News broke last week that the 94-year-old Lucca Ravioli would close this coming April, and that the Valencia Street building that houses the venerable deli and pasta shop would be placed up for sale. The Lucca Ravioli building and adjacent properties are now officially listed with the commercial real estate firm NAI Northern California, with an asking price of $8.285 million.
As the Chronicle notes, this is actually a three-building package that potentially combines the 1100, 1102-1110, and 1114-1118 Valencia Street addresses into one transaction. The listing does note that the three buildings are “available separately or as a package.”
More ominously for the current tenants of the second and third story apartments, the listing notes “the existing residential units above the commercial spaces represent a significant opportunity in their own right with astounding upside potential” and “current rents are approx. 131-percent below market” value.
NAI’s listing counts residential seven flats altogether between the three buildings. According to the sale overview, “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.” In other words, Lucca Ravioli and the ground-floor spots will be emptied out upon sale, and the rent-controlled upstairs apartments will be handled at the new owner’s discretion.
According to the listing, property tours are being conducted today (Feb. 5) from 2-3:30 p.m., and Thursday, Feb. 7 from noon-1 p.m. SF Weekly has reached out to NAI Northern California for comment, and will update this post with any response.