Buyer Representation

Buyer Representation

24-Unit Lower Nob Hill: Realistic Underwriting Wins in a Market Full of Inflated Pro Formas

San Francisco, CA

11,800

sq.ft

Overview

I represented the buyer in acquiring a 24-unit multifamily building in San Francisco's Lower Nob Hill. In a market where sellers routinely present inflated pro formas, I took the opposite approach—I built a concise, defensible underwriting package that substantiated our price and terms. I modeled rent-control turnover realistically, normalized operating expenses against actuals, and sized NOI growth based on what was provable, not aspirational. That credibility got us to the table and kept us there through diligence. If you're buying multifamily in SF, the math has to be honest. I'll make sure it is.

Value Delivered

Built a defensible underwriting package to substantiate price and terms

Modeled rent-control turnover to project realistic NOI growth

Normalized operating expenses against actuals to avoid overpaying

Organized unit access, inspections, and lease-file reviews

Aligned appraisal and lender diligence to hit closing timeline

Deal Highlights

Off-Market Deal

Off-Market Deal

1031 Buyer/Seller

1031 Buyer/Seller

Rental / Income Property

Rental / Income Property

TIC or Condo Structure

TIC or Condo Structure

Value-Add or Renovation Play

Value-Add or Renovation Play

Repeat Client

Repeat Client

Dual Agency

Dual Agency

Financing Was a Key Factor

Financing Was a Key Factor

Location

Purchase Price

$

5,100,000

Want to understand how this approach applies to your property? Let's talk.

Angus MacDonald

Contact

Your Property. Your Strategy. Let’s Get It Right.

Whether you're buying, selling, or navigating something more complex, I'll define the smartest path forward with you.