Location, Location, Location! 3-Unit Mixed Use property, in highly desirable Clement Street corridor. Tremendous VALUE, large 5,408 sf building. Great upside on rents, commercial tenant pays 10% annual RENT INCREASES. In-Place Gross Annual Income $140,085. Cap Rate as of 3/19/19: 4.32% with average cap rate through 2022: 4.56%
The eateries on Clement are cursed, with the exception of Good Luck Dim Sum. Remember Coriya Hot Pot? Closed. How about the Hong Kong style cafe on the corner of Clement and 11th? Went out of business. Oh and the Szechuan restaurant on the corner of Clement and 6th? Changed ownership gazillion times.
Hmmm, most Sunset restaurants are flourishing⌠Coincidence??? Not!!! Richmond is a dying neighborhood whereas the Sunset is where the sun is shining!!!
Not really. Restaurants on Geary are thriving; only Clement is cursed. Sunset eateries are not doing so hot either, but they are more scattered and less concentrated on one street. Just Noriega alone, ABC closed and another hot pot place across from ABC also went out of business. Rice Valley on Irving shut its doors as wellâŚterrible.
Itâs not selling. Just cut $200k off asking price. I am seeing multi-fam stagnating in SF. Maybe people are scared of Prop 10? This one at least has the retail downstairs to soften the rent control blow.
Exactly, thatâs why I donât head to the Richmond district for anything. Parking in the Sunset is a relative breeze compared to the Richmond. Ok, you restaurant entrepreneurs, you may want to reconsider your Richmond location and head to the Sunset side instead or youâll be sorry!!!
