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$5,800,000 | 12 CONDOS | RUSSIAN HILL

Just Listed


2960 Polk Street

12

Condos

11.8

GRM

5.6%

Cap Rate

$483,333

Price per Unit

2960 Polk Street represents a rare buying opportunity in the highly desirable Russian Hill. This property consists of 12 condominiums with separate APN numbers for each unit. These spacious four-room units are used as Two-Bedrooms. Many of the condos have been remodeled in the recent past, and some have Bay and GG Bridge views. There are 10 garage spaces. Each condo is separately metered for gas and electricity. The soft-story retrofit was completed in 2017. In 2024 a new fire alarm panel and sleep alarms were installed, bringing the property into compliance with the new ordinance. The property has an
elevator, however, it was decommissioned in 2023 and is not currently in service, thus reducing operating costs. A new owner may choose to place the elevator back in service if that aligns with their plans. The property is fully occupied and producing gross annual income of $489,952. Professionally managed and
well-maintained by the same family for over 40 years. Do not miss this excellent and rare investment opportunity!

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