Extensive remodel - San Francisco
Previous Legacy Builders client sold property for substantial profit and wanted to reinvest in San Francisco small building to take advantage of tax benefits.
Searched good areas north of California Street for 2-4 units with upside potential. Found vacant duplex on excellent block with Bay and Golden Gate bridge views that needed significant repairs as it was owned by the same woman over 50 years. Met with neighbors and planning to determine development options.
Completed tax-free exchange for $1,860,000 and Legacy Builders assisted in designing complete remodel and substantially increasing the amount of square feet (from about 2,226 to about 4,143) while expanding the view areas, decks, and enhancing the yard. The plan includeed creating a new full floor from the attic by making the roof flat, and a new full floor and additional garage space by turning the ground floor into living space leading out to the garden. Legacy Builders negotiated with planning and the neighbors to obtain approvals. The finished property generated 19 offers and the owner chose a 10-day closing at $4,800,000, representing the highest price ever achieved for TICs in San Francisco, and the second-highest price ever achieved for a two-unit building in San Francisco.
Building cost: $1,860,000 / remodel cost: $2,250,000 / sold: $4,800,000