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924 Sansome St 19,212 SF Office Building San Francisco, CA 94111 $5,800,000 ($301.89/SF) 9.77% Cap Rate
INVESTMENT HIGHLIGHTS
- Rare full building opportunity.
- Flexible configuration suitable for single tenant building occupant or demised for two tenants each with separate ground floor entrances & branding.
- Freight elevator services all three levels.
- Partial conversion to office already completed.
- Creative brick and timber construction with high ceilings and heavy power and utilities.
- Potential for roof deck with partial water views (buyer to confirm).
EXECUTIVE SUMMARY
Kidder Mathews is pleased to offer investors a value-add investment opportunity located at 924 Sansome in the heart of Jackson Square/Levi Plaza in San Francisco. For nearly half a century the property was home to Henry’s Hunan, a restaurant chain started by Henry Chung who pioneered spicy Hunanese cuisine in the United States that was memorialized for Henry's food legacy by the New York Times after his death. The property originally featured a ground floor restaurant, second floor banquet room and a full garage at grade in the rear serviced by a roll up door with a freight elevator serving all floors. This property which is close to Jony Ive's new tech hub in Jackson Square has begun the conversion to spec office and is ready for a new owner to complete the work.
Conversion to spec office is around 50% complete. OWNER FINANCING AVAILABLE OAC.
Recently the ownership begun converting the building to spec office by removing all restaurant equipment and stripping the premises to shell for office improvements. Plans for a two-story single tenant or two independent single floor office tenants been approved by the city and some work towards installing new mechanical and restrooms has commenced. Investors or owner-users will enjoy the flexibility to complete the remaining improvements for office or other use as the flexible C-2 zoning provides for a variety of uses.
The property is located on Sansome, a major vehicular thoroughfare exiting the San Francisco FiDi and closely bisects Broadway which cuts through Russian and Nob Hill to the Pacific Heights, Marina, and Cow Hollow Districts. The site straddles the popular Jackson Square and Levi Plaza historic office districts and tenants will benefit from easy access to public transportation, eclectic eateries and proximity to North Beach and Embarcadero Restaurants. The property is believed to have been a former parking garage and then a cold storage facility and under the most recent office conversion permit no additional seismic was required. (buyer to confirm).
Conversion to spec office is around 50% complete. OWNER FINANCING AVAILABLE OAC.
Recently the ownership begun converting the building to spec office by removing all restaurant equipment and stripping the premises to shell for office improvements. Plans for a two-story single tenant or two independent single floor office tenants been approved by the city and some work towards installing new mechanical and restrooms has commenced. Investors or owner-users will enjoy the flexibility to complete the remaining improvements for office or other use as the flexible C-2 zoning provides for a variety of uses.
The property is located on Sansome, a major vehicular thoroughfare exiting the San Francisco FiDi and closely bisects Broadway which cuts through Russian and Nob Hill to the Pacific Heights, Marina, and Cow Hollow Districts. The site straddles the popular Jackson Square and Levi Plaza historic office districts and tenants will benefit from easy access to public transportation, eclectic eateries and proximity to North Beach and Embarcadero Restaurants. The property is believed to have been a former parking garage and then a cold storage facility and under the most recent office conversion permit no additional seismic was required. (buyer to confirm).
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Building Size
19,212 SF
Building Class
C
Year Built
1911
Price
$5,800,000
Price Per SF
$301.89
Cap Rate
9.77%
NOI
$566,660
Tenancy
Single
Building Height
3 Stories
Typical Floor Size
6,404 SF
Building FAR
2.64
Lot Size
0.17 AC
Zoning
C-2 - Suitable for a variety of uses including: retail sales, institutional sales, non-retail sales and services, general office use although currently be.
Parking
22 Spaces (1.15 Spaces per 1,000 SF Leased)
AMENITIES
- High Ceilings
- Natural Light
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Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 0142-005 | Improvements Assessment | $2,901,463 |
| Land Assessment | $4,758,398 | Total Assessment | $7,659,861 |
PROPERTY TAXES
Parcel Number
0142-005
Land Assessment
$4,758,398
Improvements Assessment
$2,901,463
Total Assessment
$7,659,861
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924 Sansome St
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