The Mission Terrace 76 station at 1798 Alemany Boulevard, which occupies a 16,500-square-foot parcel on the northwest corner of Alemany and Ocean Avenue is on the market. And yes, the centrally located site is zoned for development up to 40 feet in height, not including any density bonuses which could be claimed.
But the gas station has been generating around a million dollars a year in gross profits and the land upon which the station sits isn’t leased. And as such, the land and station are being offered as a package with a $7.1 million offering price.
so the gas station is 1st floor retail.
Yeah. Please point us to a single location in San Francisco or anywhere in the greater Bay Area where residential multi-family housing is located over a gas station. I’m sure we’d all like to see that.
dry… keep it (your powder) dry
After seeing the process done so many times in the Mission over the last two decades, I’ve always wonder what a ballpark cost is for tearing out those tanks/doing ground remediation/solving whatever other environmental concerns there are to get a gas station site suitable for residential use.
Often the biggest cost is just the carrying cost of the parcel as it’s toxins are remediated. That often takes many years, sometimes over a decade.
I suspect that is the case as well. Anecdotally, I’ve watched the process take anywhere from ~12-18 months to “developer probably ran out of money years ago?” before breaking ground. Regardless, I seriously doubt anyone will be paying 2021 market rate to get into the gas station business.
The article says the business is throwing off a million a year in profit. I am skeptical but if it is true, wouldn’t the land and business justify a higher asking price??
Yes. More like $20M capitalized value.
Keep in mind that the “gross profit” calculation likely excludes any accounting for the value of the land/location that’s being employed or any owner/operator comp.
Let’s throw some coin together and buy as is?
Oftentimes these GS deals include an environmental indemnification from the supplier ie Valero,Chevron etc. They will foot the bill for any contamination remediation. It is a multi year process to close out these cases.
i hope this place stays. in that part of the neighborhood (for gar) it’s either Silver/Mission which is kinda small, dark and grungy or this place which is older but spacious and well-lit. there’s shell at Geneva/Alemany but that’s down the way and more trafficy
Silver/Mission is better during the day for crusing the mami’s while you’re filling up tho
as for the developing of it, i think that corner is going to get an overbuilt feel with the mall going up where Little Bear was. that’s already going to be imposing in the neighborhood and add lots of crawling lines of cars and car horns
They need to develop the street-walking elements from Ocean Ave to Mission (sidewalks, trees, landscaped protective side walks, and better retail storefrontage. Than couple that with a T-Line extension up Geneva Harney to Balboa Park Station which would connect better the Balboa Reservoir, with India Basin and downtown in a round the bay loop. Schlage Lock Factory Site, Sunnydale, Potrero and Alice Griffith Hunters View, and BVHP projects all would be connected by the lines, and you can also than include the Cow Palace as a future site of housing redevelopment.