Creative Office
For Sale
Contact for pricing
948-950 Howard Street, San Francisco, CA 94107
Fee-simple creative office space with mostly open collaboration layout, kitchenette, breakout rooms, and a conference room.
Property Size4,100 SF
Price / SF$402.44
Days on Market96
Property Features for 948-950 Howard Street
General Information
Standard status
Active
Size
4,100 SF
Property subtype
Office
Zoning
MUR - Mixed Use Residential
Lease Type
Gross
Investment Type
Owner/User
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
Touchstone Commercial Partners
Listed By:
Zach Haupert · License #CA 01822907
(415) 539-1121
Source:
Crexi
Added: Jun 2
Changed: Sep 2
Last Checked: Sep 2 at 7:50PM
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.
This fee-simple property at 948–950 Howard Street features a creative build-out designed for collaboration. The interior offers a mostly open layout supported by a kitchenette, multiple breakout rooms, and a dedicated conference room, making the space well-suited to teams that want both shared work areas and private discussion space.
The property is positioned just steps from several major destinations, including the Intercontinental Hotel, Westfield San Francisco Centre, Metreon, Yerba Buena Gardens, and Moscone Center. Parking is available via a surface lot located about half a block away, along with ample metered street parking.
The configuration supports owner-users and small businesses seeking an immediately usable workplace with its own identity. Investors and operators can also consider the straightforward, collaboration-focused layout for office tenants looking for a turnkey creative office environment in a dense Midtown-adjacent area surrounded by ongoing residential, retail, and office development.
The property is positioned just steps from several major destinations, including the Intercontinental Hotel, Westfield San Francisco Centre, Metreon, Yerba Buena Gardens, and Moscone Center. Parking is available via a surface lot located about half a block away, along with ample metered street parking.
The configuration supports owner-users and small businesses seeking an immediately usable workplace with its own identity. Investors and operators can also consider the straightforward, collaboration-focused layout for office tenants looking for a turnkey creative office environment in a dense Midtown-adjacent area surrounded by ongoing residential, retail, and office development.
Key Highlights
- Fee‑simple interest offered at 948‑950 Howard Street, San Francisco, CA 94107.
- Creative office build‑out with a mostly open collaboration layout.
- Includes kitchenette, breakout rooms, and a conference room.
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
$101,026
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
6.12%
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%
$2,020,520
$2.0M
Cap Rate 7%
$1,443,229
$1.4M
Cap Rate 9%
$1,122,511
$1.1M
Market Conditions
NOI Build-Up for 4,100 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
$180.6K $44.04/SF
− Vacancy
−$45.9K −$11.19/SF
EGI
$134.7K $32.85/SF
− OpEx
−$33.7K −$8.21/SF
NOI
$101.0K $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%
$2,020,520
Cap Rate 7%
$1,443,229
Cap Rate 9%
$1,122,511
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $101,026 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$20.03M
$17.52M – $23.36M
NOI $1,401,877 @ 7.0% cap · market cap 84.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
19,974
Businesses Nearby
Explore this area
Business Placement
Demographics for 94107, CA
34,012
Population
18,798
Households
1.8
Avg Household Size
36
Median Age
77%
College-Educated
93%
High-School Grad
1.9 sq mi
ZIP Area
17,901
Density / Sq Mi
$186,123
Median Household Income
$118,676
Median Earnings
$3,378
Median Rent
$1,227,000
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?
Creative space - Fee-simple creative office space with mostly open collaboration layout, kitchenette, breakout rooms, and a conference room.
Where is this creative space located?
The property is located at 948-950 Howard Street San Francisco, CA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Fee‑simple interest offered at 948‑950 Howard Street, San Francisco, CA 94107.; Creative office build‑out with a mostly open collaboration layout.; Includes kitchenette, breakout rooms, and a conference room.
