San Francisco Multifamily Portfolio Sells for $6.3M After 50 Years of Family Ownership

SAN FRANCISCO — Marcus & Millichap has brokered the sale of a portfolio of two multifamily properties at 1159-1169 and 1067-1071 Union St. in San Francisco's Russian Hill neighborhood for a combined $6.3 million. The transaction marks the end of approximately 50 years of continuous family ownership for the properties. Philip Batlin, Clinton Textor, Sam Runco, and Jordan Tong, investment specialists in Marcus & Millichap's San Francisco office, represented the seller and procured the buyer, local firm Ballast.

The portfolio comprises two buildings with a total of 11 units. The property at 1159-1169 Union St., built in 1925, spans 9,123 square feet and includes six two-bedroom, one-bath units on a 0.12-acre parcel, featuring two flats per floor across three residential levels, six garage spaces, and rear access from Warner Place. The property at 1067-1071 Union St., built in 1908, offers 6,075 square feet with five two-bedroom, one-bath units on a 0.07-acre parcel, consisting of two buildings on a single lot with frontage on Union Street and Macondray Lane. The sale price equates to approximately $572 per square foot across the portfolio.

This transaction highlights continued investor interest in San Francisco's multifamily sector despite broader market challenges. The Russian Hill neighborhood remains a desirable location due to its central location and historic character. The buyer, Ballast, a local firm, is expected to manage the properties, potentially undertaking renovations to maximize value. The sale also underscores the trend of long-held family assets changing hands, often leading to repositioning or upgrades in the competitive San Francisco rental market.