January 4, 2013
The Annual Return And Returns Of 2170 Pacific Avenue
Not counting its listings in 2007, 2008, 2009, or 2010, the three-bedroom Pacific Heights condo at 2170 Pacific Avenue is back on the MLS with an official one day on the market and once again asking $2,995,000 having been purchased for $2,350,000 in May of 2004.
The three-bedroom had been making the rounds on Craigslist asking $8,500 a month when listed in 2010. And according to the latest listing, the condo is currently rented for $8,925, which would be a current CAP Rate of around 2 percent at asking and annualized appreciation of just under 3 percent since 2004.
∙ Listing: 2170 Pacific Avenue (3/3.5) - $2,995,000 [via Redfin]
∙ It's Deja Vu (But Not DJIA) All Over Again: 2170 Pacific Avenue Edition [SocketSite]
∙ The Dow Continues To Move (While 2170 Pacific Still Hasn’t) [SocketSite]
∙ Warm Thoughts Of A Traditional Thanksgiving Dinner (2010 Edition) [SocketSite]
∙ On Tour As New (For The Fifth Time In Two Years): 2170 Pacific [SocketSite]
First Published: January 4, 2013 9:00 AM
Comments from "Plugged In" Readers
Once you factor in vacancy the cap rate is not as high. For a high priced rental like this it is safe to assume higher than average vacancy.
Posted by: The Milkshake of Despair at January 4, 2013 9:15 AM
This place looks like it needs a haircut....what up with that?
Posted by: Curious One at January 4, 2013 9:40 AM
Finally sold for 3 million... End of an era.
Posted by: Denis at May 11, 2013 4:35 PM
Seems anything and everything will sell in this market. Trying to think of other albatross that have languished over the years.
Posted by: eddy at May 13, 2013 9:35 AM