57-Unit Nob Hill Apartment Building Offered at $27 Million
SAN FRANCISCO, CA – The Steinhart Apartments at 952 Sutter Street in Nob Hill, San Francisco have been listed for $27 million by the Alain Pinel Realtors (APR) Investment Group’s Managing Director Mark Bonn and Senior Sales Associate Mirella Webb. Built in 1910, the six-story residential building, formerly the “Steinhart Hotel,” is listed on the National Register of Historic Places. A rare opportunity, 48 of the 57 units will be delivered vacant at close, allowing a new owner to capitalize on the continued strength of the San Francisco apartment market.
“With vacancies in the city at an all-time low, this unique opportunity grants any buyer incredible flexibility,” noted Bonn. “The new owner could operate the property as traditional high-end apartments or as furnished rentals, as each unit has furniture, fixtures, and equipment in-place.”
Originally constructed by Ignatz Steinhart, banker, entrepreneur, and benefactor of the city’s Steinhart Aquarium in Golden Gate Park, the property has been meticulously preserved largely due to its former operation as a hotel. The historic turn-of-the-century character is still present in the period detail in the grand lobby, high ceilings, and the mezzanine-level library.
While celebrating the original architecture, the apartments offer modern conveniences. The spacious and highly-stylized apartments were designed by William Sofield, famed designer of the Ralph Lauren and Gucci boutiques. Additionally, 15 of the units were recently renovated by leading San Francisco designer Jonathan Rachman. Each apartment is fully furnished and includes full-sized kitchens and private bathrooms.
“With a mix of studios, one bedrooms, two bedrooms, and a single four bedroom, many of the units are very large, offering conversion potential to add additional bedrooms to existing units or possibly even more units,” according to Webb. “Ownership of this property would immediately place the investor in the elite group of major multi-family owners in San Francisco.”
Located in Nob Hill, the building is five blocks from Union Square and a few blocks from many of the performing arts theaters in the city.
For more information about the APR Investment Group, visit www.APRInvestmentGroup.com.