The Mullen Building, 73 Sumner: two lofts closed at $1,400,000 apiece this year inside two weeks, up 9.8 and 22.8 percent on their 2022 and 2023 purchases, after a 2025 sale at $612 a foot

The Mullen Building sold two lofts at the same price this year, both inside two weeks, and both to the good of owners who bought in 2022 and 2023. Two condominiums closed at 73 Sumner Street between January 1 and October 15, 2026, against one in the same window of 2025; $2,800,000 of volume against $699,000. The median sale is $1,400,000 and the median price per square foot is $1,066, against $612 on last year's sale, which took 159 days, $788 in 2024, $1,010 in 2022 and $1,008 in 2015, when a $1,627,500 sale set the building's high; no year in the record has held more than two closings.

#304, a 1,262-square-foot two-bedroom, closed at $1,400,000 on April 9 after 11 days, $1,109 a foot; it was bought in July 2022 for $1,275,000, up 9.8 percent. #402, the 1,368-square-foot corner penthouse loft with Twin Peaks views, closed at $1,400,000 on July 9 after 12 days, $1,023 a foot; it was bought in December 2023 for $1,140,000, up 22.8 percent; its dues run $1,060 a month (MLSListings, #402; Homefront, #304). Both are paired resales and both went inside two weeks. #101, a 1,742-square-foot three-bedroom with street and hallway entrances, was cut from $1,495,000 to $1,395,000 on September 29 and holds an open house on October 18; its dues run $1,234 (RubyHome).

The building is a 1920s warehouse of the Mullen Company, which made architectural millwork for banks, credited to architect George Hauser and converted to 16 lofts in 2002 with a shared roof deck; its siblings are the 37-unit 60 Rausch and the eight-unit new-build 52 Rausch, 61 homes in all (SocketSite; MLSListings, #402).

2026 so far, against the same window in 2025

Closings at 73 Sumner St between January 1 and October 15, 2026, set against January 1 to October 15, 2025. Days on market is median days from listing to contract on MLS-listed sales; "under 15 days" counts how many of those went into contract inside two weeks.

Year by year

Every recorded closing at 73 Sumner St since April 2002, by calendar year. 2026 runs through October 15, 2026. Days on market is available for MLS-listed sales from 2020 onward.

No year in the building's record holds five or more closings. 2026 year to date stands at $1,066 a square foot.

By bedroom count, 2025 against 2026

Every closing in 2026

All 2 closings through October 15, 2026, highest price first. Square footage and days on market are as recorded on the MLS; county-recorded transfers that never listed show no days.

Paired resales

Units that closed in 2026 and had a prior recorded sale in the same building. The change is gross, before any improvements, fees or carrying costs.

2 of these resold above the prior price, 0 below.

Sumner Street, off Howard between Seventh and Eighth

Sumner is an alley in western SoMa with a Walk Score of 98, Bessie Carmichael Park and Mint Plaza nearby and Civic Center a seven-minute walk (Walk Score). Folsom Street between Seventh and Eighth became an Entertainment Zone on May 16, 2025, one of five the mayor signed that day, allowing to-go drinks at outdoor events (CBS Bay Area). The Nancy Pelosi Federal Building on Seventh and 50 UN Plaza appeared on the federal government's list of buildings to sell in February 2025 (ABC7).

No AI office of any size is within three blocks; the office figures in the paragraphs below describe the eastern end of SoMa, a mile east.

The timetable that every South of Market building now sits inside is the public-offering calendar. Anthropic filed a confidential draft registration with the SEC on June 1, 2026, a week after a funding round that set its valuation at $965 billion (TechCrunch). As of this week the Standard reports the Anthropic listing has been pushed to November, after the midterms, that OpenAI's has moved to 2027, and that Anthropic is weighing a lockup longer than the usual six months (SF Standard). The same piece carries a Redfin estimate that current and former OpenAI and Anthropic employees could in theory buy close to a third of the metro area's homes with their proceeds, and the counter-argument from UC Berkeley's Enrico Moretti and the Bay Area Council's Jeff Bellisario that the money is concentrated in fewer hands than past booms and that these firms create fewer jobs per dollar because so much goes to data centers rather than headcount. The record in this report ends on October 15. None of it reflects a single share that has been sold.

Two citywide facts frame every building figure here. First, the office recovery is lopsided: CBRE put Q3 2026 vacancy at 27.7 percent citywide, down 6.6 points in a year, but Avison Young splits that into roughly 12 percent for Class A and north of 31 percent for Class B, and a Presidio Bay executive told Bisnow the headline number is misleading for that reason (Bisnow). Second, the condo market is still digging out: the Chronicle's May analysis found that only eight Bay Area ZIP codes showed inflation-adjusted condo gains over the year, all of them in San Francisco, and that Noe Valley's typical condo remained close to $400,000 below its 2019 level in real terms (SF Chronicle).

How this was counted

Two records feed this review. The MLS layer is one row per listing and carries days on market and square footage. The county layer reaches back further and catches transfers that never listed, but records the same closing once per data source, so the two were merged on unit, date and price and each closing kept once. Below-market-rate units and transfers under $300,000 are listed but excluded from every median. "Same window" means January 1 to October 15 of each year. Nothing here is a valuation of any unit, and nothing here is advice.

Tim McMullen · CA DRE #02016832
tim@mcmullen.properties · (415) 691-9272