Right next door to NoiseBridge - down stairs from the Coffee and Laundromat place.
At $12sqft / year we would be looking at around $10,000 a month (for about 10,000 sqft)
Thoughts/opinions? This one would be an easy move for sure.
Did anyone reach out to the realtor on this one yet? Would like to schedule a tour asap
Seems pretty promising and I think a 10k square foot space (at about double our current size) is really nice for an expansion move without overreaching.
Price and location both seem great and like an “easy yes”. I wonder if the zoning is complementary to us. Also what kinds of ventilation options there are - that’s a concern with all the below ground spaces. The wood laser and metal shops really need ventilation
My only thing is that I’d miss the sunlight…
Let’s schedule a tour soon!
I called the agent and set up a tour for Tuesday at 11am. Please join if you can!
Needs an elevator installed, and plumbing and electrical work. He says theres one small bathroom, but may need another.
He says owner is interested in selling the building but could work out an arrangement where we go rent free for a while (think on the order of a few years). Anyway it would definitely need some work and TLC from the community.
Come Tuesday with questions or post them here for me to relay to him!
By rent free // a few years I assume you mean rent free for a few months and won’t be sold for a few years? Thanks for setting this up! I don’t think I can come due to the timing but the space is certainly huge (room for growth as Lady Red had desired) and much closer to being affordable. Plus we can make our own sunlight with LED’s.
He actually said a few years. Im not sure what exactly the arrangement was he was describing, like he wanted us to pay for all the infrastructure improvements and then promise to buy. The number he threw out was 3 million to buy. I figure we can ask him Tuesday to clarify what kind of deal they are asking for?
Thanks for scheduling Mark, I’ll be there. We should get a group to meet up at NoiseBridge around 10:30AM Tuesday and then walk over there. The more people going the better.
- Attending 2401 Mission Tour
- Not attending 2401 Mission Tour
Hey. We’re here right now. Is anyone here? The door is locked and it looks like someone is living in it.
Update: it didn’t happen today (4/9/19)
The RE Agent spaced on the appointment and was not available. We will be meeting instead tomorrow (4/10/19) at the 10:30AM. Here’s some detail on the space:
It is 12,000 sqft. No windows. No elevator. And potentially free.
Mark (agent) ran through a couple options that were planned for the building. The idea is to TIC (Tenants in Common) the building and treat each floor as a separate space with different entry ways. In this scenario the 12,000sqft basement would be sold for $3mln. This cost would include building out a lobby on Mission St. and installing a new elevator.
Option 2: Free rent. The owner was quoted $300k for renovating the space (adding an elevator and redoing HVAC and Electric). The offer was free rent in exchange for us making said improvements.
Option 2.5: I mentioned we did not have the cash for doing a complete remodel, and suggested stage by stage tenant improvement projects in exchange for a reduced rent (updating some of the electricity, working on some HVAC, etc.). These items would have to be predefined - but likely be work we would want to do anyways.
More details and info coming tomorrow.
Update: Just toured the 2401 Mission space. Thanks to everyone who came by to check it out. Here’s the rundown:
- The space is huuuuge and designed like a labyrinth. Random walls and rooms. Hard to figure out where you had been and where you had yet to go. A lot of those walls are temporary and can be knocked down. (Based on the current layout, it’s really hard to get good pictures)
- It’s got some problems, and some area’s that would require significant remodeling. But we could honestly just rope off those areas and still end up with a place 2x our current size.
- There is currently a guy there running a leather shop and paying $500 a month (seriously cheapest rent in SF)
- The owner is a Bitcoin millionaire and sounds like a pretty cool guy. He’s interested in selling or remodeling the space. From the RE’s description of him, he seems like a potential alley for building out the space.
- There are a couple lowball offers on the table to buy the space (basement yoga studio and something else). The RE thinks these will fall apart in the next month.
- There may be a pretty low bar for what is considered Tenant Improvements and a variety of meaningfully reduced rent options.
The RE will get in contact with me in a week or two, and work on scheduling a meeting with the owner to talk about NB. It seems like there are a lot of options on the table for this place, but the owner would be willing to make meaningful concessions for making the place look better (think rent in the $5,000 range).
I think we should keep it on the table and hopefully get a few more people to come tour the space again. If the owner is the kind of person who would be interested in supporting NB, this could be a really good space.
This is the general area map. The space extends an extra ~12ft under the sidewalks.
@themanmaran . About how the owner wants to sell - is he considering selling to us? Or what?
It seems a bit… tumultuous
I’m a bit concerned that we might move in, remodel it outselves and then the guy sells the building to someone who wants to kick us out to use our space which we just remodelled for them.
If we could get a lease that guarantees at least a certain amount of time, that would ease that worry. It seems like there’s a lot of space for negotiation.
On the other hand, a bitcoin millionaire could likely be friendly to Noisebridge.
Did you get any info on zoning?
Very interesting situation. I think if we can get a good lease that locks in a length of time for tenancy or at least prevents us from being kicked out without notice, and locks in a good rent, this could be the unicorn space we need.
Yea we would have to have a lot of items well defined in the lease for this place.
I got some followup intel on the owner, and he is probably not the kind of person who would be helpful to NoiseBridge. The bitcoin wealth was a fluke rather than financial savvy, and he has since been terrible at managing his money and properties.
He may be willing to make a good deal for NB to move in, but unless things are really buttoned down on the legal front, he would be unpredictable to work with.
Actually that sounds like someone who could be really helpful to noisebridge to me! I’d be interested in meeting up with him and discussing private lending to own the building.
That’s what seems to have happened to L2Industries on Pier 17. Building out something on the pier took incredible amt of money, effort, capital equipment already owned, and know- how to convert to something useable and then they jacked up the rent 600% once the repairs were made and that value had been added to the space.
Maybe something like if we make said repairs on schedule (judged by an impartial party) you can sell the building with x months notice but you cannot raise the rent more than a certain %. Also maybe we get some of our money back if its sold - by repairing the space we are helping him sell it.
Agreed. While it’s a tried and true strategy of letting tenents improve a space - then selling it off at an improved value. We can get around it through a well structured lease.
It would be a lot of negotiations - but if we got something like a 2 year lease at $5 - $6k with a 2 year extension option for no more than $6-$8k, it would be a pretty good deal.