Rare two-unit commercial property offering scale, residential character and repositioning potential on Cow Hollow's coveted Union Street corridor. Built in 1912 and believed to have originally been residential, it was converted to F-2 Business/Office use in 1976 per the Certificate of Final Completion and Occupancy. Delivered completely vacant, it gives an owner-user or investor immediate control of the entire building. A current draftsperson floor plan measures approximately 4,474 sq. ft. of primary/living space plus 2,048 sq. ft. of non-living space, including a 1,690 sq. ft. basement, for approximately 6,522 sq. ft. combined (buyers must verify all Sq Ft for themselves). The 3,772 sq. ft. lot includes a deep landscaped rear yard. The larger 1632 space spans the second and third floors and measures approximately 2,878 sq. ft. Most recently a law office, it features large rooms, period millwork, hardwood floors, substantial windows, a fireplace, two kitchens, two full baths, skylights and abundant natural light. A distinctive front room lined with floor-to-ceiling wood bookcases overlooks Union Street. The first-floor 1634 space measures approximately 1,596 sq. ft. Most recently occupied by a wellness business, it offers a large Union Street-facing front room, flexible private rooms, high ceilings, period detail, hardwood floors, a fireplace, bright rear kitchen, full bath and rear access. The basement provides extensive storage, built-in shelving, utility areas, wet-bar areas, a bathroom and tradesman entrance. Rear stairs lead to a small roof-level viewing platform with outlooks toward the Bay, Marina, Marin Headlands and Golden Gate Bridge. Projected commercial rents are approximately $6,000 per month for 1634 and $8,000 for 1632, or $168,000 annually, with estimated stabilized NOI of $109,200 and an approximate 5.76% pro forma cap rate. Pro forma only; no existing leases. Union Street offers restaurants, cafes, boutiques, wellness businesses and professional services near the Marina, Pacific Heights and Fort Mason. The property's kitchens, baths and residential-style configuration may offer longer-term potential for owner-user, live/work-oriented or residential repositioning, subject to governmental approval. Buyers must independently verify square footage, permitted uses, permit history, rents and the feasibility of any proposed use or conversion.
