1200 Pacific Ave Sold as Part of 1031 Exchange
Marcus & Millichap Represent Buyer on Prime Nob Hill Mixed-Use Property
San Francisco, Calif.,?Dec. --?2022 –?Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment firm, is pleased to announce the sale of 1200 Pacific Avenue, a 4-Unit Mixed-Use property at the true corner of Pacific & Jones on beautiful Nob Hill. The asset was sold for $2.480 Million, which equates to just above a 5% cap rate.
1200 Pacific Avenue is a four unit building located at the corner of Jones & Pacific in Nob Hill. The well maintained property includes two commercial spaces and two apartment units. The apartments consist of one 4-room unit and one 5-room unit. The commercial units are home to a dental office and a martial arts studio. The sizable, clean basement offers ample storage.?
This property is located in one of the most active parts of Nob Hill. A few blocks away are locally and nationally known sites such as Grace Cathedral, the Mark Hopkins Hotel, & Huntington park at the top of Nob Hill. Some great restaurants within walking distance are the House of prime Rib, The Nob Hill Café, Harris’ Restaurant, Bob’s Donuts, & many more.
The Financial District, Chinatown, the Embarcadero and Union Square are also nearby. It is a true walker’s neighborhood where many of the residents do not need a car or can easily use the abundant forms of public transportation.
Sold by a private investor and bought in a 1031 exchange, this property presented an outstanding opportunity to own a well maintained building with upside rental potential in one of San Francisco's best locations.?
For?additional information about this transaction or to learn more about our team & services, please contact:
Gino Franco | (415) 625-2167 |?[email protected]
Sanford Skeie | (415) 625-2153 |?[email protected]
Nico Toracca | (415) 625-2154 |?[email protected]
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:?www.MarcusMillichap.com?