Description

Rare opportunity to acquire a historic corner mixed-use apartment building in the heart of San Francisco's resurgent South of Market neighborhood. The property consists of 10 residential units6 one-bedrooms and 4 studiospositioned above a large 3,300-square-foot bar and restaurant space, for a total of 9,300 square feet. Home to the original Hamburger Mary's, the building occupies an iconic place in San Francisco history and helped shape the city's vibrant nightlife and LGBTQ+ entertainment scene. With the ground-floor retail lease expiring next year, the property offers a compelling opportunity for an owner-user or investor to reimagine this highly visible commercial space with prominent frontage along Folsom and 12th Streets. Most residential units have been renovated with updated kitchens and bathrooms. Low operating expenses and substantial banked rentsif implementedindicate a GRM of 9.54 and a cap rate of 6.85%. Additional capital improvements include a completed seismic retrofit and fire alarm system upgrade.