Dephosphorylates D-glycerol 3-phosphate (sn-glycerol 1-phosphate). Is the final enzyme involved in the recycling/catabolism of glycerophospholipid polar heads. To a lesser extent, is also able to act on glycerol 2-phosphate and D-ribulose 5-phosphate, but cannot use D-glyceraldehyde 3-phosphate, dihydroxyacetone-phosphate, UMP or GMP as substrates. H2O + sn-glycerol 1-phosphate = glycerol + phosphate Although Co(2+) and Mn(2+) support eight- and fourfold higher catalytic efficiency than Mg(2+), respectively, Mg(2+) is likely the physiologically relevant catalytic divalent metal ion. kcat is 0.77 sec(-1) with D,L-glycerol 3-phosphate as substrate. kcat is 0.18 sec(-1) with D-ribulose 5-phosphate as substrate. kcat is 0.18 sec(-1) with glycerol 2-phosphate as substrate. kcat is 1.00 sec(-1) with p-nitrophenyl 3-phosphate as substrate. kcat is 0.02 sec(-1) with L-glycerol 3-phosphate as substrate. Glycerolipid metabolism. Homodimer. Crystal structures of Rv1692 reveal a unique architecture, a fusion of a predicted haloacid dehalogenase fold with a previously unidentified GCN5-related N-acetyltransferase (GNAT) region. Although not directly involved in acetyl transfer, or regulation of enzymatic activity in vitro, the GNAT region is critical for the solubility of the phosphatase. Deletion of this gene results in an accumulation of G3P and G3P-containing lipid polar heads. Belongs to the HAD-like hydrolase superfamily. Although the enzyme shows affinity to L-glycerol 3-phosphate (sn-glycerol 3-phosphate), it hydrolyzes the substrate with poor efficacy and is therefore not associated with EC 3.1.3.21 / RHEA:11476.