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Multifamily · San Francisco, United States

Inner Richmond Rent-Controlled Building

Inner Richmond

The opportunity

Inner Richmond Rent-Controlled Building is a private-owner rental asset where rents have never been pushed to market. 12% of the roll sits below achievable rents with turnover under 8% a year, so the plan is renovate-on-turnover, reset the roll over 36 months, refinance the stabilised NOI. The San Francisco case: a repricing that has run further than the fundamentals justify.

  • 12% rent-to-market gap across the roll
  • Sub-8% turnover, no arrears carried
  • Assumable fixed-rate debt at 4.6% to 2030