SF Filter: How much do you think my bonus room is worth?

May 14, 2008 8:35 AM

SF Filter: How much do you think my bonus room is worth?

My boyfriend of 5 years and I just broke up. We share a great apartment in the Mission in San Francisco (a couple blocks from the 24th and Mission BART and a bunch of bus lines) that's a one bedroom + bonus room, and I'm trying to figure out whether to move out or not.

I would love to keep the apartment if I can, but I can't swing the whole rent on my own. Based on some previous MeFi questions about making money off a spare room, I've been thinking about renting the bonus room out as a workspace for freelancers/artists or maybe even as a practice room for a musician. (I know I could rent it as a small bedroom, but I'd ideally rather have the apartment to myself when I'm home from work.)

The room is small (8x6) but with great natural light and hardwood floors and a nice view of the painted ladies across the street. Rent would include wifi and I'm thinking of offering the lucky tenant lunches (sandwich/salad making supplies) and coffee/tea to sweeten the deal. I searched around Craigslist but didn't see many people offering a workspace rental, so I don't have much to compare prices with.

Think I could find an interested taker? How much do you think this set-up is worth?

posted by paddingtonb to home & garden (10 comments total)

As a point of reference, I'm paying $525 for a work space in the Mission. It's about 10 x 14 in a 24 hr access, secured building with elevator, bathrooms, and buzzing-in capabilities. It's a bare room with a sink I can do anything I want in. My sense is that the market for a small room that you can only use during the day-time will be extremely limited unless you make the price super low, like 200. Given the uniqueness of the situation, you probably won't know for sure until you put it up for rent and see what you get back.
posted by wemayfreeze at 9:11 AM on May 14

Maybe you should compare with co-working spaces, although those are for shared work environments. I think the small size of the room might be the tricky thing.
posted by bertrandom at 9:19 AM on May 14

I also paid about $500/month for studio space - but that was about 20' x 30' and, like wemayfreeze's space, had 24 hour access, elevator, bathrooms, and a bare space I could make a mess in. I'd imagine your space is more conducive to a writer or someone like a lawyer or accountant who needs a small office.
posted by judith at 9:30 AM on May 14

Consider advertising in sewing forums, as that's an art/trade that doesn't require as much space as, say, life-sized sculpture.
posted by [NOT HERMITOSIS-IST] at 10:08 AM on May 14

Just a random thought I had - maybe consider renting it out as storage, instead of for daytime access only? 8x6 doesn't seem like a lot of room to work in, but I could cram a lot of extra furniture in there...
posted by cgg at 10:41 AM on May 14

There is more available art studio space in San Francisco than I've seen in some time.

Between the economy taking some discretionary income away from our part-time artists, and some of the artists at The Point moving out (or subletting for the summer) as the chaos of the shipyard cleanup continues around them, and the glut of vancancies at Art Explosion, it seems like it would be very difficult to get more than $1-1.50 per square foot, even for a properly prepared 24x7 art-space (i.e. floors unbothered by paint/clay, deep sink, occasional open studio events, etc.)

Perhaps you have a space that's suitable for a therapist or masseuse?

a nice view of the painted ladies across the street

FWIW, I've only heard "The Painted Ladies" used to refer to a specific row of victorians, on the Steiner end of Alamo Square (you've seen the postcards, or the god-awful 80s TV show that featured them in the credits). An office with a view of those painted ladies would likely be pretty expensive... but it wouldn't be walking distance from 24th and Mission.
posted by toxic at 10:43 AM on May 14

Agreeing with above; your constraints on its use don't make it very attractive, so it'd have to be pretty cheap, ~$200. Then again, I lived in a 8'x5' room and paid $450/mo last summer, but that was to live with friends, and I still felt a bit cheated.
posted by beerbajay at 10:43 AM on May 14

Huh, I thought the painted ladies referred to prostitutes?

To add to toxic's list, ActivSpace just opened in the Mission, too (where my space is), adding to the increased supply.
posted by wemayfreeze at 11:00 AM on May 14

A couple blocks from the 24th & Mission station? If it's northeast of 24th & Mission, it's worth considerably less than if it's west of Mission street. Also, there's no way you have a view of the painted ladies....

How much if the whole apartment, if you don't mind sharing?
posted by Maia at 12:38 PM on May 14

Thanks for all your answers guys! It's about what I figured given the lack of comps on Craigslist.

And my mistake re: the painted ladies. I thought that term referred to any victorians painted in pretty colors that you see around San Francisco.
posted by paddingtonb at 1:29 PM on May 14