60 Danvers, San Francisco, Upper Market/Eureka Valley: Opportunity Awaits

Listed at: $1,159,000  Sold at: $1,159,000

The 411

Where: 60 Danvers Street at Market Street, San Francisco (Upper Market/Eureka Valley, MLS District 5)

What:  Two-level, lower unit of well-maintained two-unit building prime for conversion, newly-renovated, bright home with 3 bedrooms, 2 bathrooms, garage parking, large outdoor space, renovated kitchen, with ≈1800 sqft.

Type: TIC, renovations circa 2013

How Much: List Price: $1,159,000, sold at $1,159M, financed with Sterling Bank and Trust, fractional, Seller-carry back (100% of list)

Closed: March 2014

Who Was Kevin’s Client: Buyers who sold their Duboce Triangle Home with Me previously; Startup & Network Television (Business side)


Issues Handled:

  • Pre-emptive Bid
  • Group Loan/Seller Financing
  • TIC Formation/TIC Agreement Preparation
  • Investigation for Condo Conversion
  • Buyers’ Extensive Business Travel Schedule
  • TIC Financing & Startup Employment
  • Identification of Remodeling

For your own success story or to learn about condo conversion possibilities...

Get in Touch with Kevin

60 Danvers — Sold!

From the Clients:

We’ve known Kevin for 2 years – we sold our first house through Kevin 2 years ago, and just bought a new house with him.  Simply put, the fact that we didn’t even think of any other agent when we decided to buy a house again demonstrates our trust and faith in Kevin.

In both the buying and selling scenario, we couldn’t have been more pleased with Kevin. Best things about working with Kevin:

  • He’s incredibly patient, and will spend the time with you. He’s not pushy and wants to make sure you’re very comfortable with the places you are seeing, as well as budget and timeline
  • He truly knows about all available properties (not just what’s on the market, but more importantly, what’s coming on soon so that you get early previews)He takes the time to understand what his clients are looking for (in our case, we had some very specific but rare requirements), and the search/viewing is very focused – he makes sure to look for properties that meet your requirements.
  • He’s very tech saavy, which is always helpful – only e-signatures, online links, etc.
  • He does a great job of positioning the buyers when they have found a house they’re interested in – in this market which is a seller’s market, it makes a difference when your agent goes out of his/her way to sell you to the seller
  • He makes sure that the co-tenants meet so that everyone is compatible
  • Finally, he works on building relationships, vs. being transactional. After we bought our house, he continues to send us links to decorations, etc, which is appreciated (we’re planning to remodel)

Overall, buying or selling a house is a stressful time, and knowing that there’s someone you can call/email whenever you want, and that you know has your back goes a long way. As long as Kevin’s in real estate, he has customers in us.

— Jay & Smitha S.


Commentary:  It’s always a happy time when clients who have worked with you before ask you to help them buy and find an opportunity that will be rewarding both in the short and long term. This is what happened here. My clients, who had sold their beautiful Duboce Park tenants in common home just a couple of years ago thought they would be located to the East Coast permanently but one client’s startup has grown successful that direct, in-person involvement necessitated a return to the Bay Area. And rather than pay astronomical rents with nothing to show for it in the end, the couple decided to purchase again.

But instead of purchasing something for the sake of purchasing, they wanted to buy something with long-term and built-in upside. While most of San Francisco has been seeing this upside of late, one specific class of property — the 2-unit, owner-occupied building — is especially attractive as value from condo conversion historically averages between 10-20% within the time it takes to convert the respective TIC units into condominiums. In this case, it’s most likely to be 18 months.

So, the trick in our competitive market was to find an opportunity that no one else had or to find one before anyone else could. And that’s precisely what we did here. Using my brokerage’s deep bench and my previous successful working relationship with the listing agent, we managed to get in contract on this property before anyone else could. While another client was the original intended partner (he found another property to make a move on) the upper unit quickly sold on the market and now the parties are oriented to a successful conversion.

My clients intend to upgrade some of the finishes in the nearly 1800 sqft. space with 2 levels, large outdoor space and garage parking with a fantastic and surprisingly quiet location.