Mixed-Use

2001 Van Ness

2001 Van Ness Avenue, San Francisco, CA 94109

Listing Price: $15,500,000

Cap Rate
3.34%
Gross SF
27,281
Rentable SF
27,281
Price/Gross SF
$568.16
Lot Size
0.63 acres

Investment Overview

Marcus & Millichap is proud to present to the marketplace the opportunity to purchase the fee simple interest in 2001 Van Ness Avenue; a four-story office building well-located on San Francisco's Van Ness. Built in 1920, the 27,281 SF mixed-use property is virtually 100% occupied by a mix of retail, full floor, and private office suites of varied sizes. The only suite to be delivered vacant is a 500 SF office suite occupied by the current ownership.

2001 Van Nes four stories are comprised of two floors of office over the garage level, all resting atop ground floor retail. The ground floor consists of three retail suites and an elevator lobby which serves the three above-grade floors, garage included. The second-floor garage level is comprised of 22 unobstructed, striped, spaces. To maximize parking, you can park an additional 4 cars tandem while still maintaining convenient ingress and egress for all other vehicles.The current ownership employs a garage management company who in turn employs one full-time attendant at the subject property during business hours. Although this allows the garage to hold more cars (20 visitor vehicles throughout each business day) it does not cover the cost of employing the parking management service and the expense should be removed. Our underwriting omits this expense as well as the associated visitor parking income. More detail on the second-floor parking level is available on pages 18-19. Additional clarity can be provided by the listing agents.

The subject property features a reinforced masonry construction as well as a reinforced concrete foundation. The property's roof is flat with a built-up top surface and has an HVAC system with roof-mounted condensers paired with 20-ton air handlers to service split units. The current ownership has completed significant property improvements totaling over $400,000 in the last 24 calendar months. Improvements include but are not limited to exterior painting, coating, sealant, and rehabilitation, new roof and substantial roof upgrades, air conditioner replacement and upgrade, elevator hydraulic system repair and upgrade, elevator car repair and upgrade plus cosmetic upgrades, lobby door security upgrades & security camera upgrades, garage door repairs, and other assorted improvements and repairs.

This investment opportunity offers a sophisticated investor the chance to increase income and decrease expenses through an aggressive, hands-on management strategy. Improvements to suite interiors and possible suite aggregation at lease expiration paired with an aggressive leasing program should afford the eventual purchaser significant growth in rental income, bringing the average property rents in line with achieved rents in similar quality properties along the Van Ness corridor.

Investment Highlights

  • 27,281-square-foot asset with virtually full occupancy
  • High visibility location with 53,684 average daily trips at Van Ness & Broadway
  • Possible future redevelopment of garage and/or entire lot
  • Value add opportunity through strategic management and interior renovations

Exclusively Listed By

Listing Price: $15,500,000

Cap Rate
3.34%
Gross SF
27,281
Rentable SF
27,281
Price/Gross SF
$568.16
Lot Size
0.63 acres

Investment Highlights

  • 27,281-square-foot asset with virtually full occupancy
  • High visibility location with 53,684 average daily trips at Van Ness & Broadway
  • Possible future redevelopment of garage and/or entire lot
  • Value add opportunity through strategic management and interior renovations

Investment Overview

Marcus & Millichap is proud to present to the marketplace the opportunity to purchase the fee simple interest in 2001 Van Ness Avenue; a four-story office building well-located on San Francisco's Van Ness. Built in 1920, the 27,281 SF mixed-use property is virtually 100% occupied by a mix of retail, full floor, and private office suites of varied sizes. The only suite to be delivered vacant is a 500 SF office suite occupied by the current ownership.

2001 Van Nes four stories are comprised of two floors of office over the garage level, all resting atop ground floor retail. The ground floor consists of three retail suites and an elevator lobby which serves the three above-grade floors, garage included. The second-floor garage level is comprised of 22 unobstructed, striped, spaces. To maximize parking, you can park an additional 4 cars tandem while still maintaining convenient ingress and egress for all other vehicles.The current ownership employs a garage management company who in turn employs one full-time attendant at the subject property during business hours. Although this allows the garage to hold more cars (20 visitor vehicles throughout each business day) it does not cover the cost of employing the parking management service and the expense should be removed. Our underwriting omits this expense as well as the associated visitor parking income. More detail on the second-floor parking level is available on pages 18-19. Additional clarity can be provided by the listing agents.

The subject property features a reinforced masonry construction as well as a reinforced concrete foundation. The property's roof is flat with a built-up top surface and has an HVAC system with roof-mounted condensers paired with 20-ton air handlers to service split units. The current ownership has completed significant property improvements totaling over $400,000 in the last 24 calendar months. Improvements include but are not limited to exterior painting, coating, sealant, and rehabilitation, new roof and substantial roof upgrades, air conditioner replacement and upgrade, elevator hydraulic system repair and upgrade, elevator car repair and upgrade plus cosmetic upgrades, lobby door security upgrades & security camera upgrades, garage door repairs, and other assorted improvements and repairs.

This investment opportunity offers a sophisticated investor the chance to increase income and decrease expenses through an aggressive, hands-on management strategy. Improvements to suite interiors and possible suite aggregation at lease expiration paired with an aggressive leasing program should afford the eventual purchaser significant growth in rental income, bringing the average property rents in line with achieved rents in similar quality properties along the Van Ness corridor.

Exclusively Listed By

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