SOMA Freestanding Creative
For Sale
Contact for pricing
156 Gilbert Street, San Francisco, CA 94103
1,920 SF creative space in San Francisco's SOMA district.
Property Size1,920 SF
Price / SF$664.06
Days on Market105
Property Features for 156 Gilbert Street
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Office, Industrial
Zoning
SALI
Lease Type
Gross
Listing Agency:
Touchstone Commercial Partners
(415) 539-1121
Listed By:
Zach Haupert · License #CA 01822907
Source:
Crexi
Added: May 12
Changed: Aug 20
Last Checked: Aug 23 at 6:53PM
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 Touchstone Commercial Partners
Investment Insights
Based on property information with market context.
This 1,920 square foot creative freestanding building is located at 156 Gilbert Street in San Francisco's SOMA district. It offers a workspace with polished concrete floors and skylights. The layout is designed for creative office or collaborative use. The space includes a large conference room, private meeting rooms, a full kitchen, and lounge areas with custom finishes. The property is located near Interstate 280, Caltrain, and downtown San Francisco. It is suitable for an owner-user or investor. The property will be delivered fully vacant.
Key Highlights
- Rare, freestanding creative office building in San Francisco's SOMA district.
- Turnkey creative office environment ready for immediate occupancy.
- Delivered fully vacant, ideal for owner‑user or investor.
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
$47,310
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
3.71%
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%
$946,200
$946.2K
Cap Rate 7%
$675,857
$675.9K
Cap Rate 9%
$525,667
$525.7K
Market Conditions
NOI Build-Up for 1,920 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
$84.6K $44.04/SF
− Vacancy
−$21.5K −$11.19/SF
EGI
$63.1K $32.85/SF
− OpEx
−$15.8K −$8.21/SF
NOI
$47.3K $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%
$946,200
Cap Rate 7%
$675,857
Cap Rate 9%
$525,667
Alternative Uses
Best Use
Office B
$675.9K
$591.4K – $788.5K
NOI $47,310 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.38M
$8.21M – $10.94M
NOI $656,489 @ 7.0% cap · market cap 51.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,524
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
Market
Vacancy Rate% for Office in San Francisco, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - 1,920 SF creative space in San Francisco's SOMA district.
Where is this creative space located?
The property is located at 156 Gilbert Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Rare, freestanding creative office building in San Francisco's SOMA district.; Turnkey creative office environment ready for immediate occupancy.; Delivered fully vacant, ideal for owner‑user or investor.
