Industrial Flex Space with
For Sale
$1,450,000
3450 3rd Street #3D, San Francisco, CA 94124
Versatile industrial flex space with modern office loft in San Francisco.
Property Size3,150 SF
Price / SF$460.32
Days on Market359
Property Features for 3450 3rd Street #3D
General Information
Standard status
Active
Size
3,150 SF
Property subtype
Commercial
Amenities
Central air
Ceiling Fan Cooling
Gas Heating
Leased Parking
Off-Site Parking
Building Details
Year Built
1987
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1700
Listed By:
PHILIP BATLIN · License #CA01873218
Source:
Corcoran
Added: Sep 5, 2025
Changed: Aug 24
Last Checked: Aug 24 at 3:00AM
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 MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
This industrial flex unit features a versatile layout suitable for owner-users. The property includes a grade-level roll-up door and a 12-foot clear height, accommodating various industrial and flex uses. Approximately 2,600 square feet of warehouse space is available for storage, production, or distribution. The upstairs office loft features modern finishes, with two distinct office suites and a shared common area equipped with a kitchenette, suitable for administrative functions, creative studios, or collaborative work environments. Zoned PDR-2 (Core Production, Distribution, and Repair), the property supports a range of uses, including industrial, office, and retail activities. The property will be delivered vacant, allowing for immediate occupancy or customization.
Key Highlights
- Seller financing available, making ownership easier.
- Versatile Layout: Features a 2,600 sq ft warehouse with grade‑level roll‑up door and 12‑foot clear height.
- Modern Office Loft: Includes two office suites with shared kitchenette.
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
$77,617
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
5.35%
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%
$1,552,340
$1.6M
Cap Rate 7%
$1,108,814
$1.1M
Cap Rate 9%
$862,411
$862.4K
Market Conditions
NOI Build-Up for 3,150 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
$138.7K $44.04/SF
− Vacancy
−$35.2K −$11.19/SF
EGI
$103.5K $32.85/SF
− OpEx
−$25.9K −$8.21/SF
NOI
$77.6K $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%
$1,552,340
Cap Rate 7%
$1,108,814
Cap Rate 9%
$862,411
Alternative Uses
Best Use
Office B
$1.11M
$970.2K – $1.29M
NOI $77,617 @ 7.0% cap · market cap 5.35%
Second Best
Warehouse
$929.5K
$813.3K – $1.08M
NOI $65,063 @ 7.0% cap · market cap 4.49%
Theoretical Best
Specialty Retail
$15.39M
$13.46M – $17.95M
NOI $1,077,052 @ 7.0% cap · market cap 74.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,644
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94124, CA
39,445
Population
11,780
Households
3.3
Avg Household Size
37
Median Age
27%
College-Educated
75%
High-School Grad
4.8 sq mi
ZIP Area
8,218
Density / Sq Mi
$82,928
Median Household Income
$42,683
Median Earnings
$1,368
Median Rent
$1,043,200
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?
Flex space - Versatile industrial flex space with modern office loft in San Francisco.
Where is this flex space located?
The property is located at 3450 3rd Street #3D San Francisco, CA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Seller financing available, making ownership easier.; Versatile Layout: Features a 2,600 sq ft warehouse with grade‑level roll‑up door and 12‑foot clear height.; Modern Office Loft: Includes two office suites with shared kitchenette.
