Built in 1922, the narrow two-story building at 570 Market Street, which also fronts Sutter Street and is currently home to Daiso Japan, Creative Marketing Concepts, ABC Cleaners, Lucky Nails and Jack’s Shoe Repair, is now on the market for $16 million or roughly $1,000 per square foot.
While the price tag for the building, which currently only produces $480,000 in net operating income per year, might seem a little steep, keep in mind that the downtown parcel is being pitched as a development opportunity.
And the 570-572 Market Street parcel (a.k.a. 53-57 Sutter Street) is zoned for building up to 300 feet in height.
The 7,046-square-foot, 40-foot-wide parcel ended up trading for $14.5 million early last year.
And as envisioned, plans for a skinny 29-story tower to rise on the 570 Market Street site have just been drafted by Stanton Architecture for the Fontier Group, plans which call for a 241-room hotel to rise to a height of 300 feet fronting Sutter Street, stepping down to 150 feet along Market, with a third-floor “public open space” (POPOS) / hotel garden over 4,100 square feet of retail and a outdoor terrace atop the Market Street stub, connected to a 16th floor hotel bar.
We’ll keep you posted and plugged-in.