Industrial Office Flex
For Sale
$2,450,000
95 Boutwell St, San Francisco, CA 94124
Industrial building with a renovated two-story office and seismic upgrade, offering a practical office/warehouse setup.
Property Size8,480 SF
Price / SF$288.92
Days on Market95
Property Features for 95 Boutwell St
General Information
Standard status
Active
Size
8,480 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Building Details
Building Size
8,480 SF
Year Built
1970
Year Renovated
2009
Listed By:
Chris Schofield, SIOR · License #CalDRE #01326198
(925) 895-8008
Source:
Lee-associates
Added: Jun 1
Changed: Sep 3
Last Checked: Sep 2 at 4:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Chris Schofield, SIOR
Investment Insights
Based on property information with market context.
The property at 95 Boutwell St is an 8,480 square foot industrial building offering a potential 50/50 office and warehouse configuration. The facility includes a renovated two-story office space, supporting operations that need both administrative and storage or workspace functions in one building. The building also underwent a seismic upgrade completed in 2009, providing an added layer of structural safety.
Access is designed for day-to-day operations, with convenient routes to major commute corridors including Highway 101 and Interstate 280 via Bayshore Boulevard. This connectivity can be useful for businesses coordinating deliveries, customer or staff travel, and ongoing logistics around the San Francisco market.
For tenants or buyers seeking a flexible layout, the combination of warehouse space and on-site office supports a range of industrial uses that require proximal administrative space. The existing renovated office improvements and the completed seismic upgrade make the building a more turnkey option for an owner-operator or an organization looking to align warehouse capacity with functional office space.
Access is designed for day-to-day operations, with convenient routes to major commute corridors including Highway 101 and Interstate 280 via Bayshore Boulevard. This connectivity can be useful for businesses coordinating deliveries, customer or staff travel, and ongoing logistics around the San Francisco market.
For tenants or buyers seeking a flexible layout, the combination of warehouse space and on-site office supports a range of industrial uses that require proximal administrative space. The existing renovated office improvements and the completed seismic upgrade make the building a more turnkey option for an owner-operator or an organization looking to align warehouse capacity with functional office space.
Key Highlights
- 8,480 SF industrial building in San Francisco, CA
- Potential 50/50 office/warehouse configuration
- Renovated two‑story office space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$175,154
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,503,080
$3.5M
Cap Rate 7%
$2,502,200
$2.5M
Cap Rate 9%
$1,946,156
$1.9M
Market Conditions
NOI Build-Up for 8,480 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$229.0K $27.00/SF
− Vacancy
−$22.9K −$2.70/SF
EGI
$206.1K $24.30/SF
− OpEx
−$30.9K −$3.65/SF
NOI
$175.2K $20.66/SF
Area
San Francisco, CA
Vacancy
10.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,503,080
Cap Rate 7%
$2,502,200
Cap Rate 9%
$1,946,156
Alternative Uses
Best Use
Warehouse
$2.50M
$2.19M – $2.92M
NOI $175,154 @ 7.0% cap · market cap 7.15%
Second Best
Industrial
$2.06M
$1.80M – $2.40M
NOI $144,245 @ 7.0% cap · market cap 5.89%
Theoretical Best
Specialty Retail
$41.42M
$36.24M – $48.32M
NOI $2,899,492 @ 7.0% cap · market cap 118.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,761
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 94124, CA
39,445
Population
11,780
Households
3.3
Avg Household Size
37
Median Age
27%
College-Educated
75%
High-School Grad
4.8 sq mi
ZIP Area
8,218
Density / Sq Mi
$82,928
Median Household Income
$42,683
Median Earnings
$1,368
Median Rent
$1,043,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial building with a renovated two-story office and seismic upgrade, offering a practical office/warehouse setup.
Where is this flex space located?
The property is located at 95 Boutwell St San Francisco, CA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 8,480 SF industrial building in San Francisco, CA; Potential 50/50 office/warehouse configuration; Renovated two‑story office space
