1538 Polk Street

California & West + Apartments

Created date: September 11, 2023

Date last updated: September 11, 2023

Located in the Lower Nob Hill/Polk Gulch Neighborhoods. Highly Trafficked Commercial Corridor
43 Units in Total – 40 Hotel Units and 3 Retail Units. Hotel Units Master Leased to “Shirley Hotels”, 9 of Which are Licensed Tourist Units
Significant (324%) Potential Upside

Property Description

1538-1544 Polk Street is a mixed-use (hotel + retail) property in the Nob Hill/Polk Gulch neighborhood of San Francisco. The three-story property features three (3) retail units on the ground floor and a 40-unit SRO/hotel above that is master leased to an operator, “Shirley Hotels”. Of the 40 rooms, 21 are SRO units, 7 are SRO with partial baths, 9 are tourist/transient and 3 are for manager use. The SRO units without bathrooms share 3 common area bathrooms. Two of three retail units are occupied by a tuxedo retailer and a foot massage service. The 40 room hotel is currently month-month. A savvy investor may renegotiate the lease or operate the hotel to significantly increase cash flow. The property is in a central location of the Polk Street commercial corridor in Nob Hill. The street is famous for its historic architecture, Michelin-rated cuisine, and abundant retail amenities. It is an exceptional location for this type of property due to its walkability and easy access to public transit. The investment appeal of this property is its location in San Francisco’s most desirable neighborhood and its significant upside potential (324%).

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments \| Hotel/Motel \| Mixed-Use
Price:	$5,950,000
No. of Units:	43
Cap Rate:	1.47%
GRM /GIM:	34.88
Average Occupancy:	-1
Year Built:	1907
Building Size:	14,160 Sq ft
Lot Size:	4,720.00 Sq ft
No. of Stories:	3
APN:	0644-016
Zoning Code:	NCD
Opportunity Zone:	No
Price per unit:	$138,372
Property Website	Click Here