- For Sale $34,250,000
- Property Type Retail
- Property Size 156,043 SF
- Lot Size 25,265 SF
- Cap Rate % 8.2
- NOI / YR $2,806,097.00
- Property Tenancy Multi-Tenant
- Year Built 1921
- Year Renovated 2001
- Date Updated Nov 5, 2026
Description
1000 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.
Highlights
- 1000 Van Ness sits on the city’s premier north-south corridor, just south of Geary between Geary and O’Farrell, where ±125,000 vehicles pass every day.
- It is across the street from the CPMC Van Ness Campus and surrounded by civic and cultural anchors: City Hall, the courts, UC Law SF, the War Memorial Opera House and Davies Symphony Hall.
- Van Ness/Chinatown ranks #2 of 28 San Francisco retail submarkets for net absorption, with 65,353 SF of positive absorption over the last 12 months and 4.6% vacancy.
- The corridor is being rebuilt for growth.
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Contacts
NAI Norcal
Location
Located at 1000 Van Ness Avenue, San Francisco, CA 94109, this property is part of the Van Ness - Civic Center neighborhood and San Francisco market.
NAI Norcal
