Office Building with High-Capacity
For Sale
$12,000,000
851 Howard Street, San Francisco, CA 94115
Commercial Sale, San Francisco, CA
Property Size32,100 SF
Lot Size0.25 Acres
Price / SF$373.13
Days on Market84
Property Features for 851 Howard Street
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
8
Parking features
Secured, Underground/Basement, Garage
Lot features
Alley, City Lot, Freeway Nearby, Hospital Nearby, Hotel/ Motel Nearby, Light Rail Nearby, Near Public Transit, Alley, City Lot, Freeway Nearby, Hospital Nearby, Hotel/ Motel Nearby, Light Rail Nearby, Near Public Transit
Directions
3rd to Howard.
Subdivision
SF District 9
Standard status
Active
APN
3733081
Size
32,160 SF
Lot size
0.25 Acres
Amenities
server and storage rooms
HVAC
automatic lighting and shades
large meeting spaces
commercial-kitchen infrastructure
rear loading access
rooftop with greenery
lounge seating
outdoor kitchen
skyline views
skylights
Building Details
Year built
1924
Floors in Building
3
Listing Agency:
Compass
(415) 660-9955
Listed By:
Butch Haze
(415) 250-3988
Added: Jul 6
Changed: Sep 25
Last Checked: Sep 27 at 2:06PM
MLS# 426165712
Copyright © 2026 San Francisco Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1924 office building has three levels with open work areas, conference rooms, private offices, and flexible partitions beneath 15-foot ceilings. Existing features include server and storage rooms, HVAC, automatic lighting and shades, commercial-kitchen infrastructure, rear loading access, and an oversized elevator. The building also has 1,200+ amps of power and secured garage parking with eight designated stalls.
At 851 Howard Street, the property sits across the Howard Street corridor from Moscone Center. Salesforce, Figma, Asana, Databricks, BlackRock, and Okta are within walking distance; nearby destinations include SFMOMA, Yerba Buena Gardens, hotels, restaurants, BART, and Muni.
At 851 Howard Street, the property sits across the Howard Street corridor from Moscone Center. Salesforce, Figma, Asana, Databricks, BlackRock, and Okta are within walking distance; nearby destinations include SFMOMA, Yerba Buena Gardens, hotels, restaurants, BART, and Muni.
Key Highlights
- 1,200+ amps of power
- Three levels with 15‑foot ceilings
- Eight designated stalls in a secured, underground garage
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
$792,435
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
6.60%
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%
$15,848,700
$15.8M
Cap Rate 7%
$11,320,500
$11.3M
Cap Rate 9%
$8,804,833
$8.8M
Market Conditions
NOI Build-Up for 32,160 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
$1.42M $44.04/SF
− Vacancy
−$359.7K −$11.19/SF
EGI
$1.06M $32.85/SF
− OpEx
−$264.1K −$8.21/SF
NOI
$792.4K $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%
$15,848,700
Cap Rate 7%
$11,320,500
Cap Rate 9%
$8,804,833
Alternative Uses
Best Use
Office B
$11.32M
$9.91M – $13.21M
NOI $792,435 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$157.09M
$137.45M – $183.27M
NOI $10,996,187 @ 7.0% cap · market cap 91.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
19,974
Businesses Nearby
Explore this area
Business Placement
Demographics for 94115, CA
35,853
Population
19,312
Households
1.9
Avg Household Size
38
Median Age
74%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
32,594
Density / Sq Mi
$154,264
Median Household Income
$103,538
Median Earnings
$2,380
Median Rent
$1,684,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in San Francisco, CA
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Frequently Asked Questions
What type of property is this?
Office building - Three levels combine open work areas, conference rooms, private offices, and flexible partitions.
Where is this office building located?
The property is located at 851 Howard Street San Francisco, CA.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: 1,200+ amps of power; Three levels with 15‑foot ceilings; Eight designated stalls in a secured, underground garage
