Mission Studios

—SOLD—

Property Description
Mission Studios is a 1920’s era three story wood frame apartment building with a parapet façade and cement tile and redwood siding. It is master metered for gas and electric and has two unused large common areas on the second and third floors that was once used for laundry rooms.

The property is fully detached on all sides with an oversized 35’ wide lot fronting 20^th Street. The spacious back yard is split down the middle into two levels, a ground level concrete patio and a grassy higher level one flight up. Units number 1, 2 and 3 are accessed via breezeways on either side of the property and one is accessed directly from 20th street. There is what appears to be an addition on the back of the building (visible via satellite photos) however there are no records indicating such changes.

Many of the windows have been upgraded to vinyl high quality double hung units, primarily in the front of the building. There is one commercial water heater on the second floor and a combination of electric and gas stoves and heaters in the units.

Features and Condition
The subject property has an unusual layout with interior stairways that lead up the front then down the back to access the second floor. Many of the units appear to be studios converted to small one bedroom units and have more than one entrance with little or no living rooms. Each unit has its own bathroom and kitchen however there are two units that have a detached bathroom.

Please note: There are some locked bedrooms and non conforming wall additions which appear to be sub-leased rooms without the owner’s permission. All units have significant deferred maintenance.

THE OPPORTUNITY
The subject property offers a new owner the opportunity to buy into one of the hottest real estate markets worldwide. San Francisco is rapidly transforming into an internationally recognized market, on par with Hong Kong, London and Manhattan. Mission Studios is offered at substantially below construction and or replacement costs. Our research indicates there will be an extremely high demand for housing in this neighborhood for the foreseeable future, driven by the technology sector and a lack of new affordable housing.

VALUE INDICATORS