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34-38 Mason St 12,375 SF 100% Leased Office Building San Francisco, CA 94102 $4,500,000 ($363.64/SF) 5.72% Cap Rate
Investment Highlights
- Prime Downtown Location: AI boom enterprises, Powell BART, Union Square, Moscone Center and Financial District
- C-3-G Zoning, potential for 18-26 unit conversion
- 3rd Floor Vacancy
Executive Summary
34–38 Mason Street, San Francisco
Historic Mixed-Use Asset With Exceptional Flexibility
Restaurant • Office • Residential Conversion Potential
Discover a rare opportunity in the heart of Downtown San Francisco. 34–38 Mason Street is a timeless 1907 brick-façade building offering a blend of architectural charm and multiple pathways for value creation. Potential options include a full residential conversion (up to 26 units) or a hybrid concept (18 units plus retail).
Perfectly situated just steps from Powell Street BART, Market Street transit, Union Square, the Financial District, Moscone Center, and surrounded by a growing AI and tech hub, this property offers exceptional connectivity to the city’s premier retail, hospitality, and employment centers.
The ±12,375 sq. ft. building spans three levels and is fully leased, featuring a ground-floor restaurant (beer hall), a second-floor engineering office tenant, and a third floor now leased to Starshot Labs, Inc. at $7,500/month, with a lease in place through May 2027.
Zoned C-3-G (Downtown Commercial General)—one of San Francisco’s most flexible zoning designations—the property is principally permitted for residential conversion, allowing for full redevelopment or a mixed-use repositioning strategy. Expansive windows, open floor plates, historic brick details, and high ceilings make the building ideal for adaptive reuse into modern residential or creative workspace environments.
Whether maintained as a fully leased mixed-use investment or repositioned for future development, 34–38 Mason Street presents a compelling opportunity combining location, income, flexibility, and long-term upside.
Historic Mixed-Use Asset With Exceptional Flexibility
Restaurant • Office • Residential Conversion Potential
Discover a rare opportunity in the heart of Downtown San Francisco. 34–38 Mason Street is a timeless 1907 brick-façade building offering a blend of architectural charm and multiple pathways for value creation. Potential options include a full residential conversion (up to 26 units) or a hybrid concept (18 units plus retail).
Perfectly situated just steps from Powell Street BART, Market Street transit, Union Square, the Financial District, Moscone Center, and surrounded by a growing AI and tech hub, this property offers exceptional connectivity to the city’s premier retail, hospitality, and employment centers.
The ±12,375 sq. ft. building spans three levels and is fully leased, featuring a ground-floor restaurant (beer hall), a second-floor engineering office tenant, and a third floor now leased to Starshot Labs, Inc. at $7,500/month, with a lease in place through May 2027.
Zoned C-3-G (Downtown Commercial General)—one of San Francisco’s most flexible zoning designations—the property is principally permitted for residential conversion, allowing for full redevelopment or a mixed-use repositioning strategy. Expansive windows, open floor plates, historic brick details, and high ceilings make the building ideal for adaptive reuse into modern residential or creative workspace environments.
Whether maintained as a fully leased mixed-use investment or repositioned for future development, 34–38 Mason Street presents a compelling opportunity combining location, income, flexibility, and long-term upside.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$397,200
|
$32.10
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$397,200
|
$32.10
|
| Taxes |
$43,928
|
$3.55
|
| Operating Expenses |
$144,286
|
$11.66
|
| Total Expenses |
$188,214
|
$15.21
|
| Net Operating Income |
$208,986
|
$16.89
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $397,200 |
| Annual Per SF | $32.10 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $397,200 |
| Annual Per SF | $32.10 |
| Taxes | |
|---|---|
| Annual | $43,928 |
| Annual Per SF | $3.55 |
| Operating Expenses | |
|---|---|
| Annual | $144,286 |
| Annual Per SF | $11.66 |
| Total Expenses | |
|---|---|
| Annual | $188,214 |
| Annual Per SF | $15.21 |
| Net Operating Income | |
|---|---|
| Annual | $208,986 |
| Annual Per SF | $16.89 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
12,375 SF
Building Class
C
Year Built
1907
Price
$4,500,000
Price Per SF
$363.64
Cap Rate
5.72%
NOI
$257,250
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
3,026 SF
Slab To Slab
8’
Building FAR
2.19
Lot Size
0.13 AC
Zoning
C-3-G, San Francisco - Downtown General
Amenities
- 24 Hour Access
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Health Care and Social Assistance
- -
- -
- -
The mission of At The Crossroads is to reach out to homeless youth and young adults at their point of need, and work with them to build healthy and fulfilling lives. Our innovative model focuses on young people who do not access traditional services and are disconnected from any type of consistent support. We remove common barriers to service by bringing our counselors onto the streets and shaping our support services around the needs of each individual client.
- Barbary Coast Consulting
- Professional, Scientific, and Technical Services
- -
- -
- -
- F2g A & E Joint Venture
- Professional, Scientific, and Technical Services
- -
- -
- -
- Good Oel, Inc
- Retailer
- -
- -
- -
- HVMN Inc
- Manufacturing
- -
- -
- -
- Mark Sobell
- Services
- -
- -
- -
- Matt Kumin Law
- Professional, Scientific, and Technical Services
- -
- -
- -
- North Point Production
- Services
- -
- -
- -
- Seasons Productions
- Professional, Scientific, and Technical Services
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Health Care and Social Assistance | - | - | - | ||
| Barbary Coast Consulting | Professional, Scientific, and Technical Services | - | - | - | ||
| F2g A & E Joint Venture | Professional, Scientific, and Technical Services | - | - | - | ||
| Good Oel, Inc | Retailer | - | - | - | ||
| HVMN Inc | Manufacturing | - | - | - | ||
| Mark Sobell | Services | - | - | - | ||
| Matt Kumin Law | Professional, Scientific, and Technical Services | - | - | - | ||
| North Point Production | Services | - | - | - | ||
| Seasons Productions | Professional, Scientific, and Technical Services | - | - | - |
1 1
Exceptionally walkable
100/100
Moderately drivable
70/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 0341-007 | Total Assessment | $7,295,223 |
| Land Assessment | $5,106,658 | Annual Taxes | $43,928 ($3.55/SF) |
| Improvements Assessment | $2,188,565 | Tax Year | 2025 |
Property Taxes
Parcel Number
0341-007
Land Assessment
$5,106,658
Improvements Assessment
$2,188,565
Total Assessment
$7,295,223
Annual Taxes
$43,928 ($3.55/SF)
Tax Year
2025
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34-38 Mason St
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