Fairfax Apartments is a stately, four-story, wood-frame, stucco building designed in a classic 1920's Art Deco style. With unique architectural features such as a stair-stepped roof line and bold window framing, the building has a distinct San Francisco Marina appearance. Consisting of three studios and fifteen one bedrooms, The Fairfax Apartment encompasses an expansive 14,266 sq ft and has an excellent unit mix. Each exceptionally large unit has an additional walk-in powder room with built in cabinets. A 1000sq.ft. vacant basement with 15' ceilings is surrounded by 12 individual garages, some of which are separately leased. Owned by the same principal for over 20 years, this building has endured multiple rental market cycles and has become an anchor for the neighborhood. There are no other buildings of this size in the immediate area. Current rents are 20% or more below market and the stabilized tenant base enjoy extremely large units that may be able to be converted from 1 bedroom to 2 bedroom units. The current owner has conducted numerous repairs over the years including the renovation of 14 of the units, replacement of 60% of the windows, and a completely rebuilt boiler system. The roof is sloped tar and gravel and may need replacing within the next 5 years. The offering affords the new owner an opportunity to acquire a stabilized Bay Area multi-family asset at under $100/sq.ft. with an attractive initial yield, and with substantial remaining upside. All this in a rapidly appreciating rental market with a 3.1% vacancy rate according to ReisReports.

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