Second-Floor Office
For Sale
Contact for pricing
2323 Noriega St, San Francisco, CA 94122
For sale 465-square-foot second-floor office suite, offering a compact setup for a professional use.
Property Size465 SF
Price / SF$698.92
Days on Market85
Property Features for 2323 Noriega St
General Information
Standard status
Active
Size
465 SF
Property subtype
OFFICE
Additional Details
Floor
2
Listing Agency:
LL CRE
(415) 278-7838
Listed By:
Chris Leung
(415) 828-9108
Source:
Moodyscre
Added: May 22
Changed: Aug 11
Last Checked: Aug 13 at 8:31AM
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 LL CRE
Investment Insights
Based on property information with market context.
This for-sale second-floor office suite spans 465 square feet and is suited for an established professional presence or a new office setup that fits a smaller footprint. The space is configured as a standalone suite within a central building setting.
The property is located at 2323 Noriega St in San Francisco, within the Central Sunset commercial corridor. The surrounding area is described as a community-focused retail and neighborhood commerce district, supporting everyday local demand.
If you’re looking for a smaller, second-floor office suite, this unit provides a straightforward size and level combination for an office tenant seeking manageable space within an established neighborhood commercial environment.
The property is located at 2323 Noriega St in San Francisco, within the Central Sunset commercial corridor. The surrounding area is described as a community-focused retail and neighborhood commerce district, supporting everyday local demand.
If you’re looking for a smaller, second-floor office suite, this unit provides a straightforward size and level combination for an office tenant seeking manageable space within an established neighborhood commercial environment.
Key Highlights
- 465 SF second‑floor office suite available for sale
- Compact office layout suited for a professional use
- Located in San Francisco’s Sunset District
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
$9,179
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
2.82%
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%
$183,580
$183.6K
Cap Rate 7%
$131,129
$131.1K
Cap Rate 9%
$101,989
$102.0K
Market Conditions
NOI Build-Up for 465 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
$16.4K $35.28/SF
− Vacancy
−$4.2K −$8.96/SF
EGI
$12.2K $26.32/SF
− OpEx
−$3.1K −$6.58/SF
NOI
$9.2K $19.74/SF
Area
ZIP 94122
Vacancy
25.40%
Lease Rate
$35.28 /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%
$183,580
Cap Rate 7%
$131,129
Cap Rate 9%
$101,989
Alternative Uses
Best Use
Office B
$131.1K
$114.7K – $153.0K
NOI $9,179 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$223.0K
$195.1K – $260.1K
NOI $15,608 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,985
Businesses Nearby
Explore this area
Business Placement
Demographics for 94122, CA
57,160
Population
24,155
Households
2.4
Avg Household Size
39
Median Age
63%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
17,321
Density / Sq Mi
$145,717
Median Household Income
$80,501
Median Earnings
$2,720
Median Rent
$1,507,100
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 units - For sale 465-square-foot second-floor office suite, offering a compact setup for a professional use.
Where is this office units located?
The property is located at 2323 Noriega St San Francisco, CA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 465 SF second‑floor office suite available for sale; Compact office layout suited for a professional use; Located in San Francisco’s Sunset District
