San Francisco House Hits Market for Half Its Worth, but You Can’t Move In Until 2053

The current tenant pays just $416.67 a month in rent.

San Francisco houses. Via

A rare opportunity has emerged in the heart of San Francisco’s coveted Russian Hill neighborhood — but you’ll have to be patient if you want to buy it.

A charming three-bedroom Edwardian home has been listed at an astonishing $488,000 — a fraction of its true market value. However, potential buyers should be aware of a significant caveat.

The house, currently occupied by a protected tenant, comes with occupancy rights that may not be available for 29 years. The current tenant pays just $416.67 a month in rent, far below the market rate, and the resident “has possible occupancy rights until 2053,” the Daily Mail reports.

Despite this unusual arrangement, the property has attracted considerable interest. Over the weekend, prospective buyers formed lines around the block for a chance to view the house. By Sunday, the home was already under offer.

Located at 30 North View Court, this fully-detached Edwardian-style family home features an enviable position in one of San Francisco’s most desirable areas. The low listing price immediately caught the attention of many, especially given that the property could potentially generate an estimated $3,360 a month in rent.

The property came onto the market following the death of its previous occupant, who was older than 100 years old and passed away of natural causes inside the home.

While the situation may be complex, the allure of owning a piece of real estate in Russian Hill at such a bargain price continues to draw interest from potential buyers.
For now, it remains to be seen who will take on this unique real estate challenge and what the future holds for this historic home.

The New York Sun

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