With approved designs for 24 condos to be built at 376 Castro Street now in hand, the owner of the gas station site is trying to sell the parcel for $12,000,000, not including the cost of construction, a whopping $500,000 per door (industry speak for potential unit).
Keep in mind that the average cost per door for entitled land deals of this size in San Francisco is currently running around $150,000. And while that’s up from closer to $50,000 per door in 2010, it’s still a long way from $500,000 which would be quite a record and could spell trouble for those hoping for a quick development of the corner.
That being said, according to the listing on craigslist, “financing for 12,000,000 may be available depending on down payment & credit,” so there’s that.
∙ The Refined Designs For A Prime Market And Castro Street Corner [SocketSite]