Pyramid Commons is a mixed-use asset consisting of 108 Single-Room Occupancy (SRO) residential hotel rooms and 4 commercial spaces. This high-quality asset allows a new owner to step in and operate a turn-key residential hotel with stable commercial tenants. The largest of the commercial spaces is occupied by the Guatemalan Consulate, which is accessed at the rear of the property on Merchant Street. There is approximately 14 years left on their initial lease-term. There is an additional space on Clay Street that can be built out to a fourth retail unit. A large vacant basement takes up the entire footprint of the building and can be utilized by a new or existing commercial tenant. The SRO occupancy rate is currently 53%, making this opportunity well-suited for non-profit organizations or operators that desire flexibility and control over selection of new tenants. This can be purchased with the adjacent mixed-use SRO at 700 Kearny Street.
Listing Courtesy of: Compass, Adam Filly
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