Renovated Office Unit with Elevator
For Sale
Contact for pricing
209 9th St, San Francisco, CA 94103
Full-floor configuration includes open workspace, private offices, conference room, and kitchen.
Property Size4,362 SF
Price / SF$573.13
Days on Market1414
Property Features for 209 9th St
General Information
Standard status
Active
Size
4,362 SF
Elevators
Yes
Property subtype
OFFICE
Additional Details
Public Transit
Yes
Listing Agency:
Starboard Commercial Real Estate
(415) 765-6900
Listed By:
Craig Hansson · License #018
(415) 710-7768
Source:
Moodyscre
Added: Nov 2, 2022
Changed: Aug 16
Last Checked: Sep 15 at 11:34AM
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 Starboard Commercial Real Estate
Investment Insights
Based on property information with market context.
This renovated office unit offers a full-floor configuration with elevator access and an efficient layout for professional use. The space includes an open office area, two private offices, one conference room, and a kitchen. The property is part of a commercial condominium offering in San Francisco’s West SOMA neighborhood.
The second and third floors have ADA elevator access. The property is located a few blocks from BART and within walking distance of several restaurants and amenities. Buyers may purchase one or multiple commercial condos within the offering, subject to the applicable transaction structure.
The second and third floors have ADA elevator access. The property is located a few blocks from BART and within walking distance of several restaurants and amenities. Buyers may purchase one or multiple commercial condos within the offering, subject to the applicable transaction structure.
Key Highlights
- Full‑floor office opportunity with elevator access
- Open office area with 2 offices and 1 conference room
- Kitchen included in the office layout
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
$107,481
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
4.30%
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%
$2,149,620
$2.1M
Cap Rate 7%
$1,535,443
$1.5M
Cap Rate 9%
$1,194,233
$1.2M
Market Conditions
NOI Build-Up for 4,362 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
$192.1K $44.04/SF
− Vacancy
−$48.8K −$11.19/SF
EGI
$143.3K $32.85/SF
− OpEx
−$35.8K −$8.21/SF
NOI
$107.5K $24.64/SF
Area
San Francisco, CA
Vacancy
25.40%
Lease Rate
$44.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,149,620
Cap Rate 7%
$1,535,443
Cap Rate 9%
$1,194,233
Alternative Uses
Best Use
Office B
$1.54M
$1.34M – $1.79M
NOI $107,481 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$21.31M
$18.64M – $24.86M
NOI $1,491,460 @ 7.0% cap · market cap 59.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
11,660
Businesses Nearby
Explore this area
Business Placement
Demographics for 94103, CA
37,843
Population
20,920
Households
1.8
Avg Household Size
37
Median Age
56%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
27,031
Density / Sq Mi
$122,339
Median Household Income
$83,348
Median Earnings
$2,146
Median Rent
$1,057,600
Median Home Value
Check the figures for this property
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Market
Vacancy Rate% for Office in San Francisco, CA
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Frequently Asked Questions
What type of property is this?
Office units - Full-floor configuration includes open workspace, private offices, conference room, and kitchen.
Where is this office units located?
The property is located at 209 9th St San Francisco, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Full‑floor office opportunity with elevator access; Open office area with 2 offices and 1 conference room; Kitchen included in the office layout
