Buyer RepresentationIncome propertyRepeat clientFinancing-led

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

949 Post St, San Francisco11,800 sq ft24 units

949 Post St, San Francisco — primary photograph — 949 Post St, San FranciscoExhibit A

949 Post St, San Francisco — photograph 2 — Exhibit B

949 Post St, San Francisco — photograph 3 — Exhibit C

The file

I represented the buyer on a 24-unit building in Lower Nob Hill. Sellers in this market routinely price off inflated pro formas, so I went the other way and built a concise underwriting package we could defend line by line: rent-control turnover modeled realistically, operating expenses normalized against actuals, NOI growth sized to what was provable. That package carried the negotiation and held up through appraisal and lender diligence to a timely close.

Multifamily in San Francisco rewards honest math and punishes the other kind.

Value delivered

01Built a defensible underwriting package to substantiate price and terms
02Modeled rent-control turnover to project realistic NOI growth
03Normalized operating expenses against actuals to avoid overpaying
04Organized unit access, inspections, and lease-file reviews
05Aligned appraisal and lender diligence to hit closing timeline

A version of this problem is probably on your desk.