TL;DR
We are seeking a new owner (or owners) for half of our property at 1333 Minna Street in San Francisco, particularly if they are excited about continuing our mission of nurturing the local arts community.
For 50% ownership, the asking price is $800,000.
This asking price values the property at $1.6M, a substantial discount from the 2012-2014 construction cost of $2.0M, or roughly $2.7M in 2024 dollars per inflation. We are open to negotiation on different-sized shares or valuations.
To schedule a tour or discuss possible sale terms, contact cody@upside.art. Please feel free to pass this along to other investors or art enthusiasts who might be interested or willing to help.
Artists & Community
Upside Artspace is the master tenant of 1333, subleasing to full time artists, and supporting part time artists with a membership program. Upside provides key equipment, such as CNC routers and lasers, welders, hand tools, and storage space. We also bolster art careers with our Artist Spotlight program and open studio exhibitions, facilitating classes, and hyping our creators on social media.
We are one of the few shared-use art spaces in the Mission District, and home to a renown Burning Man artist nonprofit, Looking Up Arts, as well as local artist and muralist, Ryan Montgomery, d.b.a. Geary and Hyde.
We see Upside as a unique asset for uplifting the art community in San Francisco, and constantly seek new ways to leverage our resources.
Commercial Property
Minna Workshop LLC is a commercial tenancy-in-common (TIC) that owns the real property at 1333 Minna Street.
Completed in 2014, construction originally cost $2M, and Interstice Architects won an award for their design. A partial sale between owners valued the property at $2.4M in 2021. The San Francisco Assessor currently values the land at $938k and structure at $1.43M, total $2.37M.
The building is 2,600 sq ft with high ceilings in the rear, and a mezzanine with desk space in the front. It has one bathroom downstairs and plumbing for a second bathroom upstairs, which currently serves as a private meeting room instead.
The rear yard is ringed with a tall hardwood fence, and has a half shipping container for additional storage. The roof features a large rolling skylight.
Structurally the existing frame can support an additional story, and the parcel zoning allows for live/work. So an additional residential unit could be added in the future.
Operating Costs
Within the current operating agreement, in exchange for exclusive use, the master tenant pays for all taxes, utilities, and other operating expenses. So an owner who does not seek to utilize the space directly would incur no operating costs.
However, capital improvements and major repairs are split share-wise between owners. In recent years, these costs have been between $2k and $10k annually in total.
Co-owners
The departing owner is Caspar Water Company LLC, managed by Josh MacDonald. He moved with his family to Mendocino in 2021, and plans to use the proceeds for projects on his new property. If some of his interest remains unsold, he will remain a partial owner.
Cody Smith is the managing member of Minna Workshop LLC, general manager of Upside LLC, co-founder and board president of Looking Up Arts Foundation, and occasional artist. He is also passionate about stopping climate change, and works as co-founder and CTO at Camus Energy.
Although Cody is not currently planning to sell any of his 50% share in Minna Workshop, he is open to discussion.
To schedule a tour or discuss possible sale terms, contact cody@upside.art. Please feel free to pass this along to other investors or art enthusiasts who might be interested or willing to help.
Thanks on behalf of Josh and Cody ❤️