwood floors, tiled kitchens and baths, walk-in closets and, in most, bay windows. Lobby with stone floors, courtyard, laundry room, storage and a double garage that brings in parking income. Gas and electric are separately metered, keeping owner utility costs down. Market rents run about 33% above in-place rents. Walk to Union Square, Civic Center, Van Ness and Mid-Market employers, with Muni and BART close by. 6.62% current cap; 9.04% pro forma cap at market rents. 100% occupied per the rent roll.
