3900 Geary Boulevard
LL CRE Helps Client in 1031 Down Leg Exchange Out of Underperforming Asset Into Net-Leased Retail & Townhouse
Property Sold
11-Unit Mixed-Use Office/Retail Property
Inner Richmond District
The LL CRE Group helped our client sell this 11-unit mixed-use property located on a busy corner of Geary Boulevard in San Francisco’s Inner Richmond District. The COVID-19 pandemic caused this property to underperform, halving its net operating income due to increasing vacancy and management issues. The client sought our expertise to trade out of the property and into an asset that was easier to manage with better financial prospects.
After an intensive marketing campaign, our team was able to sell the asset in an all-cash transaction, “as-is”, to a local Burger King franchisee. We were able to use the proceeds from the sale to conduct a 1031 exchange for our client, identifying and helping him purchase a net-leased Starbucks in Texas and a townhouse in the city of Atherton, California.
Our client was able to trade into a better performing net-leased Starbucks.
Sale Price
$2,600,000
Increase in Cash Flow
482%
Property Details
Sold Property with location central to the Presidio and Golden Gate Park. 7 offices and 4 retail units
Anchored by Burger King
Highly visible signalized corner
Sold for $2,600,000 – proceeds used in a 1031 exchange for a net-leased Starbucks and townhouse
Increased cash flow by 482% through purchase of better performing assets
Moved capital to an income tax free state