Commercial Building with Kitchen
For Sale
Contact for pricing
645 Larkin St, San Francisco, CA 94109
Two-story commercial building with full kitchen infrastructure for sale.
Property Size5,868 SF
Price / SF$306.75
Days on Market180
Property Features for 645 Larkin St
General Information
Standard status
Active
Size
5,868 SF
Property subtype
Retail
Zoning
RC-4 - Residential - Commercial, High Density
Building Details
Year Built
1921
Buildings
1
Stories
2
Listing Agency:
Touchstone Commercial Partners
(415) 608-6336
Listed By:
Cameron Tu · License #CA 02100436
Source:
Crexi
Added: Feb 20
Changed: Aug 15
Last Checked: Aug 18 at 7:19PM
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 Touchstone Commercial Partners
Investment Insights
Based on property information with market context.
The subject property at 645 Larkin Street is a two-story plus basement, standalone commercial building available for purchase. A major renovation in 2012 converted the property to its current use. The building is equipped with full-service kitchen infrastructure. The second floor provides space for overflow or private dining, as well as back office spaces and additional restrooms, including one with a shower. The basement is partially built out as usable kitchen prep space, with additional storage and sidewalk loading access. The property, totaling 5,868 square feet, will be delivered 100% vacant at the close of escrow. It is suitable for a restaurant operator, production kitchen, or nonprofit organization to utilize the existing infrastructure.
Key Highlights
- Delivered 100% vacant, ready for immediate occupancy.
- Full‑service kitchen infrastructure already in place.**
- Major renovation completed in 2012.
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
$57,609
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
3.20%
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%
$1,152,180
$1.2M
Cap Rate 7%
$822,986
$823.0K
Cap Rate 9%
$640,100
$640.1K
Market Conditions
NOI Build-Up for 5,868 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
$88.0K $15.00/SF
− Vacancy
−$5.7K −$0.98/SF
EGI
$82.3K $14.03/SF
− OpEx
−$24.7K −$4.21/SF
NOI
$57.6K $9.82/SF
Area
ZIP 94109
Vacancy
6.50%
Lease Rate
$15.00 /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%
$1,152,180
Cap Rate 7%
$822,986
Cap Rate 9%
$640,100
Alternative Uses
Best Use
Specialty Retail
$17.64M
$15.43M – $20.57M
NOI $1,234,481 @ 7.0% cap · market cap 68.58%
Second Best
Industrial
$823.0K
$720.1K – $960.2K
NOI $57,609 @ 7.0% cap · market cap 3.20%
Theoretical Best
Retail
$26.75M
$23.41M – $31.21M
NOI $1,872,634 @ 7.0% cap · market cap 104.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
16,130
Businesses Nearby
108k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 32%
Hotels & Casinos 29%
Shops & Services 29%
Apparel 6%
Trader Joe's
Groceries
34,815 visits/mo
0.5 miles
Holiday Inn San Francisco-Golden Gateway
Hotels & Casinos
16,023 visits/mo
0.5 miles
Shell
Shops & Services
13,361 visits/mo
0.3 miles
Wells Fargo
Shops & Services
8,374 visits/mo
0.4 miles
Courtyard by Marriott San Francisco Downtown/Van Ness Ave.
Hotels & Casinos
5,529 visits/mo
0.2 miles
Demographics for 94109, CA
58,501
Population
39,043
Households
1.5
Avg Household Size
38
Median Age
65%
College-Educated
90%
High-School Grad
1.1 sq mi
ZIP Area
53,183
Density / Sq Mi
$112,201
Median Household Income
$89,841
Median Earnings
$2,172
Median Rent
$1,390,000
Median Home Value
Market
Vacancy Rate% for Retail in San Francisco, CA
Questions? Ask Rey
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Similar Off Market Nearby
- Small Potatoes Catering & Events — 525 7th St, San Francisco, CA 94103
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- Colombian’s Food Factory — 1233 Folsom St, San Francisco, CA 94103
- Pistachio Catering — 1535 Franklin St Suite 1, San Francisco, CA 94109
- Bay Of Burma — 1174 Folsom St Unit B, San Francisco, CA 94103
Frequently Asked Questions
What type of property is this?
Restaurant - Two-story commercial building with full kitchen infrastructure for sale.
Where is this restaurant located?
The property is located at 645 Larkin St San Francisco, CA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Delivered 100% vacant, ready for immediate occupancy.; Full‑service kitchen infrastructure already in place.**; Major renovation completed in 2012.
