The Mullen Buildings at 60 Rausch: three closings this year at $821 a foot, up 21 percent, with a 2013 buyer selling for 41 percent more in the 1920s millwork factory

60 Rausch had fewer sales this year and better ones. Three lofts closed between January 1 and October 15, 2026, against five in the same window of 2025; $2,520,000 of volume against $4,998,000. The median sale is $750,000 and the median price per square foot is $821, against $681 last year, a 21 percent gain, and 9 percent under the building's high of $898 in 2021.

The high sale is #205, a 1,437-square-foot two-bedroom at $1,050,000 on September 21 after 31 days; it is the year's one paired resale, bought in April 2013 for $745,000 and sold up 40.9 percent. #410, a 913-square-foot one-bedroom, closed at $750,000 on April 2 after twelve days. The low is #404, a 755-square-foot two-bedroom at $720,000 on March 26, which went into contract the day it listed. The median listed sale took twelve days to contract, and two of three went inside two weeks, against one of five last year.

The complex is the Mullen Buildings: 60 Rausch and 73 Sumner, built in the 1920s for the Mullen Company, which made architectural millwork for banks, and converted to 37 and 16 lofts in 2002 to designs by George Hauser, with eight new-construction units added at 52 Rausch; Hauser's own office occupied #201 until it was sold in a bank sale for $829,000 in 2010, and 52 Rausch went back to its lender the same year (SocketSite; SocketSite; SocketSite).

2026 so far, against the same window in 2025

Closings at 60 Rausch 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 60 Rausch St since November 2002, by calendar year. 2026 runs through October 15, 2026. Days on market is available for MLS-listed sales from 2020 onward.

The building's highest median price per square foot in any year with five or more closings was $898 in 2021 (5 closings). 2026 year to date stands at $821.

By bedroom count, 2025 against 2026

Every closing in 2026

All 3 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.

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

Rausch Street, western SoMa

Rausch is a one-block alley off Folsom between Seventh and Eighth, and the corner of Folsom and Rausch was approved in 2014 for a six-story, 112-unit condominium building at 1140 Folsom on the site of the Bay Lighting showroom (SocketSite). Folsom itself is mid-rebuild: the Folsom Streetscape Project, with a design sheet for the Rausch intersection, has been under construction since 2024 toward substantial completion in October 2026, and the Howard Street project follows from late 2025 (SF Planning; Streetsblog).

This is the western end of SoMa, and the AI leases are at the eastern end: Anthropic's six Howard Street buildings begin seven blocks east at Second, and Harvey's 201 Third is five blocks east and north (Bisnow; CoStar). The SoMa rent and vacancy figures in the paragraphs below are drawn from that cluster.

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
[email protected] · (415) 691-9272