1933 Union St 3,600 SF 100% Leased Office Building San Francisco, CA 94123 $2,405,000 ($668.06/SF) 4.55% Cap Rate

1933 Union Street is an approximately 3,600-square-foot commercial building positioned in the center of Cow Hollow’s premier boutique retail corridor. The two-story, three-suite property is currently leased to two established tenants—Zen Spa Nail Salon and Union Street Jewelers—both on gross, short-term leases. Each tenant holds one five-year option to extend, with annual rent increases in place; Zen Spa’s rent is scheduled to adjust to fair market value in 2028.
Current signed leases along Union Street average approximately $5 per square foot, highlighting meaningful upside for an investor, as the property’s existing gross leases can be repositioned toward market-rate structures and converted to triple-net upon renewal or turnover.
The property’s location offers a rare opportunity to own a stable, irreplaceable cash-flowing asset in one of San Francisco’s most desirable neighborhoods. Surrounding retailers include Blue Bottle Coffee, SoulCycle, Barry’s Bootcamp, Vuori, Lululemon, Danielle San Francisco, Alice + Olivia, 2Bella Boutique, and Marine Layer, contributing to consistently strong foot traffic and tenant demand.
1933 Union Street provides immediate income with a clear path for value creation, including transitioning to NNN leases and capturing market rents as suites roll. Small, well-located retail assets in Cow Hollow trade infrequently, making this a compelling long-term hold for both cash-flow-oriented and value-add investors.