Mixed Use Trophy Corner Building | Union Square

About this listing

DESCRIPTION

507 Bush/347-359-363 Grant Ave is an architecturally attractive mixed-use trophy corner building located in the heart of San Francisco’s Union Square/Financial District. It houses The Urban Hotel, a three-story property with 55 rooms. The Urban offers budget-friendly accommodations with shared facilities, including a variety of room types like economy doubles and singles, all with shared bathrooms. It caters to travelers looking for affordable lodging in a top location. The Urban Hotel is in excellent condition and very well operated by Engage Hospitality LLC, a talented and experienced operator with a 10 year master lease. They have been managing 100% of the daily residential operations since 2017. The first floor offers over 8,000 square feet of prime retail space along Grant Avenue, making it ideal for retail businesses seeking high visibility in a superb A+ location. The corner space (359 Grant Avenue) is currently occupied by a high-volume Starbucks store with a recently negotiated long term lease extension. There is also a beautiful two level retail space located at 363 Grant Avenue, ideal for luxury retail shops, which was most recently occupied by Serge Sorokko Gallery and previously by American Apparel and West Coast Leather. This space is currently vacant, however the property is being sold with a 3 year NNN rent guarantee in place. The building is flexible and well suited for a variety of buyers, such as legacy investors, exchangers, syndicators, developers, hotel operators, and retail owner/users. The building has been seismically retrofitted. See attached Lease Summary.

HIGHLIGHTS

• • Fantastic Cap Rate!!
  • Excellent Union Square Location!
  • Across Street from Famous Dragon Gate (Entry to Chinatown) & Cafe De La Presse
  • One Half Block from Le Central Bistro
  • Two Blocks from Center of The Financial District
  • Architecturally Appealing Mixed Use Commercial Building
  • Located on the Corner of Bush Street & Grant Avenue
  • 2.5 Blocks From Union Square Shopping
  • High Volume Corner Starbucks with Long Term Lease - Approx. 1,119 SF
  • High End Retail Space with 3 Yr. Rent Guarantee - Approx. 7,033 SF
  • 55 Room Hotel Delivered with 10 Year Master Lease with an Experienced Hotel Operator - Approx. 11,800 SF
  • Number of Total Rooms as Originally Constructed: 58
  • Number of Total Rooms as Currently Configured: 55(3 have been temporarily taken out of service)
  • Number of Rooms Approved for Tourist Occupancy as Originally Constructed: 18
  • Number of Rooms Approved for Tourist Occupancy as Currently Configured: 15
  • Number of SRO Rooms as Originally Constructed/Currently Configured: 40***
  • Abundant Use Possibilities
  • Seismic Retrofit Completed
  • 600 AMPs Electrical Service

AREA

Located in the Union Square Commercial neighborhood in the heart of downtown San Francisco's Financial District, 507 Bush Street/347-359-363 Grant Ave. is near major landmarks like Chinatown, Union Square, and the TransAmerica Pyramid. It boasts an AAA location directly across Bush Street from the famed “Dragon Gate”, one the most popular tourist photo opportunities in San Francisco. The area is known for its significant foot traffic, surrounded by retail shops, restaurants, and public transport options, enhancing its appeal for potential tenants. Bush Street is a major arterial from the western part of the City to Downtown, the Financial District, Chinatown, Union Square and the Embarcadero with one of the highest vehicle traffic counts in San Francisco. Grant Avenue has amazing foot traffic with shoppers and tourists traveling between Union Square shops, Chinatown and North Beach. Public transportation via Muni and BART is nearby, which gives good access to all parts of the City. Freeway entrances and exits are also nearby, giving easy access to and from the Peninsula and East Bay.