1000 Van Ness Avenue

Highlights:

• Full-block landmark: SF Landmark No. 152, listed on the National Register of Historic Places.
• Priced to win: $219/SF against a $377/SF comparable average.
• Anchor rent that rises: Apple Cinemas steps from a $1.08M minimum to $1.80M per year as sales grow.
• Built-in income growth: NOI of $2.81M stabilized, climbing to $4.73M optimized (+$1.92M).
• Skyline Suite upside: 31,348 SF of top-floor space returns at renovation completion (by October 2027), with LOIs in negotiation.
• Long-term tenants in place: Athletic House on a 10-year NNN lease with rent steps, and Ike’s renewed through October 2036.
• Retail-friendly zoning: formula retail is exempt from the conditional use requirement on Van Ness (Sec. 303.1).
• Momentum around the block: a $346M Van Ness transit upgrade, a 7–4 vote approving upzoning, and record AI-driven venture capital in San Francisco.

Description:

000 Van Ness Avenue | The Don Lee Building | $34,250,000 ($219/SF)

Own an entire San Francisco city block, a landmark with a Weeks and Day-designed facade, on Van Ness Avenue, the city’s main north-south artery. At approximately 92% leased today, the ±156,043 SF Parcels B and D are anchored by Apple Cinemas, which is renovating its nine-screen theater with luxury recliners and an IMAX with Laser upgrade. They also include a 10-year triple-net Athletic House fitness center, a renewed Ike’s through 2036, and a 31,348 SF Skyline Suite with LOIs in negotiation. Offered at $219/SF, 42% below the $377/SF average of recent comparable sales, the building stabilizes at $2.81M NOI (8.2% cap rate) and steps up to $4.73M as rents reach their contractual and market levels. Hand-delivered upside, a trophy address and a basis well below replacement make this a rare opportunity.

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