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Lakeside Investment Co. Acquires Retail Property On 1000 Van Ness Avenue For $28M
SOLD
$28,000,000
California
See Similar DealsRetail122,158 SF
Sold 12/05/2023
SOLD
Lakeside Investment Co. Acquires Retail Property On 1000 Van Ness Avenue For $28M
1000 Van Ness Avenue
See Similar DealsRetail122,158 SF
Sold 12/05/2023
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$229
Total Square Footage:122,158 SF
Transaction Type:Sale
San Francisco's historic 1000 Van Ness Ave. has been sold for $28 million to 1000 Van Ness LP, believed to be linked to Lakeside Investment Co. The property, once a major movie theater, has a total square footage of 122,158 and a price per square foot of $229.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $28,000,000
- Address: 1000 Van Ness Avenue, San Francisco
- Market: San Francisco
The buyer of the property is Lakeside Investment Co., represented by James Kilpatrick from NAI Northern California. On the other hand, the seller is Site Centers Corp, with David R. Lukes as their representative. Jake Levinson from Ground Matrix is the seller's broker representative. The discounted sale of 1000 Van Ness Ave. raises questions about the future of the building in the downtown market, which has been impacted by pandemic-related theater closures.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,493,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$99,478.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$132,734.28
Annual Debt Service$1,592,811.42
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