Mixed-Use Building with Creative
For Sale
$13,750,000
44 Page, San Francisco, CA 94102
Six floors combine adaptable program areas, office occupancy, and substantial basement storage within NCT-3 zoning.
Property Size36,186 SF
Days on Market8
Property Features for 44 Page
General Information
Standard status
Active
Size
36,186 SF
Zoning
NCT-3
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Building Size
36,186 SF
Year Built
1912
Buildings
1
Stories
6
Tenancy
Multi
Listing Agency:
(415) 317-5888
Listed By:
The Wiley Team
(415) 317-5888
Source:
Sanfranciscorealestategroup.idxbroker
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 5:52AM
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 The Wiley Team
Investment Insights
Based on property information with market context.
This six-story mixed-use property combines flexible creative and office environments. The lower three floors feature ceremonial and loft-style spaces with ceiling heights ranging from 10 to 20 feet, along with abundant volume and light. These areas support rehearsal, performance, classroom, event, gallery, and creative studio functions. A basement provides extensive storage.
The upper three floors contain nonprofit and commercial office tenants, creating an in-place income component alongside the adaptable lower-level spaces. The property is located at 44 Page in San Francisco’s Market Octavia area near Hayes Valley and west of the Civic Center. The surrounding neighborhood includes governmental and cultural institutions, a walkable and bikeable street-and-alley network, more than a dozen transit lines, the city’s core streetcar lines, BART access, and connections to the regional freeway system. Built in 1912, the property carries NCT-3 zoning.
The upper three floors contain nonprofit and commercial office tenants, creating an in-place income component alongside the adaptable lower-level spaces. The property is located at 44 Page in San Francisco’s Market Octavia area near Hayes Valley and west of the Civic Center. The surrounding neighborhood includes governmental and cultural institutions, a walkable and bikeable street-and-alley network, more than a dozen transit lines, the city’s core streetcar lines, BART access, and connections to the regional freeway system. Built in 1912, the property carries NCT-3 zoning.
Key Highlights
- Lower three floors offer ceremonial and loft spaces for rehearsal, performance, classroom, event, gallery, and studio uses
- Upper three floors include nonprofit and commercial office tenants
- Ceiling heights range from 10‑20 ft in the lower‑level spaces
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
$891,637
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
6.48%
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%
$17,832,740
$17.8M
Cap Rate 7%
$12,737,671
$12.7M
Cap Rate 9%
$9,907,078
$9.9M
Market Conditions
NOI Build-Up for 36,186 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
$1.59M $44.04/SF
− Vacancy
−$404.8K −$11.19/SF
EGI
$1.19M $32.85/SF
− OpEx
−$297.2K −$8.21/SF
NOI
$891.6K $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%
$17,832,740
Cap Rate 7%
$12,737,671
Cap Rate 9%
$9,907,078
Alternative Uses
Best Use
Office B
$12.74M
$11.15M – $14.86M
NOI $891,637 @ 7.0% cap · market cap 6.48%
Second Best
Mixed Use
$11.53M
$10.09M – $13.46M
NOI $807,400 @ 7.0% cap · market cap 5.87%
Theoretical Best
Specialty Retail
$176.75M
$154.66M – $206.21M
NOI $12,372,762 @ 7.0% cap · market cap 89.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
10,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 94102, CA
39,432
Population
23,153
Households
1.7
Avg Household Size
40
Median Age
42%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
56,331
Density / Sq Mi
$64,781
Median Household Income
$55,873
Median Earnings
$1,517
Median Rent
$996,300
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?
Mixed-use property - Six floors combine adaptable program areas, office occupancy, and substantial basement storage within NCT-3 zoning.
Where is this mixed-use property located?
The property is located at 44 Page San Francisco, CA.
What is the asking price?
The asking price for this property is $13,750,000.
What are key features of this property?
This property features: Lower three floors offer ceremonial and loft spaces for rehearsal, performance, classroom, event, gallery, and studio uses; Upper three floors include nonprofit and commercial office tenants; Ceiling heights range from 10‑20 ft in the lower‑level spaces
