A century-old single-family home in San Francisco has listed for less than $500,000 — but a buyer must wait nearly three decades to move in.
An unidentified owner has listed the Edwardian, a 1,100-square-foot home at 30 North View Court in Russian Hill for $488,000, the San Francisco Chronicle reported.
The catch: buyer might not be able to change the locks until 2053.
The single-family home is an “investment opportunity for just the right buyer,” according to the listing by Park North Real Estate. It said the property is tenant-occupied and will be sold as-is.
“Current tenant claims SF City tenant protection class status,” it states. “Tenant’s current lease appears to grant tenants strong long-term rent rate restrictions, unconventional methods of rental payment and possible occupancy rights until 2053.”
It does not explain those “unconventional methods.”
The unidentified tenant pays $416.67 monthly rent and pays separately for the garbage, monthly water and utility payments, according to Park North Real Estate.
The white three-bedroom, two-bathroom house with a red tile roof, blue front door and single-car garage, built in 1924, includes a driveway and fenced-in backyard. Comparable homes in the neighborhood have an estimated worth around $3 million.
The tantalizing property comes with more disclaimers.
Its agents “do not guarantee access to the home” and strongly recommend that buyers review the seller disclosure package and consult with a local landlord/tenant agent before making an offer.
Additionally, they note that the former owner, a 100-year-old man, died of natural causes inside the home.
Broker Katie Tostanoski of Park North Real Estate holds the listing. She didn’t immediately respond to a request for more information from the Chronicle.
The Russian Hill home is not the only bargain in the brokerage’s quiver. Park North also offers a one-bedroom condo at 249 Boardwalk Avenue in San Bruno for $188,000 — described as a true “Fire Sale.”
“Property is gutted down to the studs due to fire,” according to the listing. “Outstanding opportunity for a contractor, investor or homeowner willing to pay CASH. Please use caution when viewing, as there are exposed construction materials. No access to the private deck, as the slider is damaged from fire.”
— Dana Bartholomew
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