his is a unique opportunity to own a very special and charming property on an historic* lane.  Located on prime Russian Hill. Close proximity to the shops and restaurants of North Beach, Pacific Heights and the Marina. It’s on a street-to-street lot facing historic Macondray Lane at one end and Union Street at the other.  It consists of three buildings on the same lot, with a two car side-by-side garage. Each unit is described as follows:

* Macondray Lane is designated an historic area by National Registry.                                                                                                                                                                      It is also known as the setting for the fictional “Barbary Lane” in Tales of the City.

Visit the website www.marvelousmacondray.com

(Continued on reverse side)            Call Listing Agent for an appointment to view

74 Macondray Lane is a fabulous view home. It is on two levels with two bedrooms and two bathrooms, living room, study and formal dining room. Entry is from the greenery and privacy of Macondray Lane into a sizable foyer with soaring ceiling, circular skylight and unique “mother of pearl” style glass chandelier.  The dining room, screened from the entryway by a unique art deco cast iron lattice, looks out onto the gardens of Macondray Lane.  From the living and master bedrooms are sweeping views of the bay, city, Alcatraz and Angel Island.  A set of stained glass windows, hardwood floors, high ceilings, wrought iron staircase, wood-burning arts and crafts style fireplace, and lovely, sunny walk-out deck all add to this home’s loads of character.  The kitchen has been updated with maple wood cabinets and floor, tile counter tops, stainless steel appliances and a skylight.  One of two garage spaces on the Union Street side of the property goes with this owner occupied house.  There is storage on the level below this unit.

The lower level is 74-A Macondray, a compact studio apartment with a separate entry from Macondray and easy access from the house above.  It has views of the Bay and Angel Island.  It most recently rented for $1,095.00 per month and is now vacant. Approximate rental value is $1,200 per month.  The report of residential building record (the “3-R” report) states that 74-74-A Macondray is a single family dwelling and one guest room with cooking.

975 Union Street is a private cottage with one bedroom, one bathroom and a living room on the top level.  The bottom level is used for storage.  A wood-burning arts and crafts fireplace accents a living room with hardwood floors and an abundance of natural light from windows on three sides.  It is set back and accessed from Union through the garden by way of a brick lined path. It has a useable front garden separating it from the front cottage at 979 Union Street. It is currently vacant. One of the garage spaces on Union Street could be designated for it, as well. Owner has control of both parking places.  Potential rent on this unit is approximately $2,000 per month with garage parking.

979 Union Street is a cozy brown shingle cozy studio cottage with kitchen and bathroom. It also has access to the garden. It currently rents for $851.57 per month on a month-to-month basis.

Creative Possibilities:

• This property can be purchased as a four unit property or a tenancy-in-common.
• Suggested prices as “tics”:  If two parties purchased the property as two tenants-in-common an interest in the two Union Street cottages and one garage could be purchased for $725,340. (a 33% interest) and an interest in the Macondray Lane home, studio and one garage could be purchased for $1,472,660. (a 67% interest).
• This is an excellent candidate for condo conversion.
• There is great development potential, such as increasing the living space to the cottages on Union Street, and expanding the living and storage spaces for the Macondray Lane home.  These are suggestions only and would require city approvals.

    Notes:

·               Escrow opened with Chicago Title Company, Maureen Dullea,

          2001 Union Street #200, San Francisco, CA 94123.

          Escrow # 743142-RWM

·               Seller would like to remain in the property until June 1, 2005

·               Disclosure package is available online at www.myescrowinfo.com 

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