Prime San Francisco Redevelopment
For Sale
$4,500,000
34 Mason Street, San Francisco, CA 94102
Mixed-use building in downtown San Francisco, ideal for redevelopment.
Property Size12,375 SF
Lot Size0.08 Acres
Price / SF$363.64
Days on Market198
Property Features for 34 Mason Street
General Information
Standard status
Active
Size
12,375 SF
Lot size
0.08 Acres
Property subtype
Commercial
Amenities
BART Nearby
City Lot
Hotel/Motel Nearby
Light Rail Nearby
Near Public Transit
Restaurant Nearby
Shopping Nearby
Building Details
Year Built
1907
Listing Agency:
INTERO REAL ESTATE SERVICES
(650) 589-1000
Listed By:
MINDY TSOI
Source:
Corcoran
Added: Jan 24
Changed: Aug 9
Last Checked: Aug 9 at 8:06PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of INTERO REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
Located in downtown San Francisco, 34-38 Mason Street is a 12,375 sq. ft. building constructed in 1907. The property features a brick facade and spans three floors. Currently, the ground floor is occupied by a restaurant, the second floor houses an engineering company, and the third floor contains vacant office space. The property is zoned C-3-G (Downtown Commercial General), which permits residential conversion. This opens possibilities for hybrid use, partial office-to-residential transformation, or full residential redevelopment. The location is near Powell BART, Market Street transit lines, Union Square, the financial district, Moscone Center, and retail and hospitality destinations. The building's features include expansive windows, open floor plates, historic brick details, and generous ceiling heights, making it suitable for adaptive re-use and modern living or workspace concepts. The property offers potential for residential conversion to 26 units or hybrid conversion to 18 units plus retail.
Key Highlights
- Prime downtown San Francisco location near Powell BART, Market Street transit, Union Square, and the Financial District.
- Flexible C‑3‑G zoning allows for residential conversion, hybrid use, or full redevelopment.
- Potential for 26 residential units or 18 units plus retail.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$304,925
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,098,500
$6.1M
Cap Rate 7%
$4,356,071
$4.4M
Cap Rate 9%
$3,388,056
$3.4M
Market Conditions
NOI Build-Up for 12,375 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$545.0K $44.04/SF
− Vacancy
−$138.4K −$11.19/SF
EGI
$406.6K $32.85/SF
− OpEx
−$101.6K −$8.21/SF
NOI
$304.9K $24.64/SF
Area
San Francisco, CA
Vacancy
25.40%
Lease Rate
$44.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,098,500
Cap Rate 7%
$4,356,071
Cap Rate 9%
$3,388,056
Alternative Uses
Best Use
Specialty Retail
$60.45M
$52.89M – $70.52M
NOI $4,231,275 @ 7.0% cap · market cap 94.03%
Second Best
Office B
$4.36M
$3.81M – $5.08M
NOI $304,925 @ 7.0% cap · market cap 6.78%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
25,837
Businesses Nearby
Explore this area
Business Placement
Demographics for 94102, CA
39,432
Population
23,153
Households
1.7
Avg Household Size
40
Median Age
42%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
56,331
Density / Sq Mi
$64,781
Median Household Income
$55,873
Median Earnings
$1,517
Median Rent
$996,300
Median Home Value
Market
Vacancy Rate% for Office in San Francisco, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in downtown San Francisco, ideal for redevelopment.
Where is this mixed-use property located?
The property is located at 34 Mason Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Prime downtown San Francisco location near Powell BART, Market Street transit, Union Square, and the Financial District.; Flexible C‑3‑G zoning allows for residential conversion, hybrid use, or full redevelopment.; Potential for **26 residential units or 18 units plus retail**.
