Tuesday, May 15, 2007

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.


Blogger Tri said...

49 Octavia - 3 bedrooms $699,000
55 Octavia - 4 bedrooms $829,000

Saw these two units in the building this past weekend. I wasn't impressed. Only a single outlet in each bedroom. No outlets for the washer & dryer. One window didn't close properly. Ceiling lights utilize a wireless switch held up with tape. Two of those switches had already fallen off the wall. Kitchen cabinets didn't look nice at all. The renovation looks rushed and could have been better if the owners had put money into it.

During the summer, I toured 59 Octavia when it was being offered. 59 (3 bedrooms) was reduced to and sold for $649,000. It included several upgrades that made it nicer. I think it had granite counters in the kitchen. My guess is that the owners thought they would get a higher price for 59 when they remodeled it. They didn't, so they didn't invest the same amount of money into upgrading the latter units.

1:27 AM  

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