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TIC now a rental: 2831-33 Webster St #4

by sfishome on March 16, 2010

2831-33 Webster St #4 is a TIC in a 6 unit building on a prime Pac Heights/Cow Hollow block.

This 3 bedroom 1 bath sold for $820,000 in 2007 – arguably the San Francisco market peak. Prior to that the entire building sold in 2004 for $2,370,000. That buyer did great because they sold 4 of the 6 units for $2,449,000.

Unfortunately unit #4’s more recent 2007 buyer didn’t do so well. Starting a year ago they tried selling at $895,000, and withdrawn and listed 2 more times with the last failed attempt to sell at $799,000. Now on Craigslist asking $4,000 and from what I know of the rental market, that may be $500 over priced.

Then again, it’s got Golden Gate Bridge views and a deck… and just a 1/2 block from Union Street it just might attract a $4,000 renter. On the other hand the NYTimes Rent vs Buy calculator says it’s better to buy at $800,000 vs. $4,000 in rent. So the problem here is it’s a TIC, and TIC’s are definitely not selling well vs. Condos in San Francisco right now.

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