[UPDATE: The TenderBlog has more deets and here's an account from taker-overer Michael Steinberg.]
Here it is, at the corner of Eddy and Larkin in the Tenderloin,* the former 68-room Leslie Hotel, formerly student housing for the California Culinary Academy, it’s 581 Eddy, or 587 Eddy if you’d prefer. See?
Click to expand
Well, it got taken over today. They’re calling it “Creative Housing Liberation.”
Steve Rhodes, who’s all over town, went up to the second floor this afternoon to capture the action:
Here are the deets from Steve:
Now, would you like to buy it?
All the deets:
Total Monthly Income: $64,600
SRO Total (projected $800 mo. ea.) $56,000
Commercial Total (projected) $8,600
Commercial Space (vacant) $3,000 per month
Sandwich Shop $1,500 per month
Liquor Store $2,600 per month
Sushi Restaurant $1,500 per month
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N/A
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68
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29,171 SF
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Hotel & Motel
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Economy/ Limited Service
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Investment
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12.47%
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5,031 SF
Last Verified 12/3/2009Listing ID 16306009
Description
“PRICE REDUCTION, MOTIVATED SELLER” The Leslie Hotel is centrally located at the corner of Eddy and Larkin, the gateway to San Francisco’s bustling “Little Saigon” district, where two eight ton granite and marble pillars stand as a symbol of peace and happiness for the community. The Leslie Hotel is a six story, 29,171-square foot concrete building on a 5,031-square foot lot. The hotel consists of 68 guest rooms, many with views and all with private bathrooms. 48 of the rooms are designated for tourist hotel use and 20 are residential hotel rooms, which can be rented on a weekly or monthly basis. Additionally, there is a one-bedroom/one-bathroom managers unit.
During the past 10+ years, the hotel portion of the property was master leased to California Culinary Academy as student housing. Recently vacated by the Academy, a rare opportunity exists for a new owner to renovate the hotel with complete flexibility. At ground level there are four highly sought after commercial spaces providing immediate in place income.
The Leslie Hotel sits directly across the street from the Phoenix Hotel which is owned and operated by Joie De Vivre Hospitality the largest independent hotel owner and operator in the State of California. This vibrant changing neighborhood is home to many hip new restaurants, bars and nightclubs. It is also conveniently located to San Francisco City Hall, Civic Center, Asian Art Museum, Public Library, Davies Symphony Hall, War Memorial Opera House and many more San Francisco landmarks.
For a qualified investor the seller has a lender who has informed them they will put a first deed of trust on the property. This opportunity will allow an investor to acquire a completely vacant hotel in the high barriers to entry San Francisco hopitality market.
Ever more deets, after the jump
*Or, the Uptown Tenderloin(!) [chuckle], or “Uptown” [doubleplus chuckle]. Or, more seriously, Little Saigon.