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2900 Pierce St., Apts. 5&6 - San Francisco

2900 Pierce St., Apts. 5&6 - San Francisco

Site Conditions

  • TIC (tenants in common) with a shared roof deck, difficult to sell
  • One of the two units was occupied by tenants, a family with a newborn
  • Walls and ceilings cut open to trace the source of previous leaks

Results of Our Work​​​​​​​

  • ​​​​​​​Preemptive cash offers, 10 days on the market to increase competition
  • Combined listings totaled $3.3M, sold for $4.1M, $802,000 over asking
  • ROI over 500%, ($37,000 investment in resurfacing produced an additional $200,000 in seller profit), staging $13,300

Hard Sell, Soft Landing 
​​​​​​​Tenants-in-common (TIC) properties, in which separate units share space, are notoriously difficult to sell under the best conditions. Compared with a typical condominium-type property, they take longer to close and are valued at about 20% less per square foot.

At this particular TIC in San Francisco’s Cow Hollow neighborhood, we were not looking at the best conditions:

  • Unit #5 was full of the seller’s abandoned possessions and configured as a studio, lacking a wall separating the bedroom.
  • Unit #6 was occupied by tenants, a couple with a newborn baby, and we didn’t know how amenable they would be to the idea of moving out.
  • The walls and ceilings in both units had been cut open by the owner to trace the source of previous leaks from the roof deck.

After much deliberation and analysis, we determined to list the units as separate homes, rather than a combined offering, to yield the most competition and best sales result. Then, step by step, we worked to fix problems and maximize the value of each unit.

We brought in a waterproofing expert to assess the leaks. Our contractor installed a wall to turn the studio into a more marketable one-bedroom apartment. We artfully transformed both units with updated colors for cabinetry, hardware, and more. The tenants moved out as they were close friends with the seller.

Following a clearout of both units, we transformed them into inviting spaces. High bids, cash and contingent-free, came in immediately from buyers who just had to have it. After 10 days on the market, their offers won out at $2.4M for Unit #5 ($601,000 over asking) and $1.7M for Unit #6 ($201,000 over asking).

Hall Bathroom (before) The hall bathroom base cabinet was delaminating. It was never built to sustain the durability required from a high-use bathroom. The copper sink was a mismatch, and the mirror felt choppy and deteriorated.

Hall Bathroom (after)​​​​​​​ A new base cabinet installation presented the ideal opportunity to introduce a dual sink stone countertop and clean-lined faucet for a contemporary look. The large mirror brightened the space. We retained the wall tile to keep costs down with great visual success.

Unit #5 Studio (before)​​​​​​​ Unit #5 was configured as a studio with no defined bedroom. Craig advocated for a separating wall and door to be installed at little expense. Why? Return on investment! Comparable studio units were selling for a fraction of the sales price of a one-bedroom unit.

Unit #5 Converted to One-Bedroom Unit (after)​​​​​​​ By separating this bedroom from the rest of the living space, we enhanced buyer responsiveness.

Unit #5 Kitchen (before) The ceilings throughout the unit had been opened up in an attempt to trace leaks from the rainy season (see the plastic held up by blue tape). The dark countertop was unappealing and broke up the otherwise clean counters and working surfaces. We were eager to paint that to complement the beautiful marble countertop island better.

Unit #5 Kitchen (after) Roof repairs allowed us to close up the walls with integrity. The dark wooden elements of the otherwise bright countertop were painted white to better blend with the classic marble countertop surface.

Unit #6 Kitchen (before)​​​​​​​ The Unit #6 kitchen included this large wall of dark-colored slate tile which appeared drab and inconsistent. The wooden element of the countertop matched the cabinetry, so there was some value to it.

Unit #6 Kitchen (after)​​​​​​​ The new and improved kitchen had a much more appealing impact on touring buyers

Unit #5 Living Room (before)​​​​​​​ Plastic wrap and blue tape dominated the ceiling skylights. Dark furniture, a thick area rug, and a built-in bench at the bay windows were all uninspiring features.

Unit #5 Living Room (after)​​​​​​​ Clean, sheetrock walls brought back the symmetry and definition of the original design intent, and light seemed to dance around the room for a dramatic effect. Scaled-down furniture and freshly painted walls gave us just the upscale impact we were seeking.

Roof Deck (before)​​​​​​​ It was hard to overlook the neglected plant beds, dreary wooden floor planks, and mildew-covered glass, which detracted from the gorgeous views of the Golden Gate Bridge, Alcatraz, the Palace of Fine Arts, and all the boating activities of the bay.

Roof Deck (after)​​​​​​​ A coat of fresh stain, cleaning of the glass partitions, and new succulents brought ease and confidence back to the space so buyers could take in all the unique views these Cow Hollow neighborhood units offered.

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