Flex Space with Office
For Sale
$1,350,000
3450 3rd Street #3D, San Francisco, CA 94124
Vacant flex unit combining warehouse functionality with second-floor offices and zoning for industrial, office, and select retail uses.
Property Size3,150 SF
Price / SF$428.57
Days on Market131
Property Features for 3450 3rd Street #3D
General Information
Standard status
Active
Size
3,150 SF
Property subtype
Commercial
Zoning
PDR-2
Warehouse & Industrial
Clear Height
12 ft
Warehouse Space
3,150 SF
Drive-In Doors
1
Amenities
Central air
Ceiling Fan Cooling
Concrete Roof
Gas Heating
Leased Parking
Building Details
Year Built
1987
Listing Agency:
MARCUS & MILLICHAP
(650) 391-1700
Listed By:
PHILIP BATLIN · License #CA01873218
Source:
Corcoran
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 6:29PM
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 vacant flex-space condominium combines a 3,150 SF warehouse with a second-floor office loft. The warehouse includes a grade-level roll-up door and 12 clear height, while the loft provides two private offices, open work area, and a kitchenette. Built in 1987, the unit offers a practical blend of production, storage, and administrative space within one property.
The property is located at 3450 3rd Street #3D in San Francisco and is zoned PDR-2. Permitted uses include industrial, office, and select retail activities. The unit will be delivered vacant, supporting immediate occupancy or interior customization for an owner-user or multi-tenant configuration.
The property is located at 3450 3rd Street #3D in San Francisco and is zoned PDR-2. Permitted uses include industrial, office, and select retail activities. The unit will be delivered vacant, supporting immediate occupancy or interior customization for an owner-user or multi-tenant configuration.
Key Highlights
- 3,150 SF flex‑space condominium with warehouse and office components
- Open warehouse area with grade‑level roll‑up door and 12 clear height
- Second‑floor loft includes two private offices, open workspace, and 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
5.75%
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 5.75%
Second Best
Warehouse
$929.5K
$813.3K – $1.08M
NOI $65,063 @ 7.0% cap · market cap 4.82%
Theoretical Best
Specialty Retail
$15.39M
$13.46M – $17.95M
NOI $1,077,052 @ 7.0% cap · market cap 79.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
1
Drive-in doors
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 - Vacant flex unit combining warehouse functionality with second-floor offices and zoning for industrial, office, and select retail uses.
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 $1,350,000.
What are key features of this property?
This property features: 3,150 SF flex‑space condominium with warehouse and office components; Open warehouse area with grade‑level roll‑up door and 12 clear height; Second‑floor loft includes two private offices, open workspace, and kitchenette
