Historic Steinhart Hotel Sells For $31 MillionSeptember 18, 2015
Having hit the market listed for $27 million in June, the sale of the historic 57-unit ‘Steinhart Hotel’ at 952 Sutter Street has closed escrow with a reported contract price of $31 million.
Built in 1910 for Ignatz Steinhart, as in the Steinhart Aquarium, the six-story Nob Hill building is technically a residential hotel, which means that short-term rentals or traditional hotel stays are not allowed, at least not legally.
No official word on the plans for the building, the listing for which noted that 48 of the units could be delivered vacant at the close of escrow.
Comments from Plugged-In Readers
Put in mini-kitchens and rent them for $3000 a month?
See the first link to a previous thread. They already got kitchens, and not mini ones.
Makes no sense to pay $544K per door. With each doors at rented at $400 per night with an average of 200 nights a year it’s only $80k per door per yr. At $400 per door rented at 365 nights it’s $146k per door per year.
I don’t see how this makes any money for a long time….what am I missing?
Can someone do the cap rate on this?
Sutter Street? Nob Hill?
sell off each as a TIC? corporate rentals?
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