A Dolores Heights Duplex To Double Your Money

If fully vacant 2-unit buildings for sale in San Francisco are uncommon (they are!), and those where the units are condos — not apartments — are especially rare (they are!), then this stately dame at a bargain basement price of $690 per square foot is a d*mn unicorn!

For the real estate investor with creative vision, this property at 1070-1072 Dolores Street has a lot to offer. Behind its super classic Victorian facade, there’s more than 4,700 square feet of legal habitable space to reimagine, plus a garage suitable to park two vehicles; each unit has house-like proportions. The lot is oversized and enjoys dual street frontage with palm-studded Dolores Street in the front and dead-end Mersey Street in the back. Each of the adjacent properties has near full lot coverage, paving the way for horizontal expansion — perfect for adding a detached ADU, artist studio, or second garage.

And to add icing on the cake here, this property was just reduced by more than $400K to $3,290,000. We have a feeling it won’t last long.

Location. Location. Location. Dolores Heights has enjoyed a major glow-up over the past decade thanks, in part, to its popularity with a young and moneyed demographic. Dolores Park, a local favorite and host to all kinds of events throughout the year, is just down the hill; always-sunny Inner Mission and its dappling of award-winning eateries is a stones throw; and right around the corner from 1070-1072 Dolores Street, Noe Valley‘s pedestrian-friendly 24th Street retail strip is loaded with urban amenities alongside longtime neighborhood establishments.

1070 Dolores Street, the lower unit, currently has 2 bedrooms and 1.5 bathrooms on the main level. Below that is a 3rd bedroom and another half bath. A cosmetic overhaul and minor reconfiguration of the floor plan to open up the space and create interior passage between the two levels would create one sweet (and spacious) 2,000+ square foot home. Working entirely within the envelope of the structure will streamline the permitting process. For an idea of what this condo could be, check out this extensively renovated 3-bed/3.5-bath bi-level home a few blocks away which sold earlier this year for $2,795,000. These other recent sales support that value.

1072 Dolores Street, the upper unit, currently has 1 bedroom and 1 bathroom on the main level, and another 1 bedroom and 1 bathroom in the lofted area. As with the lower unit, a cosmetic overhaul and minor reconfiguration of the floor plan would transform the space dramatically. Maybe install a few dormers and get that top floor absolutely flooded with natural light. There’s also additional square footage to capture by replacing the catwalk with a proper wall-to-wall floor. The renovated condo previously mentioned has an equally done-to-the-nines 4-bed/3.5-bath neighbor upstairs, not unlike what this home could be. It sold for $4,000,000.

Considering the good bones that 1070-1072 Dolores Street has, it’s not hard to imagine that a $1 million budget to fix up the place would go a long way in making these condos something spectacular. And If you’re doing the math, comparable sales suggest a renovated resale value in the neighborhood of $8 million — without going the extra mile to construct any type of addition. This, my friends, is a play to put some serious money back in the bank.

We’re always scoping out great buyer opportunities in San Francisco, both on and off market. Whether you’re just beginning your home search or on the hunt for something specific, please get in touch > 415.715.9205 / homes@vulcca.com

 

1070-1072 Dolores Street is marketed and listed exclusively by cooperating broker Vanguard Properties. All listing photos and floor plan renderings on this page are courtesy of SFAR MLS.