$17,000,000 | MIXED-USE | FINANCIAL DISTRICT
662-668 Clay Street
Compass Commercial is pleased to present this unique buying opportunity
in San Francisco’s Financial District. Pyramid Commons is a mixed-use asset
consisting of 108 Single-Room Occupancy (SRO) residential hotel rooms and
4 commercial spaces. This high-quality asset allows a new owner to step
in and operate a turn-key residential hotel with stable commercial tenants.
The largest of the commercial spaces is occupied by the Guatemalan
Consulate, which is accessed at the rear of the property on Merchant Street.
There is approximately 14 years left on their initial lease-term. The other
two commercial tenants are a high-end concrete products designer and a
theraputic health-center. There is an additional space on Clay Street that
can be built out to be a fourth retail unit. There is also a large basement
that takes up the entire footprint of the building and can be utilized by a new
or exisiting commercial tenant. The SRO occupancy rate is currently 53%,
making this opportunity well-suited for non-profit organizations or operators
that desire flexibility and control over selection of new tenants.
The owners have spent approximately $2,000,000 on capital improvements
in order to make the property more attractive to prospective renters, achieve
higher market rents, and deliver a turn-key asset. A partial list of property
highlights includes the following:
• Long Term Lease with Guatemalan Consulate
• New Interior & Exterior Paint
• Renovation of Common Areas
• Upgraded Kitchen Facilities
• Upgraded Restroom Facilities
• 50 of 108 Rooms Have Been Remodeled
• Cured Various Deferred Maintenance Issues
• Removal of Underground Oil Storage Tank
• Numerous Storefront Improvements
This property is being offered in conjunction with the adjacent mixed-use
property at 700-710 Kearny Street.These assets can be purchased together
or separately. Please inquire with listing brokers.