The Geller-Williams Team of NAI Northern California, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in a portfolio of mixed-use assets on the dynamic Valencia corridor, also available individually. The three buildings located at 1100, 1102-1110 and 1114-1118 Valencia St. consist of 7 expansive flats and approximately 5,588 of street-level retail/commercial space. The commercial spaces consist of a retail storefront at 1100 Valencia and food manufacturing and warehouse spaces at 1104, 1108 and 1114 Valencia St. which are currently occupied by Lucca Ravioli. The commercial/retail spaces will be vacated at close of escrow presenting savvy investors with an exceptional opportunity to re-position this high street retail location into an enviable mixed-use portfolio.
A feasibility analysis of the zoning, architectural, engineering and historic constraints has been performed and it has been preliminarily concluded that a conversion of the food manufacturing and warehouse spaces to higher performing uses is achievable. The flexible NCT zoning and current building configuration allow for a dynamic range of potential uses and configurations with, retail, service and residential uses all being practical*. Furthermore, the existing residential units above the commercial spaces represent a significant opportunity in their own right with astounding upside potential.
1114-1118 Valencia St. is a, 3-unit, mixed-use building located mid-block between 22nd and 23rd Streets. It is comprised of (1) 7-room flat (5bd/1.75ba), (1) 6-room flat (4bd/1ba) and (1) street level commercial space. Unit 1116, the 7-room flat, features a master bedroom with dedicated bathroom and has been updated with newer flooring, kitchen counters, cabinets, appliances and many updated windows. Both full-floor flats (1116 & 1118) feature classic period details such as ornamental fireplaces and curved bay windows. They also both benefit from enclosed porches with ample storage and in-unit laundry connections. The commercial space is currently used as a commercial food manufacturing facility for Lucca Ravioli and will be delivered vacant at close. At present, the commercial space is divided into two bays: a commercial kitchen and a large walk-in refrigerator area. The underutilized commercial space offers tremendous opportunity for an adaptive re-use of this space with a number of possible configurations and uses. There is also an astounding 109% upside in the residential rents offering savvy investors more than one way to significantly increase cash -flow as well as the value of the property.
*All interested parties should investigate the proposed project with their own team of professional consultants, including a licensed architect, structural engineer and land-use attorney. The sellers make no implied warranty or guarantees as to the viability of the proposed project.
**Main photo is a rendering of the potential bldg. configuration post-conversion of two commercial spaces.
