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 54 rooms. The Urban Hotel is licensed for 40 residential rooms and 18 tourist rooms, currently there are only 14 tourist rooms in service for a total of 54 rooms. Four of the rooms have been temporarily decommissioned for use as storage, hotel office and lobby/communal space. The Urban Hotel is in excellent condition and very well operated by Engage Hospitality, LLC, a talented and experienced operator. They have been managing 100% of the daily residential operations since 2017. The building includes over 8,100 square feet of prime retail space along Grant Avenue, making it ideal for retail businesses seeking high visibility in a superb A+ location. The vacant corner space at 359 Grant Avenue is just over 1,100 square feet with excellent signage. There is a beautiful two level retail space located at 363 Grant Avenue (over 7,000 square feet), 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. The retail spaces benefit from high tourist foot traffic filtering through the famous Dragon Gate directly across the street. 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.

HIGHLIGHTS

• 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 Visibility Corner Space - Approx. 1,119 SF High End 2 Level Retail Space - Approx. 7,033 SF 54 Room Hotel - Approx. 11,800 SF Number of Total Rooms as Originally Constructed: 58 Number of Total Rooms as Currently Configured: 54 (4 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: 14 Number of SRO Rooms as Originally Constructed/Currently Configured: 40* Abundant Use Possibilities Seismic Retrofit Completed 600 AMPs Electrical Service *) The existing zoning allows collection of rents/renting rooms/unit
  for less than 30-days. There is a zoning ordinance revision, 36.23,
  that would limit the non-tourist units to be rented for periods of
  31 days or longer which could commence as early as April 2025.
  However, DBI allows owners to apply for extensions which the Sellers
  have done so. Responses/decisions by the committee should be
  issued before year end according to a member of the DBI team.

AREA

Located in the heart of downtown San Francisco in the Union Square/Financial District, 507 Bush Street/347-359-363 Grant Ave. is near major landmarks like Chinatown, Union Square, and the TransAmerica Pyramid. It boasts a triple A location directly across Bush Street from the famed “Dragon Gates”, 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 the Peninsula and East Bay.