A real estate lot is currently for sale in San Francisco. The commercial real estate property is specifically located in the San Francisco Castro District. Re/Max Performance and Starboard Commercial Real Estate are in charge of the sale.
The existing structures and land are currently valued at $2.5 million. The property previously received approval for 24 condos. However, this approval has expired. Still, the site may be re-entitled for possibly 45 units above over 2,000 square feet of retail space at the ground-floor level.
The zoning that is currently in place in the area has a 65-foot height limit. This translates to a limit of six stories. However, previous studies indicated that an edifice in the area could easily span 28,000 square feet. Three light-rail lines and a historic streetcar line serve the parcel currently being sold in the Castro District.
Purchasing commercial real estate can understandably be exciting, as it offers the opportunity to generate profits as a real estate investor. However, it is not uncommon to also face challenges during a commercial transaction, depending on the circumstances surrounding the deal. For example, the potential buyer might have trouble seeing eye-to-eye with the seller during the negotiation process. In addition, making a mistake in the purchase process may end up costing the buyer, either now or in the long term. Especially with the commercial real estate market booming and becoming increasingly competitive in San Francisco and other parts of California, having the support and assistance of an attorney at each stage of the process can be immensely beneficial.
Source: bisnow.com, "Parcel Previously Approved For Multifamily For Sale In San Francisco," Julie Littman, Aug. 16, 2017