Flex Warehouse with Open-Plan
For Sale
$1,895,000
934 Larkin Street, San Francisco, CA 94109
Versatile flex/warehouse space with an open-plan layout, offering flexibility for commercial and production uses.
Property Size9,770 SF
Days on Market230
Property Features for 934 Larkin Street
General Information
Standard status
Active
Size
9,770 SF
Property subtype
Retail
Building Details
Building Size
9,770 SF
Year Built
1914
Listing Agency:
Coldwell Banker Commercial Realty
Listed By:
Steven Caravelli
(415) 474-1750
Source:
Paytonslist
Added: Jan 20
Changed: Sep 3
Last Checked: Sep 6 at 10:04AM
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 Coldwell Banker Commercial Realty
Investment Insights
Based on property information with market context.
This rare industrial/mixed-use flex warehouse offers a flexible open-plan interior designed to support a range of commercial and production uses. The building is presented as an adaptable space, with buyers encouraged to confirm zoning and any specific development or conversion options they may require.
Located at 934 Larkin Street in San Francisco, the property benefits from a transit-rich urban setting. It is positioned near Van Ness BRT and Civic Center, with access to major arterials for regional connectivity.
The layout and intended versatility make this property a practical fit for owner-users who want space that can accommodate day-to-day operations, as well as for investors or developers evaluating longer-term redevelopment or adaptive reuse paths. Prospective tenants and buyers should perform their own due diligence regarding permitted uses, as zoning verification is required.
Located at 934 Larkin Street in San Francisco, the property benefits from a transit-rich urban setting. It is positioned near Van Ness BRT and Civic Center, with access to major arterials for regional connectivity.
The layout and intended versatility make this property a practical fit for owner-users who want space that can accommodate day-to-day operations, as well as for investors or developers evaluating longer-term redevelopment or adaptive reuse paths. Prospective tenants and buyers should perform their own due diligence regarding permitted uses, as zoning verification is required.
Key Highlights
- Industrial/mixed‑use flex/warehouse space with a flexible open‑plan layout
- Open‑plan configuration suited for a range of commercial and production uses
- Located near Van Ness BRT and Civic Center, with access to major arterials
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
$109,833
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
5.80%
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%
$2,196,660
$2.2M
Cap Rate 7%
$1,569,043
$1.6M
Cap Rate 9%
$1,220,367
$1.2M
Market Conditions
NOI Build-Up for 9,770 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
$137.2K $14.04/SF
− Vacancy
−$8.0K −$0.81/SF
EGI
$129.2K $13.23/SF
− OpEx
−$19.4K −$1.98/SF
NOI
$109.8K $11.24/SF
Area
ZIP 94109
Vacancy
5.80%
Lease Rate
$14.04 /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%
$2,196,660
Cap Rate 7%
$1,569,043
Cap Rate 9%
$1,220,367
Alternative Uses
Best Use
Warehouse
$1.57M
$1.37M – $1.83M
NOI $109,833 @ 7.0% cap · market cap 5.80%
Second Best
Industrial
$1.37M
$1.20M – $1.60M
NOI $95,917 @ 7.0% cap · market cap 5.06%
Theoretical Best
Retail
$44.54M
$38.97M – $51.96M
NOI $3,117,866 @ 7.0% cap · market cap 164.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
15,029
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile flex/warehouse space with an open-plan layout, offering flexibility for commercial and production uses.
Where is this flex space located?
The property is located at 934 Larkin Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Industrial/mixed‑use flex/warehouse space with a flexible open‑plan layout; Open‑plan configuration suited for a range of commercial and production uses; Located near Van Ness BRT and Civic Center, with access to major arterials
