Retail Warehouse Development
For Sale
$1,200,000
1450 Howard Street, San Francisco, CA 94103
Existing retail/warehouse building on an approved site for a 15-unit, six-story condo project.
Property Size3,425 SF
Lot Size0.05 Acres
Price / SF$350.36
Days on Market471
Property Features for 1450 Howard Street
General Information
Standard status
Active
Size
3,425 SF
Lot size
0.05 Acres
Property subtype
Mixed Use
Building Details
Year Built
1900
Listing Agency:
(415) 552-9500
Listed By:
Corcoran Icon Properties
(415) 828-7814
Source:
Xome
Added: May 24, 2025
Changed: Sep 1
Last Checked: Sep 6 at 4:20AM
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 Corcoran Icon Properties
Investment Insights
Based on property information with market context.
The property is an approximately 3,425-square-foot retail/warehouse building situated on an approximately 2,247-square-foot lot. The listing also describes the site as an owner-user and development opportunity, with approvals in place for a 15-unit modern six-story condo project, subject to verification with the architect regarding any additional options.
The asset is located at 1450 Howard Street in San Francisco, CA 94103. Prospective buyers and tenants should review the attached drawings and confirm details of the approved condo plan directly with the project team.
For sale or lease, the property provides both an existing commercial structure and documented development entitlement for residential conversion, allowing interested parties to assess fit for an owner-user or redevelopment timeline.
The asset is located at 1450 Howard Street in San Francisco, CA 94103. Prospective buyers and tenants should review the attached drawings and confirm details of the approved condo plan directly with the project team.
For sale or lease, the property provides both an existing commercial structure and documented development entitlement for residential conversion, allowing interested parties to assess fit for an owner-user or redevelopment timeline.
Key Highlights
- Approximately 3,425 SF retail/warehouse building on a 2,247 SF lot
- Site is approved for a 15‑unit, six‑story condo project (see attached drawings)
- Options include owner‑user or lease sale per property remarks
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
$70,743
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
5.90%
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%
$1,414,860
$1.4M
Cap Rate 7%
$1,010,614
$1.0M
Cap Rate 9%
$786,033
$786.0K
Market Conditions
NOI Build-Up for 3,425 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
$92.5K $27.00/SF
− Vacancy
−$9.2K −$2.70/SF
EGI
$83.2K $24.30/SF
− OpEx
−$12.5K −$3.65/SF
NOI
$70.7K $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%
$1,414,860
Cap Rate 7%
$1,010,614
Cap Rate 9%
$786,033
Alternative Uses
Best Use
Warehouse
$1.01M
$884.3K – $1.18M
NOI $70,743 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$16.73M
$14.64M – $19.52M
NOI $1,171,080 @ 7.0% cap · market cap 97.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11,546
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Existing retail/warehouse building on an approved site for a 15-unit, six-story condo project.
Where is this warehouse located?
The property is located at 1450 Howard Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 3,425 SF retail/warehouse building on a 2,247 SF lot; Site is approved for a 15‑unit, six‑story condo project (see attached drawings); Options include owner‑user or lease sale per property remarks
