Investment Overview

Marcus & Millichap is pleased to present for sale an infill San Francisco US Bank absolute NNN leased asset located in the coveted Jordan Park/Laurel Heights neighborhood. The building which was built in 1955 and has approximately 11,533 rentable square feet sits on a 12,000 square foot double lot at the corner lighted intersection of Geary Boulevard and Palm Avenue. The site is equidistant between the Presidio and the Golden Gate Park, two of the city’s best and largest public outdoor spaces. The tenant has been operating at this location since 1955 and has 3.8 +/- years remaining on their most recent option with annual rent escalations of 2% per year. This asset presents a very rare acquisition opportunity for an investor who wants to capitalize on the property’s redevelopment potential while enjoying years of solid cash flow from an investment grade tenant with no Landlord responsibilities. The Subject property will allow for up to 85 feet and eight stories if the proposed Expanding Housing Choice Rezoning Plan is Implemented. The property falls in the Geary Boulevard Neighborhood Commercial District which is located along Geary Boulevard between Masonic and 28th Avenues. It is a linear district located along a heavily trafficked thoroughfare which also serves as a major transit route. In addition to providing convenience goods and services to the surrounding neighborhood, the district offers a wide variety of comparison and specialty goods and services to a population greater than the immediate neighborhood. The building standards permit moderately large commercial uses and buildings. Rear yards are protected at residential levels. A diversified commercial environment is encouraged for the district, and a wide variety of uses are permitted with special emphasis on neighborhood-serving businesses. Financial service uses generally are permitted with certain limitations at the first and second stories. Other retail businesses, personal services, and offices are permitted at all stories of new buildings. Limited storage and administrative service activities are permitted with some restrictions. Housing development in new buildings is encouraged above the second story. Existing residential units are protected by limitations on demolitions and upper-story conversions.