Union Street Commercial
For Sale
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1628 Union St, San Francisco, CA 94123
Commercial condominium on Union Street in Cow Hollow neighborhood.
Property Size2,139 SF
Price / SF$444.13
Days on Market840
Property Features for 1628 Union St
General Information
Standard status
Active
Size
2,139 SF
Property subtype
Retail, Office, Mixed Use
Zoning
NCD - Union Street Neighborhood Commercial
Occupancy
33%
Lease Type
Gross
Building Details
Year Built
1900
Listing Agency:
Touchstone Commercial Partners
Listed By:
Terry Everley · License #CA 01864017
(415) 539-1108
Source:
Crexi
Added: May 22, 2024
Changed: Sep 8
Last Checked: Sep 8 at 7:16AM
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 property at 1628 Union Street, San Francisco, CA 94123 is a second-floor commercial condominium. Located in a four-level Victorian building, it features nine offices, two restrooms, and a kitchenette. The property also includes access to a common area patio. Situated on Union Street in the Cow Hollow neighborhood, the location offers access to amenities such as eateries, retail options, and lifestyle services. The property contains 2139 square feet and is suitable for an owner/user or investor.
Key Highlights
- Prime location on coveted Union Street in Cow Hollow neighborhood.
- Surrounded by amenities: eateries, retail, and lifestyle services.
- Commercial condominium suitable for owner/user or investor.
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
$52,706
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
5.55%
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%
$1,054,120
$1.1M
Cap Rate 7%
$752,943
$752.9K
Cap Rate 9%
$585,622
$585.6K
Market Conditions
NOI Build-Up for 2,139 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
$94.2K $44.04/SF
− Vacancy
−$23.9K −$11.19/SF
EGI
$70.3K $32.85/SF
− OpEx
−$17.6K −$8.21/SF
NOI
$52.7K $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%
$1,054,120
Cap Rate 7%
$752,943
Cap Rate 9%
$585,622
Alternative Uses
Best Use
Office B
$752.9K
$658.8K – $878.4K
NOI $52,706 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.45M
$9.14M – $12.19M
NOI $731,370 @ 7.0% cap · market cap 76.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,806
Businesses Nearby
Explore this area
Business Placement
Demographics for 94123, CA
26,131
Population
14,883
Households
1.8
Avg Household Size
35
Median Age
86%
College-Educated
98%
High-School Grad
1.1 sq mi
ZIP Area
23,755
Density / Sq Mi
$222,689
Median Household Income
$142,336
Median Earnings
$3,248
Median Rent
$2,000,001
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 units - Commercial condominium on Union Street in Cow Hollow neighborhood.
Where is this office units located?
The property is located at 1628 Union St San Francisco, CA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Prime location on coveted Union Street in Cow Hollow neighborhood.; Surrounded by amenities: eateries, retail, and lifestyle services.; Commercial condominium suitable for owner/user or investor.
