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    South San Francisco Office/Lab Sublease Title is generated by Realmo AI

    651 Gateway Boulevard, South San Francisco, CA 94080

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    Full floor office/lab space available for sublease through July 2029.

    Type:Industrial
    Property size:
    22,365 SF
    Added:
    Jan 27, 2026
    Days on Market:
    110
    Last Refresh:
    Apr 5 at 11:34 pm

    Property Features for 651 Gateway Boulevard

    General Information

    Standard status
    Active
    Size
    22,365 SF
    Property subtype
    Industrial

    Spaces For Lease

    at 651 Gateway Boulevard Contact us

    We can help!

    Listing Contact
    John Hundley

    Listing agent John Hundley License #CA RE Lic. #01365206

    Listing office

    Listing date Jan 27, 2026

    Source Nmrk

    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 John Hundley

    HighLights

    • Full floor (± 22,365 RSF) divisible office/lab space available for sublease through July 2029.
    • Prominent location on Highway 101 corridor with easy access.
    • Free shuttle service to San Francisco Airport (10 minutes away).
    • Full‑building lab conversion with new laboratory infrastructure and robust MEP systems.
    • Brand new Class A exteriors, lobby, and lab warm shell core.
    • Fully amenitized campus with cafes, restaurants, conferencing, and fitness center.

    Overview

    Suite 600 at 651 Gateway Blvd, located in the Gateway Commons, is available for sublease through July 2029. This ± 22,365 RSF full floor is divisible to ± 8,000 - 15,000 RSF for office or lab use. The 16-story laboratory/office building has a total area of ±325,215 RSF. The property is situated in a prominent location with convenient access to Highway 101. The building has undergone a full-building lab conversion, incorporating new laboratory infrastructure and features brand new Class A exteriors, a lobby, and a lab warm shell core. Robust mechanical, electrical, and plumbing systems are in place to support a wide variety of laboratory and office applications. The building is LEED Gold and Fitwel ready. The campus is fully amenitized, including cafes, restaurants, conferencing facilities, and a fitness center. The location is within walking distance of the South San Francisco Caltrain station and provides access to Genentech shuttle stops. A free shuttle service is available to the San Francisco Airport, which is 10 minutes away. The building is close to downtown San Francisco.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tercica Medica Inc Medical Clinic FedEx Drop Box Shipping Company Mirvie Corporate Office

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South San Francisco
    County
    San Mateo
    State
    California
    Longitude
    -122.395
    Latitude
    37.6601

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    FAQs

    What type of property is this?
    Office units - Full floor office/lab space available for sublease through July 2029.
    Where is this office units located?
    The property is located at 651 Gateway Boulevard South San Francisco, CA.
    What are key features of this property?
    This property features: Full floor (± 22,365 RSF) divisible office/lab space available for sublease through July 2029.; Prominent location on Highway 101 corridor with easy access.; Free shuttle service to San Francisco Airport (10 minutes away).
    (858) 875-3616
    We can help!
    Listing Contact
    John Hundley
    Real Estate License ID: CA RE Lic. #01365206
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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