Ground Matrix is pleased to offer 1717-1719 Powell Street, an approximately 10,000 SF mixed-use office and retail building directly overlooking Washington Square Park in San Francisco’s North Beach neighborhood. The three-story property is being offered at $6,750,000, or approximately $675 per square foot. The building features 12 to 14 foot ceiling heights, full-building elevator access, park views, renovated common areas and suites, and a prominent North Beach location. The property is designated as an Article 11 Category I Significant Building and is zoned North Beach Commercial District.
The property is currently approximately 59% leased. Washington Square Park Dental occupies approximately 3,100 SF of ground-floor retail and recently exercised a five-year renewal. The seller will lease back approximately 2,600 SF on the third floor for one year following closing. Approximately 1,300 SF of rear ground-floor office space and the approximately 2,600 SF second floor are currently available for lease, providing a buyer with immediate lease-up upside. Current gross income is approximately $278,200, with pro forma gross income of approximately $499,200.
Seller financing is available with $2,600,000 down and a $4,150,000 seller note at 6.00% fixed interest, amortized over 20 years with a 15-year term and no prepayment penalty. The property will be sold as-is, subject to existing tenancies, with buyer and seller each responsible for 50% of the transfer tax. This is a rare opportunity to acquire a character mixed-use asset on Washington Square Park with existing income, significant lease-up potential and attractive seller financing