The landmarked Art Deco building with a Streamline Modern addition at 320-326 Judah Street, which was built for the San Francisco builder extraordinaire, Henry Doelger, back in 1932 is now back on the market with a reduced $7.45 asking price having been listed for $8 million near the end of 2019 without a subsequent sale.

Purchased out of probate for $1.45 million in 2012 and since completely restored and retrofitted, with re-engineered foundations, along with new shear walls, windows, electrical and plumbing, the roughly 11,500 square foot building is now internally configured as five separate office units, along with a manager’s office, storage and 3 parking spaces, all of which are rented and currently generating income of around $34,000 a month.

And once again, the offering memorandum for the building teases: “Eligible for Residential Condominium Conversion.”

Comments from Plugged-In Readers

  1. Posted by Miraloma Man

    Noooooooooooooooooooooooooooooooooooooo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Stop it with the condo conversions, already! There is already a huge dearth of office space for rent in the neighborhoods.

    P.S., This is one of the raddest buildings on the West Side.

    • Posted by Zac

      Buy it and save the office space 🙂

    • Posted by Anthony Rizzo

      I agree, should not be turned into condos . Highest and best use is for affordable housing. Homeless veterans first in line . Need more affordable housing in the western part of SF.

  2. Posted by Get Smart

    “There is already a huge dearth of office space for rent in the neighborhoods.”

    Except everyone in the office works from home now…

    • Posted by Miraloma Man

      I know, and I am sick of it. Want. Office. Now.

    • Posted by Chris

      Except, as the article notes, this building is occupied and rented out to small business customers who are paying rent. And, yes, many people do work from home (and many, myself included, already worked from home), but not all business can be conducted for home, or else all businesses would have stopped signing new leases, and yet, even at the height of the pandemic, businesses signed leases for new commercial space.

      • Posted by sfrepro

        That’s because commercial spaces got cheaper from the lack of demand. Small business demand for “office space” is completely different market/animal than downtown office space demand.

        • Posted by Chris

          Yes, and I am pointing out that this building has been fully leased out by small businesses and will continue to be so. It was never a “tech” building, nor is it a new commercial space. I am responding to the comment by the other poster that somehow there is no need for this neighborhood building to be used for commercial space any longer.

          Also, while even before the pandemic there was a long-term trend of an increasing number of people working from home, which the pandemic certainly accelerated, not all work is moving to 100% work-from-home (and I have worked from home for years, so I am well aware of the trend of working from home and have no bias for working in an office building). But, some posters on this forum act as if all downtown office space will be abandoned, and that is not what is happening.

          And, yes, commercial rental prices are going down because there is less demand, but if you want to rent Class A office space downtown the average rent is still $75 a square foot, which is not cheap (when you add in older building, the average goes down to about $59 a square foot, which is still not cheap).

  3. Posted by Rob D

    I think converting this into condos would be great, especially if they have a mix of market rate and below-market rate units. It would be amazing if they could keep the existing facade and build an additional few floors to fit more housing, but I don’t know how feasible that would be.

  4. Posted by soccermom

    Doesn’t make economic sense to convert it to condos.

    Overpriced as an income building. Should trade at 4.5 to 5mm. If it’s remodeled and rented the cool factor is priced into the rents. Sales price is not serious.

  5. Posted by MyOddCommentHandle

    Damn, if I had a property pulling $34,000/month, I’d ride that horse until I died and move to St Barts post haste

    • Posted by Kyle

      Is that net per month or just gross rent?

      • Posted by Chris

        I would assume it is gross rents since it would be hard for this website to get net profit numbers, unless the owner chose to release the information. But, I would assume these are triple net leases where the tenants pay the property tax and utilities. And, even if there is a mortgage on the property, I would think maintenance and upkeep is probably not that much with a relatively recently fully remodeled property. So, the owner probably does very nicely.

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