1401 Market Rendering

The leasing office for the 750-unit “NEMA” development on the corner of Market and Tenth is opening its doors for the first time this coming Monday, June 24, at 9am.

The first release of studios have been priced from $1,950 per month for 469 square feet on the third floor to $2,854 per month for 604 square feet on the tenth.  And the first release of one-bedrooms have been priced from $2,683 per month for 789 square feet on the second floor to $4,399 per month for 969 square feet on the twelfth.

Building amenities include a 7,000 square foot fitness center and three outdoor terraces with grills, outdoor TVs, and a heated 60-foot lap pool.

And there’s a “Club Solarium” on the third floor with obligatory pool table.

Occupancy is slated for October, as is the opening of The Market across the street.

19 thoughts on “Mid-Market’s NEMA Priced, Leasing Office Opening Monday”
  1. I drive by there frequently on my way to work, it’s really starting to look good from the outside, nice to see what some of the units are going to look like!

  2. The daring use of pitch black siding on 10th street is looking terrific. Sorry tho that Shorenstein is reskinning the interesting facade of the 70s building across the street on 10th street/Stevenson).

  3. With 30% of your take-home pay going toward your rent, one should expect to have an annual income of about $340,000 if they want to live in the larger 1 bedroom unit.

  4. Where did you get that figure from banker? Most banks will let you spend up to 38% of your gross (not net) on rent for a mortgage. Of course in expensive San Francisco, most people spend about 50% on rent. Since incomes are higher here, that is do-able, especially if you forgo a car, which you should be able to do at this location.

  5. @lil banker – Even the new rental buildings, let alone condo towers, are going to attract the wealthier. So, yes, many of the people renting these units will make six-figure salaries. This is not new housing for the middle class. However, what is important to remember is that new high-end developments soak up the demand, meaning that the apartments in the trendy Mission, Marina, Hayes, and SOMA locations that WOULD have gone to these six-figure salary tenants are now open, leading to a chain reaction across the city.

  6. I suspect lil banker is not a banker at all. On an income of $340k, taxes eat up about $80,000. Your monthly income is ca $21,600 a month, 30% of which is $6500/mo.
    Not saying I’d want to spent $4500/mo on rent but those people are out there and would only need an income of $250k. For a cohabiting couple, $250k = $125k a year per person… pretty standard wages for professionals in the city.
    The developers did their math. Lil banker … did not.

  7. Your calculator is wrong.
    Looking at a particular 2012 tax return I have in my inbox, for example, shows gross income of $359,560, Federal taxes of $74,697 and state tax of $23,280. That’s $21,798/58/mo net of taxes.
    Subsistence wages in this town.
    So… how do I put this delicately? You’re wrong, and so is the calculator you used.

  8. As pointed out previously the rule of thumb is based on gross income, and more accurately they recommend keeping rent to no more than 1/3 of it, so 33%, and as also previously stated, it’s quite common (although not necessarily wise) to go as high as 50% in SF.
    At 33% one would need gross income (possibly combined) of $160,000, or $105,000 at the higher 50%. Still a solid level of income, but not that hard if you are talking about a couple, and 969 square feet is pretty large for a one bed.

  9. Time I really get serious about renting my 1,000 sf loft/parking at 11th and Minna…built in 2003 with nice deck and view. Whatdayathink the rental market will fetch?

  10. Wow, Jimmy, just wow.
    Of course the “tax return” you pulled out of your… “inbox” is all the proof I need to agree with you. As opposed to a verifiable resource that I provided. You might have been able to get away with this tactic when you were in kindergarten, but you might want to make a few adjustments when talking to adults. How embarrassing for you.
    Extrapolating from your comments and from an inordinate amount of time you spend commenting on this site, my guess is you’ve never seen a $300,000 tax return, not even in your imaginary “inbox”.
    While you might be no longer bitter, there are some other personality traits you need to address that preclude you from becoming a well functioning member of society.
    Go ahead, make another “snappy” remark about me or my calculator. Embarrass yourself further.

  11. @lil banker
    I’m not sure about the calculator being wrong, but you are. I used the calculator you provided, and came up with roughly the same number as Jimmy, about $21K / month net.
    Assuming 30% of that puts you at affording $6,300 in rent. And as has been pointed out multiple times it’s gross, not net, which makes the affordable rent amount even higher.

  12. Kenz – you are genius! LOL you should email them this suggestion! As far as the rest of you silly guys arguing about affordability and calculations – i think each of us (at least i hope so) have sense how much self can afford, some have kids, some have alimony, some have bills and bills and shopping addiction and more bills, some just simple alcoholics but some have none – no heavy bills, no tv, no alimony, no kids, actually good cook and likes to cook home, paid off car so it all varies, you see? no reason to argue. you can make 500,000 and be swallowed with bills and won’t be able to afford to live in a studio in richmond but some can make 150k and live comfortably, it all boils down to your lifestyle. 🙂 cheers!

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