Retail/Warehouse Block
For Sale
$2,495,000
Pending
305 Airport Boulevard, South San Francisco, CA 94080
Block-spanning retail and warehouse space with roll-up access on two streets and room for offices and storage.
Property Size7,603 SF
Days on Market334
Property Features for 305 Airport Boulevard
General Information
Standard status
Pending
Size
7,603 SF
Property subtype
Retail
Building Details
Building Size
7,603 SF
Year Built
1927
Listing Agency:
Bocci Realty, Richard J.
Listed By:
Nicholas A Bocci
Source:
Bonniespindler
Added: Sep 11, 2025
Changed: Aug 8
Last Checked: Jul 23 at 5:28AM
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 Bocci Realty, Richard J.
Investment Insights
Based on property information with market context.
This block-spanning property combines retail and warehouse functionality in one existing building with multiple access points. The interior is divided into two large open areas, supported by office and storage space. A small mezzanine/loft level adds additional flexible area within the building. The exterior includes roll-up doors on both streets, along with a curb cut on Cypress, supporting practical vehicle access for retail loading, warehouse operations, or mixed-use layouts.
The site is located just off Grand Ave in South San Francisco and stretches along the full block from Airport Blvd to Cypress, providing frontage across both street sides. With roll-up access on each street and the curb cut on Cypress, the property is set up for efficient ingress and egress depending on the tenant’s operational needs.
For an owner-user, the layout supports a combination of customer-facing space and behind-the-scenes warehouse or storage use. For investors or developers, the existing retail/warehouse configuration and multi-side access can help accommodate a variety of conversion and operating plans, whether you’re pursuing an integrated use or a redevelopment approach. The asset’s block-length site design and dual-street roll-up access are central considerations for any prospective operator evaluating the property’s fit.
The site is located just off Grand Ave in South San Francisco and stretches along the full block from Airport Blvd to Cypress, providing frontage across both street sides. With roll-up access on each street and the curb cut on Cypress, the property is set up for efficient ingress and egress depending on the tenant’s operational needs.
For an owner-user, the layout supports a combination of customer-facing space and behind-the-scenes warehouse or storage use. For investors or developers, the existing retail/warehouse configuration and multi-side access can help accommodate a variety of conversion and operating plans, whether you’re pursuing an integrated use or a redevelopment approach. The asset’s block-length site design and dual-street roll-up access are central considerations for any prospective operator evaluating the property’s fit.
Key Highlights
- Year built: 1927
- Block‑spanning retail/warehouse from Airport Blvd to Cypress (off Grand Ave in South San Francisco)
- Roll‑up doors provide access on both Airport Blvd and Cypress
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
$194,155
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
7.78%
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%
$3,883,100
$3.9M
Cap Rate 7%
$2,773,643
$2.8M
Cap Rate 9%
$2,157,278
$2.2M
Market Conditions
NOI Build-Up for 7,603 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
$291.0K $38.28/SF
− Vacancy
−$13.7K −$1.80/SF
EGI
$277.4K $36.48/SF
− OpEx
−$83.2K −$10.94/SF
NOI
$194.2K $25.54/SF
Area
San Mateo County, CA
Vacancy
4.70%
Lease Rate
$38.28 /SF/Yr
Expense Ratio
30.00%
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%
$3,883,100
Cap Rate 7%
$2,773,643
Cap Rate 9%
$2,157,278
Alternative Uses
Best Use
Warehouse
$6.04M
$5.28M – $7.05M
NOI $422,741 @ 7.0% cap · market cap 16.94%
Second Best
Industrial
$4.97M
$4.35M – $5.80M
NOI $348,139 @ 7.0% cap · market cap 13.95%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,452
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 94080, CA
66,592
Population
23,364
Households
2.9
Avg Household Size
40
Median Age
40%
College-Educated
86%
High-School Grad
10.2 sq mi
ZIP Area
6,529
Density / Sq Mi
$135,966
Median Household Income
$61,138
Median Earnings
$2,840
Median Rent
$1,159,500
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Block-spanning retail and warehouse space with roll-up access on two streets and room for offices and storage.
Where is this flex space located?
The property is located at 305 Airport Boulevard South San Francisco, CA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Year built: 1927; Block‑spanning retail/warehouse from Airport Blvd to Cypress (off Grand Ave in South San Francisco); Roll‑up doors provide access on both Airport Blvd and Cypress
