Some developers are interested in 50% affordable and 50% market rate housing at 895 O'Farrell.
SAN FRANCISCO—With housing in the city at mission-critical levels, any and all property has the potential to become a residential development. Although, a home address of 895 O'Farrell St. could be an interesting one.
This has been the site of the Mitchell Brothers' O'Farrell Theatre since July 4, 1969. And now, the property is on the market at $10 million or leased for a monthly rent of $39,000, says exclusive agent Starboard Commercial Real Estate. But most significantly, the property is attracting residential developers, says Susan Jordan, broker with Starboard Commercial Real Estate.
“Most buyers interested in the property are developers and want to build housing,” Jordan tells GlobeSt.com. “Some developers are interested in building 50% affordable housing and 50% market rate housing, which would allow them to fast track entitlements and build more units.”
The building was built in 1924 in the downtown/civic center neighborhood. The footprint encompasses 12,920 square feet in two stories with 11 rooms, three bathrooms and a basement storage area that is not included in the building square footage. The property zoning is NC-neighborhood commercial with an office use type and the height limit is 130-E feet, according to the planning department.
The parcel is 9,596 square feet, located on the corner of O'Farrell and Polk streets, inside the Van Ness Corridor and just north of the Civic Center. The neighborhood has an array of restaurants, retail, health and fitness clubs, entertainment and music venues, lounges and bars. Polk Street is well known for its nightlife and annual gatherings such as Santa-con and Halloween pub crawls.
“The areas along Van Ness Corridor and Polk Street have seen major new developments, reinvigorating this part of San Francisco,” shares Jordan.
Jim and Artie Mitchell opened the adult entertainment theatre in 1969 and followed by the infamous movie “Behind the Green Door” in 1972. Jim was convicted of manslaughter for fatally shooting Artie in 1991 and died in 2007 at his ranch near Petaluma, CA.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
