January 4, 2013

The Annual Return And Returns Of 2170 Pacific Avenue

2170 Pacifc

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.

2170 Pacific: Stairs, dome, and landing

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

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