Edwardian Building in SOMA
For Sale
Contact for pricing
537 Stevenson St, San Francisco, CA
Unique two-story building with basement and mezzanine in San Francisco.
Property Size10,651 SF
Lot Size0.09 Acres
Price / SF$272.27
Days on Market278
Property Features for 537 Stevenson St
General Information
Standard status
Active
Size
10,651 SF
Lot size
0.09 Acres
Property subtype
OFFICE
Listing Agency:
Urban group real estate - San Francisco
(415) 420-8048
Listed By:
GUY CARSON · License #01997702
(415) 420-8048
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 9
Last Checked: Aug 29 at 1:15PM
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 Urban group real estate - San Francisco
Investment Insights
Based on property information with market context.
The property at 537 Stevenson Street is a two-story Edwardian building, formerly the Sterling Furniture Co. Warehouse. Located next to the historic Skybridge on Stevenson, this unique building includes a full basement and mezzanine. The interior features transparent walls designed to maximize natural light throughout the space. The building has been seismically retrofitted and updated with skylights to enhance natural light. The first floor is set back from the full-height windows, creating a light well to the basement level. The building offers separable entries, allowing each floor to be dedicated to different uses. This property is located in San Francisco's vibrant SOMA District.
Key Highlights
- Seismically retrofitted for safety and stability.
- Abundant natural light throughout the building via transparent interior walls and skylights.
- Unique two‑story Edwardian building with full basement and mezzanine.
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
$262,445
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
9.05%
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%
$5,248,900
$5.2M
Cap Rate 7%
$3,749,214
$3.7M
Cap Rate 9%
$2,916,056
$2.9M
Market Conditions
NOI Build-Up for 10,651 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
$469.1K $44.04/SF
− Vacancy
−$119.1K −$11.19/SF
EGI
$349.9K $32.85/SF
− OpEx
−$87.5K −$8.21/SF
NOI
$262.4K $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%
$5,248,900
Cap Rate 7%
$3,749,214
Cap Rate 9%
$2,916,056
Alternative Uses
Best Use
Office B
$3.75M
$3.28M – $4.37M
NOI $262,445 @ 7.0% cap · market cap 9.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$52.03M
$45.52M – $60.70M
NOI $3,641,803 @ 7.0% cap · market cap 125.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21,625
Businesses Nearby
Explore this area
Business Placement
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 building - Unique two-story building with basement and mezzanine in San Francisco.
Where is this office building located?
The property is located at 537 Stevenson St San Francisco, CA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Seismically retrofitted for safety and stability.; Abundant natural light throughout the building via transparent interior walls and skylights.; Unique two‑story Edwardian building with full basement and mezzanine.
