423 South Van Ness Avenue

Highlights

• $1.1M committed commercial rent remaining at in-place rates
• 6-unit mixed-use Victorian — three 3BR residential flats over three ground-floor commercial suites; 9,280 SF
• AI/tech innovation hub — steps from OpenAI, Anthropic, Salesforce, Google, and KPMG driving high-wage demand
• Below replacement cost — $409/SF for a stabilized, income-producing mixed-use building in central SF
• Best-in-class walkability — Dolores Park, the Valencia corridor, Whole Foods, Safeway, Four Barrel, Blue Bottle, on-site Flying Pig Bistro
• Diversified income — durable commercial base layered under upside-heavy residential reduces single-tenant risk
• Locked-in commercial income — ~6-yr weighted-average lease term; anchor secured through March 2036
• Major residential upside — in-place rents ~51% below market across three 3BR flats
• NNN-style commercial reimbursements (~$25K/yr) offset owner operating expenses
• Prime crossroads location — South Van Ness / Mission / Folsom; one block to 16th St BART, immediate 101 & Central Freeway access
• Scarcity — six-unit mixed-use product in the Mission rarely trades, especially with long-term commercial anchors in place
• Staggered commercial rollover — 2028 / 2031 / 2036 expirations smooth re-leasing risk and create periodic mark-to-market resets
• Strong forward economics — 6.01% cap expanding to ~9.70% pro forma; GRM 12.77 ? 8.44
• Transit-rich, car-optional — 16th St BART, multiple Muni lines, and freeway access in one location
• Value-add through turnover — legacy residential leases (1996 & 2003) reset to market on natural vacancy

Location

Points of Interest