Prominently positioned on the northwest corner of Broadway and Columbus and adorned with the iconic Jazz Mural that Bill Weber first painted in 1987, and has since restored, the four-story building at 606 Broadway is now on the market for the first time in over 40 years.

Located at the intersection of North Beach, Chinatown and the old Barbary Coast, the 11,340-square-foot building is outfitted with 46 single-room occupancy (SRO) units, 39 of which are currently occupied, and a two-story commercial space which has been occupied by the New Sun Hong Kong Restaurant since 1989 and could be delivered vacant as the sellers of the building own and operate the restaurant as well.

With the building currently generating around $35,000 a month in rent, including a $13,000 a month lease for the restaurant space, the asking price for the building has been set at $8 million.

And yes, the corner parcel is technically zoned for development up to 65 feet in height.

Comments from Plugged-In Readers

  1. Posted by Notcom

    I see
    I see
    (Waves hands over crystal ball)
    Men
    and
    ladders
    and
    brushes
    and
    buckets of paint
    white…white paint

  2. Posted by hundoman

    Only $35,000 a month in rents generated from 39 occupied apartments in San Francisco … talk about a steal in rent.

    How many decades of deferred maintenance must that building have with such a low return rate for rental units in what would otherwise be very desireable high rent, high value building if it were market rate.

    • Posted by DK

      It’s $35k for the building including, the restaurant space, so only $22k generated by those 39 units.

    • Posted by Notcom

      While I don’t question that it could generate more money, I’m not sure we can assume it’s generating a low return: it’s producing ~$37/sf in gross revenues but against what cost?? If it last sold 30-40 years ago for – say – $200/sf, then that would be pretty decent.

      • Posted by SocketSite

        Based on historic property tax rolls, the current cost basis for the property is well under $200 per square foot.

        • Posted by Notcom

          How much under…well, well ??
          🙂
          The point being, of course, historical cost is the relevant metric for calculating a return…not present market value.

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