1538 Polk St
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1538 Polk St
43 Unit Apartment Building $5,950,000 ($138,372/Unit) San Francisco, CA 94109
Investment Highlights
- Located in the Lower Nob Hill/Polk Gulch Neighborhoods. Highly Trafficked Commercial Corridor
- Significant (324%) Potential Upside
- 43 Units in Total - 40 Hotel Units and 3 Retail Units. Hotel Units Master Leased to “Shirley Hotels”, 9 of Which are Licensed Tourist Units
Executive Summary
1538-1544 Polk Street is a mixed-use (hotel + retail) property in the Nob Hill/Polk Gulch neighborhood of San Francisco.
The three-story property features three (3) retail units on the ground floor and a 40-unit SRO/hotel above that is master leased to an operator, Shirley Hotels''. Of the 40 rooms, 21 are SRO units, 7 are SRO with partial baths, 9 are tourist/transient and 3 are for manager use. The SRO units without bathrooms share 3 common area bathrooms. Two of three retail units are occupied by a tuxedo retailer and a foot massage service. The 40-room hotel is currently month-month. A savvy investor may renegotiate the lease or operate the hotel to significantly increase cash flow.
The property is in a central location of the Polk Street commercial corridor in Nob Hill. The street is famous for its historic architecture, Michelin-rated cuisine, and abundant retail amenities. It is an exceptional location for this type of property due to its walkability and easy access to public transit.
The investment appeal of this property is its location in San Francisco's most desirable neighborhood and its significant upside potential(324%).
The three-story property features three (3) retail units on the ground floor and a 40-unit SRO/hotel above that is master leased to an operator, Shirley Hotels''. Of the 40 rooms, 21 are SRO units, 7 are SRO with partial baths, 9 are tourist/transient and 3 are for manager use. The SRO units without bathrooms share 3 common area bathrooms. Two of three retail units are occupied by a tuxedo retailer and a foot massage service. The 40-room hotel is currently month-month. A savvy investor may renegotiate the lease or operate the hotel to significantly increase cash flow.
The property is in a central location of the Polk Street commercial corridor in Nob Hill. The street is famous for its historic architecture, Michelin-rated cuisine, and abundant retail amenities. It is an exceptional location for this type of property due to its walkability and easy access to public transit.
The investment appeal of this property is its location in San Francisco's most desirable neighborhood and its significant upside potential(324%).
Financial Summary (Pro forma - 2022) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2022) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,950,000 | Apartment Style | Low Rise |
| Price Per Unit | $138,372 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| No. Units | 43 | Building Size | 14,160 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1907 |
| Price | $5,950,000 |
| Price Per Unit | $138,372 |
| Sale Type | Investment |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 14,160 SF |
| No. Stories | 3 |
| Year Built | 1907 |
Site Amenities
- On-Site Retail
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Walk Score®
Walker's Paradise (100)
Transit Score®
Excellent Transit (87)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 0644-016 | Total Assessment | $2,489,309 (2023) |
| Land Assessment | $1,301,067 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,188,242 (2023) | Tax Year | 2022 |
PROPERTY TAXES
Parcel Number
0644-016
Land Assessment
$1,301,067 (2023)
Improvements Assessment
$1,188,242 (2023)
Total Assessment
$2,489,309 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2022
zoning
| Zoning Code | NCD (https://codelibrary.amlegal.com/codes/san_francisco/latest/sf_planning/0-0-0-25662) |
| NCD (https://codelibrary.amlegal.com/codes/san_francisco/latest/sf_planning/0-0-0-25662) |
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1538 Polk St
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