Renovated Nob Hill Office/Retail
For Sale
$4,500,000
999 Sutter Street, San Francisco, CA 94109
Fully renovated office/retail building in San Francisco's Lower Nob Hill.
Property Size11,105 SF
Lot Size0.08 Acres
Price / SF$405.22
Days on Market580
Property Features for 999 Sutter Street
General Information
Standard status
Active
Size
11,105 SF
Lot size
0.08 Acres
Property subtype
Commercial
Building Details
Year Built
1911
Listing Agency:
COMPASS COMMERCIAL
(415) 345-3000
Listed By:
DAVIS NGUYEN · License #01509978
Source:
Corcoran
Added: Jan 28, 2025
Changed: Aug 31
Last Checked: Aug 30 at 8:07PM
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.
Located in the Lower Nob Hill neighborhood of San Francisco, the property at 999 Sutter Street is a fully renovated, boutique office/retail building. The building encompasses approximately 11,105 square feet (per architect) situated on a 3,281 square foot lot. It spans four floors, along with a lower level unit. Modern upgrades include key fob access to the building and interior units, new HVAC units, Meraki networking and WiFi throughout the building, Cat 5/6 cables, and Meraki Security Cameras. The roof was replaced in 2015 and was recently coated with white ceramic elastomeric coating in 2019.
Key Highlights
- Fully renovated office/retail building in Lower Nob Hill, San Francisco.
- Approximately 11,105 square feet of space across 4 floors plus a lower level unit.
- Modern upgrades including key fob access, new HVAC units, and Meraki networking/WiFi.
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
$273,631
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
6.08%
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%
$5,472,620
$5.5M
Cap Rate 7%
$3,909,014
$3.9M
Cap Rate 9%
$3,040,344
$3.0M
Market Conditions
NOI Build-Up for 11,105 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
$489.1K $44.04/SF
− Vacancy
−$124.2K −$11.19/SF
EGI
$364.8K $32.85/SF
− OpEx
−$91.2K −$8.21/SF
NOI
$273.6K $24.64/SF
Area
ZIP 94109
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%
$5,472,620
Cap Rate 7%
$3,909,014
Cap Rate 9%
$3,040,344
Alternative Uses
Best Use
Office B
$3.91M
$3.42M – $4.56M
NOI $273,631 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$50.63M
$44.30M – $59.07M
NOI $3,543,900 @ 7.0% cap · market cap 78.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
15,042
Businesses Nearby
Explore this area
Business Placement
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 Office in San Francisco, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully renovated office/retail building in San Francisco's Lower Nob Hill.
Where is this office building located?
The property is located at 999 Sutter Street San Francisco, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Fully renovated office/retail building in Lower Nob Hill, San Francisco.; Approximately 11,105 square feet of space across 4 floors plus a lower level unit.; Modern upgrades including key fob access, new HVAC units, and Meraki networking/WiFi.
