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

The file

I represented the buyer in acquiring a 24-unit multifamily building in San Francisco’s Lower Nob Hill. In a market where sellers routinely present inflated pro formas, I took the opposite approach—I built a concise, defensible underwriting package that substantiated our price and terms. I modeled rent-control turnover realistically, normalized operating expenses against actuals, and sized NOI growth based on what was provable, not aspirational. That credibility got us to the table and kept us there through diligence.

If you’re buying multifamily in SF, the math has to be honest. I’ll make sure it is.