Van Ness Corridor Office
For Sale
$2,550,000
2134 Van Ness Avenue, San Francisco, CA 94115
Office building with potential for residential conversion.
Property Size6,435 SF
Lot Size0.08 Acres
Price / SF$396.27
Days on Market197
Property Features for 2134 Van Ness Avenue
General Information
Standard status
Active
Size
6,435 SF
Lot size
0.08 Acres
Property subtype
Commercial
Amenities
Central air
Near Public Transit
Restaurant Nearby
Roof Package Joint Cooling
Shopping Nearby
Building Details
Year Built
1909
Listing Agency:
SVN/PACIFIC COMMERCIAL ADVISORS
(415) 922-2900
Listed By:
KEVIN D CHIN · License #00696127
Source:
Corcoran
Added: Jan 26
Changed: Aug 8
Last Checked: Aug 8 at 1:03PM
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 SVN/PACIFIC COMMERCIAL ADVISORS
Investment Insights
Based on property information with market context.
This office building is situated in the Van Ness corridor. The property offers classic architecture and includes a roof deck. It presents a potential opportunity for residential conversion. The building has a size of 6435 square feet, making it suitable for an owner-user.
Key Highlights
- Well‑located in the Van Ness corridor.
- Perfect for owner/user.
- Potential residential conversion opportunity.
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
$208,925
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
8.19%
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%
$4,178,500
$4.2M
Cap Rate 7%
$2,984,643
$3.0M
Cap Rate 9%
$2,321,389
$2.3M
Market Conditions
NOI Build-Up for 6,435 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
$405.4K $63.00/SF
− Vacancy
−$25.5K −$3.97/SF
EGI
$379.9K $59.03/SF
− OpEx
−$170.9K −$26.56/SF
NOI
$208.9K $32.47/SF
Area
San Francisco, CA
Vacancy
6.30%
Lease Rate
$63.00 /SF/Yr
Expense Ratio
45.00%
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%
$4,178,500
Cap Rate 7%
$2,984,643
Cap Rate 9%
$2,321,389
Alternative Uses
Best Use
Apartment 5plus
$2.98M
$2.61M – $3.48M
NOI $208,925 @ 7.0% cap · market cap 8.19%
Second Best
Office B
$2.27M
$1.98M – $2.64M
NOI $158,561 @ 7.0% cap · market cap 6.22%
Theoretical Best
Specialty Retail
$31.43M
$27.50M – $36.67M
NOI $2,200,263 @ 7.0% cap · market cap 86.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 94115, CA
35,853
Population
19,312
Households
1.9
Avg Household Size
38
Median Age
74%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
32,594
Density / Sq Mi
$154,264
Median Household Income
$103,538
Median Earnings
$2,380
Median Rent
$1,684,100
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?
Office building - Office building with potential for residential conversion.
Where is this office building located?
The property is located at 2134 Van Ness Avenue San Francisco, CA.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Well‑located in the Van Ness corridor.; Perfect for owner/user.; Potential residential conversion opportunity.
