Rare North Beach SF Residential Infill 3 Biens fonciers Vente aux enchères en ligne San Francisco, CA

Join one of the top rental markets in the country with this rare infill opportunity comprising 0.22 acres of residential land in San Francisco’s coveted North Beach submarket at 231, 235, and 239 Green Street. Zoned RH-3, this is a rare opportunity to deliver high-demand housing units to an area with shrinking vacancies and highly constrained supply.

Discover the limitless potential of this versatile development site. Flexible zoning permits the creation of up to three residential units on each of the lots, as well as potential ground-floor commercial space. Allowing a development height of up to 40 feet, there is diverse optionality to create multifamily or single room occupancy units, student housing, group housing, residential care or childcare facilities, schools, community spaces, public service facilities, or a hotel with up to five rooms. The site is on a steep hillside, and potential developments at the location will enjoy unimpeded, sweeping views of the Bay and the San Francisco skyline.

The Green Street development lots enjoy fantastic placement within walking distance of urban amenities, large job centers, as well as stops for Caltrain, MUNI, and bus lines. Situated just blocks from renowned scenic overlooks at Pioneer Park and the Vallejo and Greenwich Steps, the area boasts some of the city’s best views. The area’s many professionals will be attracted by convenient proximity to major employment hubs, including Levi’s Plaza, Maritime Plaza, and the corporate offices for Wells Fargo. Proximity to the commercial districts of the North Beach neighborhood also ensures fantastic access to gourmet restaurants, art galleries, and performing arts venues within a short walk.

This opportunity presents an unrivaled residential investment and development submarket, with vacancy rates down 1.2% annually to sit at just 5.1%, the lowest level in the past 10 years, while net absorption is at its highest level since 2021. The region’s growing demand has driven impressive growth in asking rents as well, up 4.2% year-over-year. Currently, rental properties at all levels outperform similar properties in higher-dollar submarkets such as South of Market or Mission Bay. The region is almost completely built out and has very few sites available for new construction. No new buildings have been delivered in the past 12 months, and only 100 new units have been added over the past 10 years. Additionally, with no new projects breaking ground in the past four years, there is no supply-side competition for developments at the subject property.

A robust demographic profile within 1 mile of the Green Street development lots reinforces the area as a premier destination for new residential development. There are more than 65,000 people living in the area, with daytime employment of over 201,000 delivering a massive workforce. Over 83% of these locals currently rent their home, driving collective spending on household segments of more than $181 million during 2024.

Don’t miss this rare opportunity to deliver badly needed housing supply to one of San Francisco’s most coveted submarkets with the versatile development lots at 231, 235, and 239 Green Street.