Listed for $8.595 million at the beginning of the year, the asking price for the three-story Western SoMa building on the southeast corner of 9th and Howard, the ground floor and basement of which is currently home to Asia SF, has just been reduced to $7.295 million and its listing updated to highlight: PRICED TO MOVE.
In addition to Asia SF’s space at 201 9th Street, the lease terms for which haven’t been publicly disclosed, the 11,180-square-foot building includes 33 single room occupancy (SRO) units across its top two floors (205 9th Street), the former “Philips” turned “Somadome” Hotel, 17 rooms of which are currently vacant.
The building was purchased for $4.3 million at the end of 2015. And the corner is zoned for development up to 55 feet in height, as is the gas station site across the street which is slated to be redeveloped.
What made them think the property is worth more than DOUBLE in just little over a year… in a flat market?
where’d all the traffic lights go at this major intersection?
Actually, the photo is accurate! Considering both streets are one way, the traffic lights are situated behind the photographer.
…and on second look, it seems the MUNI power lines were p-shopped out.
hm, good point about the traffic light orientation with respect to one-way streets.
I’ve been to Asia SF: they traffic in illusions. I guess illusions about traffic lights are in keeping with this report.
dude, get out of here with that cornpone b.s.
Old timers will remember this is the SRO that Richard Hongisto executed a tenant lockout with falsified paperwork that was recorded on glorious B&W video.
Yes, this property has had a long and ignominious history.
The yelp reviews of this SRO are interesting. And it’s on the bedbug registry.
I think whoever buys this is going to have to either invest a lot in the property or they are going to continue in the slumlord tradition, which is getting harder in San Francisco due to improved access of lower income tenants to the legal system.
every sro is on the bedbug registry
I liked it better when it was called ‘The Pit”
Its already been renovated. New owners bought and flipped it. New floors, doors, sinks, bathrooms, light fixtures, etc. New people as well. People willing to pay 3,000 plus a month. Should be paying a mortgage with that type of money.
Having been re-priced at $7.695 million, the three-story building on the southeast corner of 9th and Howard has finally sold for $7.6 million.