57-59 Octavia

The flats in this seven unit circa-1900 Edwardian building are expansive, with three bedrooms and two baths. It is hard to find so much space in Hayes Valley for the price. (Note, with seven residential units this building cannot enter the condo lottery under current law.)

Downsides? No parking. The seller is offering a one year lease with purchase, but your space will be on the other side of Market Street - quite a trek. And after that? The realtor suggests putting in a garage. Given the age and location of the building that would seem to me to be a rather large undertaking. If it was easy enough and made financial sense, wouldn't the owner have added parking before going out to sale?

Also, this building does not have double-paned windows. (The seller has applied some kind of noise deflecting film on the existing glass, but when I went to the open house I found the traffic roar was only slightly diminished.) "The new Octavia Boulevard promenade," as it is described in the flyer, is a heavily trafficked freeway ramp. Perhaps they can offer each partner a Costco-sized box of earplugs at the closing.

Finally, I would take special care to inspect the electrical and plumbing systems of this building. How much voltage is going into each unit? What kind of wiring exists throughout the structure? Due to the age of the place, most of the plumbing will likely be on the outside of the building. How old are the pipes? Is it a mix of copper and other metals?

Any building this old is going to be a challenge at times to maintain. If you are thinking of buying into this TIC, be sure the partners are all good-natured realists who love old architecture and are ready to be patient when fuses blow and drain pipes come undone.