3236 24th Street
Size: 17 Units and 1,662 sqft of commercial space
Price: $1,549,800

The Azucena Group of Marcus & Millichap is pleased to present 3236 24th Street, a 4,468-square-foot site approved for a 17-unit residential development. The project includes a mix of studio and two-bedroom units in a five-story building with 1,662 square feet of ground floor commercial space. The development could be constructed as entirely market rate units. The new owner has the option of eliminating the affordability requirement through payment of the Easter Neighborhoods Alternate Affordable Housing Fee.

The subject site is one block from Mission Street, which is the heart of the Mission District. This corridor is a pedestrian retail district with numerous restaurants, banks, shops, and personal service providers. Grocery Outlet is one block from the property and Walgreens is two blocks away; there are also several convenience stores and smaller markets nearby.

The 24th Street Mission BART station is one block west of the site. BART offers access to other stops within the city, as well as to the East Bay and San Francisco Peninsula. Additionally, the 14 and 14R SF Muni bus lines run along Mission Street, providing transportation from Daly City in the south to the Financial District in the north. The commute to the Financial District is less than 20 minutes and the rest of the city is easily accessible by transferring within the SF Muni system. Overall, the project has exceptional access to public transportation.

The area within one mile of the site has seen a 7.2% increase in population since 2010, with a 5.9% increase in households over the same period. The neighborhood has a strong income demographic profile—the median household income is $153,403 within a one-mile radius. This is a major shift from the income demographics of the area a decade ago; in 2010, the median household income was estimated at $77,436. Many low-income households have been displaced and there is a need for additional housing supply to prevent further displacement. 3236 24th Street represents the opportunity to acquire a fully entitled redevelopment site in a supply-constrained market with exceptional income demographics and significant housing demand.

Development and Location Highlights

  • Development site located in one of the most vibrant San Francisco neighborhoods.

  • Excellent access to public transit; one block to 24th Street Mission BART station.

  • Residents will be a short walk from Mission Street, the heart of the Mission District.

  • Approved 17-unit residential development with 1,662 square feet of commercial space.

  • 10 studio units that average 316 square feet and 7 two-bedroom units that measure about 622 square feet.

  • All two-bedroom units are designed to include a washer and dryer.

  • Building amenities include a secured lobby, elevator, mail/package room, community room, covered roof deck, common area terrace on the second floor.

  • New owner has option to eliminate on-site BMR units. Affordable housing requirements can be satisfied by paying the Eastern Neighborhoods Alternate Affordable Housing Fee.

  • San Francisco has a significant housing shortage; the city’s final Regional Housing Needs Allocation is 82,069 units by 2031.

  • Attractive income demographics with a median household income of $153,403 within one mile of the sit.