Hotel-Motel

The Hart Hotel

87 6th St, San Francisco, CA 94103

Listing Price: $6,995,000

Cap Rate
5.92%
Number of Rooms
29
Gross SF
17,258
Price/Room
$241,207
RRM
19.13
Price/Gross SF
$405.32
Year Built
1906

Investment Overview

Marcus & Millichap is pleased to offer an investor the unique opportunity to acquire the Hart Hotel, a mixed-use commercial property located in the heart of San Francisco's rapidly growing South of Market (SOMA) District. The property consists of a 29-room residential hotel with a managers unit over four retail spaces including a cell phone tower. Tenderloin Housing Clinic currently leases 27 of the 29 rooms with two long term tenants occupying the other units. The lease commenced on May 1st of 2018 and expires in 2021. The hotel portion which is on the second floor consists of 29 Single Room Occupancy (SRO) licensed rooms, all including sinks, with three shared restrooms, two shared showers, a community kitchen and managers unit. The four-ground floor commercial spaces are rented to local long-term business owners at below market rent. The building is a 12,000 square foot two-story structure over a 5,200 square foot basement on a 6,000 square foot lot.

The Central SoMa Plan is expected to deliver nearly 16 million square feet for new housing and jobs, over $2B in public benefits, including: 33 percent affordable housing, $500M for transit, substantial improvements to open space, streets, and environmental sustainability, and funding for cultural preservation and community services.

Investment Highlights

  • Irreplaceable Real Estate
  • Four NNN Leases
  • 29 Updated SRO rooms
  • Redevelopment Opportunity on a Hard Corner

Exclusively Listed By

Listing Price: $6,995,000

Cap Rate
5.92%
Number of Rooms
29
Gross SF
17,258
Price/Room
$241,207
RRM
19.13
Price/Gross SF
$405.32
Year Built
1906

Investment Highlights

  • Irreplaceable Real Estate
  • Four NNN Leases
  • 29 Updated SRO rooms
  • Redevelopment Opportunity on a Hard Corner

Investment Overview

Marcus & Millichap is pleased to offer an investor the unique opportunity to acquire the Hart Hotel, a mixed-use commercial property located in the heart of San Francisco's rapidly growing South of Market (SOMA) District. The property consists of a 29-room residential hotel with a managers unit over four retail spaces including a cell phone tower. Tenderloin Housing Clinic currently leases 27 of the 29 rooms with two long term tenants occupying the other units. The lease commenced on May 1st of 2018 and expires in 2021. The hotel portion which is on the second floor consists of 29 Single Room Occupancy (SRO) licensed rooms, all including sinks, with three shared restrooms, two shared showers, a community kitchen and managers unit. The four-ground floor commercial spaces are rented to local long-term business owners at below market rent. The building is a 12,000 square foot two-story structure over a 5,200 square foot basement on a 6,000 square foot lot.

The Central SoMa Plan is expected to deliver nearly 16 million square feet for new housing and jobs, over $2B in public benefits, including: 33 percent affordable housing, $500M for transit, substantial improvements to open space, streets, and environmental sustainability, and funding for cultural preservation and community services.

Exclusively Listed By

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