Storied North Beach Venue Now Going the “Auction” Route
April 26, 2023
Despite having been reduced from $8.35 million to $7.5 million last year, a sale at which would have equaled roughly $511 per listed square foot, versus an estimated replacement cost of closer to $750 per square foot, a cost which some people conflate with a property value or market’s floor, a buyer has yet to emerge for the storied “Garibaldi Hall” at 435/443 Broadway.
The roughly 12,000-square-foot building, which was once the venue of choice for the likes of the Dead Kennedys, Black Flag, Iggy Pop, the Ramones and even Metallica, but has since morphed into a more refined “multi-venue event space,” is now slated to be “auctioned” in early June with a $3 million “starting bid.” We’ll keep you posted and plugged-in.
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Unfortunately, “starting” bids and not the same as minimum bids. The seller’s minimum sale amount is believed to be much higher that just $3 million. So, why waste your time?
This 435 Broadway property was also earlier offered for sale by Compass brokerage during 2019. Then by Meacham Oppenheimer during 2020. CBRE tried to sell it in 2021. Then Sotheby’s offered it for sale in May of 2022. Now they are trying an auction format that recently failed on a number of San Francisco properties including 5900 Third Street.
I agree. These non-foreclosure auctions are a huge waste of everyone’s time, and there is every chance you will be up against shill bidders.
They’re not real auctions.
Under Calif law when a Buyer’s Agent gives the Listing Agent an offer, it has to be presented to the owner. All the “auction” is, is for the opportunity for the highest bidder to have their price/terms presented, with a lot of hype and drama. The Seller can still say no and/or counter. So, skip the drama and hand your Offer directly to the Seller’s agent and wait to hear back.
I would love to see someone pick this up and bring in a really good event/music venue… that and also love to see the adjacent residential property on the parking get built as proposed.
How is the market for live events in San Francisco? Are theaters selling out shows frequently?
I think having residential next to live events doesn’t usually work out well.
@soccermom FWIW, I just saw two sold out shows at The Fillmore within a couple of weeks of each other (The Beths & Old 97’s).
I’d say the market for live music in S.F. is still very strong. I’m constantly checking emails from venues and looking at their calendars for bands I want to see – I try and get tickets well in advance of the show as it will most likely be sold out by showtime.
The Fillmore, The Independent, The Warfield, Great American Music Hall, The Regency, The Rickshaw Stop, August Hall (formerly Ruby Skye) Thee Parkside, Bottom Of The Hill, Boom Boom Room, The Chapel – there are still a lot of great live music venues in The City.
RIP to Slim’s, which has turned into some d-bag bottle service night club.
This location is not similar to other traditional San Francisco music venues. Instead, this section of Broadway is the city’s strip club epicenter. Unfortunately, these sweatpants wearing patrons (and other club and property owners) sometimes engage in violence. This occurred just 5 days ago across the street when a shooting death resulted.
Additionally, a 2013 bombing of this exact 435 Broadway property happened because of a dispute with the current property owner (who recently commented a few paragraphs down in this forum).
Is it possible to build a residential building and a music venue next to each other? I always thought the former destroyed the latter.
This building is the old Mabuhay Gardens, right? There’s a lot of music history in that place.
That’s correct, as linked above and we first outlined in more detail back 2019.
I played and saw so many shows there, upstairs at the On Broadway and downstairs at the Mabuhay. A beautiful building worthy of saving.
FWIW: In fairness to the seller, the picture should be updated. The façade has been repainted and doesn’t look quite so hideous now.
Exactly, the building has a new painting. It has been renovated, especially EXPENSIVE seismic work was successfully finished and also MANY improvements have been done. The property owners are also running both highly reputable special events venues since 1989 (please see Broadway Studios and Fame).
Have a nice day,
The property owner
I had so much fun in that building, I could probably write a novel. I don’t think they make fun like that anymore, now it’s all about the rent.