Purchased as an un-entitled Tenderloin parcel for $1.6 million three years ago, plans for an eight-story, market-rate building with 23 sub-500-square-foot residential units to rise on the 430 Eddy Street site were approved by the City early last year.
Two months later, the now “Fully Entitled!” site returned to the market listed for $5 million, a price of roughly $220K per entitled unit, which was “around the price per unit that developers have been paying for luxury sites around the city,” as we first reported at the time.
The asking price for the parcel was subsequently reduced to $4.8 million, or “closer to $200,000 per entitled unit (which remains in the current luxury price range),” as we also first reported at the time.
And today, the asking price for the 430 Eddy Street parcel is down to $3.5 million or roughly $152,000 per entitled unit (not including the value of its ground floor commercial space) with the building permit for the project having been requested and expected to be approved within the next four to five weeks.