Flex Warehouse Condo With
For Sale
$595,000
65 Norfolk Street # F, San Francisco, CA 94103
Condo unit offers warehouse space plus two offices, kitchen, and restroom in a fully sprinklered six-unit building.
Property Size920 SF
Price / SF$646.74
Days on Market136
Property Features for 65 Norfolk Street # F
General Information
Standard status
Active
Size
920 SF
Property subtype
Warehouse
Zoning
WMUG
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Building Details
Building Size
920 SF
Year Built
1993
Listing Agency:
Compass Commercial
Listed By:
Guy Carson Jr. · License #01997702
(415) 345-3000
Source:
Bonniespindler
Added: Apr 25
Changed: Aug 31
Last Checked: Sep 7 at 6:31AM
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 Compass Commercial
Investment Insights
Based on property information with market context.
65 Norfolk, Unit F is a 920-square-foot commercial condo within a modern, six-unit mixed-use building. The space is organized as a warehouse area with two offices, a small kitchen, and a restroom. Finishes throughout are described as quality, and natural light enters via a glass-paneled garage door, with a second aluminum security door for additional access control. The unit is fully sprinklered.
The property is located in Western SOMA on a quiet street between 11th and 12th Streets, tucked between Folsom and Harrison. The remarks note it is just a few blocks from the 101 and 280.
WMUG zoning is listed in the remarks and is described as supporting small-scale light manufacturing, wholesale distribution, and arts production and performance/exhibition activities, along with general commercial and neighborhood-serving retail and personal service uses.
The property is located in Western SOMA on a quiet street between 11th and 12th Streets, tucked between Folsom and Harrison. The remarks note it is just a few blocks from the 101 and 280.
WMUG zoning is listed in the remarks and is described as supporting small-scale light manufacturing, wholesale distribution, and arts production and performance/exhibition activities, along with general commercial and neighborhood-serving retail and personal service uses.
Key Highlights
- 920 SF commercial condo with warehouse space, two offices, small kitchen, and restroom
- Located in a 6‑unit mixed‑use building built in 1993
- Natural light via glass‑paneled garage door; includes second aluminum security door
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
$19,003
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
3.19%
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%
$380,060
$380.1K
Cap Rate 7%
$271,471
$271.5K
Cap Rate 9%
$211,144
$211.1K
Market Conditions
NOI Build-Up for 920 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
$24.8K $27.00/SF
− Vacancy
−$2.5K −$2.70/SF
EGI
$22.4K $24.30/SF
− OpEx
−$3.4K −$3.65/SF
NOI
$19.0K $20.66/SF
Area
San Francisco, CA
Vacancy
10.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
15.00%
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%
$380,060
Cap Rate 7%
$271,471
Cap Rate 9%
$211,144
Alternative Uses
Best Use
Warehouse
$271.5K
$237.5K – $316.7K
NOI $19,003 @ 7.0% cap · market cap 3.19%
Second Best
Industrial
$223.6K
$195.6K – $260.8K
NOI $15,649 @ 7.0% cap · market cap 2.63%
Theoretical Best
Specialty Retail
$4.49M
$3.93M – $5.24M
NOI $314,568 @ 7.0% cap · market cap 52.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
10,493
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 94103, CA
37,843
Population
20,920
Households
1.8
Avg Household Size
37
Median Age
56%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
27,031
Density / Sq Mi
$122,339
Median Household Income
$83,348
Median Earnings
$2,146
Median Rent
$1,057,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Condo unit offers warehouse space plus two offices, kitchen, and restroom in a fully sprinklered six-unit building.
Where is this flex space located?
The property is located at 65 Norfolk Street # F San Francisco, CA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 920 SF commercial condo with warehouse space, two offices, small kitchen, and restroom; Located in a 6‑unit mixed‑use building built in 1993; Natural light via glass‑paneled garage door; includes second aluminum security door
