An Opportunity to Capitalize on a Bernal Heights Blaze
February 1, 2017
The fire that consumed the former Cole Hardware at 3312 Mission Street and badly damaged the adjacent buildings – including the Graywood Hotel at 3308 Mission, a single-room-occupancy (SRO) hotel with 28 rooms – left 58 people homeless and the 3300 Club on the corner out of business.
While the former tenants of the Graywood technically have a right to return, unlike the operators of the 3300 Club or El Taco Loco, the hotel has since been gutted.
And the 3300-3308 Mission Street building is now on the market for $3.5 million, touting “a great opportunity for a developer to reposition the property into a cash cow.”
The hotel, which had racked up numerous complaints from tenants over the years and subsequent citations from the City, was purchased for $1.695 million in 2004.
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Correct me if I’m wrong but, I believe it’s illegal to convert SRO units to regular rental units or condos. Can someone chime in? Either way, profiteering off of a devastating fire that left dozens of poor and vulnerable homeless is pretty low.
I think you’re right (but am not positive).
That said, it may be more cost-effective for the owner to not rebuild then it would be to rebuild as SROs.
That’s correct. But see “Polk Street “SRO” Going Upscale” for a hint of what’s being suggested.
a cash cow made from the killing off of a few businesses and pushing out some poors due to a fire. perfect for trump/lee’s amerika!
Great opportunity for a developer. I hope they keep the beautiful outside.
A pyromaniacs dream; I hope it’s either well secured while it’s in this state or (what looks like ) sprinklers are operational…preferably both.