TENANT HAS EXPRESSED THIER INTENT TO EXTEND CURRENT LEASE TERM FOR ANOTHER 10-15 YEARS AT THE CLOSE OF ESCROW.
HIGHLIGHTS; Attractive Offering actual CAP Rate of 5.85% / ProForma CAP Rate of 6.05% (@ Next Built-in Rental Increase) / Mixed-Use Building (Storefront Retail/Pet Hospital, Second Floor Residential) / Current GRM of 15.59 with a ProForma GRM of 15.13 / The Total Property is Priced @ $522.34 per Sq. Ft. (This Includes the 2,050 Sq. Ft. Vacant / Shell Space). / Potential Value-Add Component Through Repositioning Second Floor Shell/Storage Space / Shell Space Conversion to be Determined by Potential Investor / Single Tenant NNN, 5-year lease, with built-in 3.00% annual rental increases / Current GRM of 15.59 with a ProForma GRM of 15.13 / Vet care and product sales attributed for a large amount of growth for the pet industry with over $30 Billion in revenues in 2020.
The San Francisco Pet Hospital (NOPA) is a two-story mixed-use building, with ground floor retail/medical, second floor residential unit and an additional shell space/storage area on the second floor (approximately 2,050 SF). The property is strategically located just East of Alamo Square Park in an area designated "North of Panhandle" district. The property was originally constructed in 1905, extensively retrofitted/ renovated in 1979 and features beautiful original aesthetics. The building totals 6,892 Sq. Ft. with currently approximately 4,842 rentable square footage and potential for unused storage/shell space of approximately 2,050 SF. Ft.
The property is well positioned near the corner of Fulton Street & Broderick Street on a 0.08 acre +/- lot. The property is currently configured as a ground floor Pet Hospital (NNN), second floor residential unit housing a highly upgraded two-bedroom, one-bathroom residential unit and approximately 2,050 Sq. Ft. shell/storage space. The SF Pet Hospital has a Five (5) year NNN lease, with built in 3.00% annual rental increase and options to extend.
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Data last updated on 3/24/23 at 2:17 AM UTC
