Warehouse Office Condo
For Sale
$648,888
F-65 Norfolk St, San Francisco, CA 94103
Mixed-use condo unit with warehouse, two offices, kitchen, and restroom, fully sprinklered and ready for light industrial use.
Property Size920 SF
Price / SF$705.31
Days on Market152
Property Features for F-65 Norfolk St
General Information
Standard status
Active
Size
920 SF
Zoning
WMUG
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Listing Agency:
Compass Commercial
(415) 345-3000
Listed By:
Guy Carson Jr. · License #01997702
(415) 345-3000
Source:
Exprealty
Added: Mar 26
Changed: Aug 20
Last Checked: Aug 23 at 4:54AM
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.
65 Norfolk, Unit F is a 920-square-foot commercial condo in a modern, six-unit mixed-use building. The interior is organized for a working business, with a warehouse space supported by two offices, a small kitchen, and a restroom. The unit features natural light through a glass-paneled garage door, along with a second aluminum security door for additional access control. The space includes quality commercial finishes throughout and is fully sprinklered.
The property is located on a quiet street in Western SOMA between 11th and 12th Streets, and between Folsom and Harrison. It is a few blocks from both the 101 and 280, supporting convenient regional access.
Per WMUG zoning, the property is positioned to accommodate small-scale light manufacturing, wholesale distribution, and arts production and performance/exhibition activities, along with general commercial and neighborhood-serving retail and personal service uses. This layout and zoning combination can be well suited to owners/operators seeking a flexible live-work style work area, with on-site office space for daily operations. HOA dues are $435 per month and cover insurance, garbage, water, and the use of the washer/dryer, while PG&E is paid separately.
The property is located on a quiet street in Western SOMA between 11th and 12th Streets, and between Folsom and Harrison. It is a few blocks from both the 101 and 280, supporting convenient regional access.
Per WMUG zoning, the property is positioned to accommodate small-scale light manufacturing, wholesale distribution, and arts production and performance/exhibition activities, along with general commercial and neighborhood-serving retail and personal service uses. This layout and zoning combination can be well suited to owners/operators seeking a flexible live-work style work area, with on-site office space for daily operations. HOA dues are $435 per month and cover insurance, garbage, water, and the use of the washer/dryer, while PG&E is paid separately.
Key Highlights
- 920 SF commercial condo in a modern 6‑unit mixed‑use building in Western SOMA
- Layout includes warehouse space plus two offices, a small kitchen, and a restroom
- Natural light from a glass‑paneled garage door, with an additional aluminum security door
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
$22,669
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
3.49%
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%
$453,380
$453.4K
Cap Rate 7%
$323,843
$323.8K
Cap Rate 9%
$251,878
$251.9K
Market Conditions
NOI Build-Up for 920 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
$40.5K $44.04/SF
− Vacancy
−$10.3K −$11.19/SF
EGI
$30.2K $32.85/SF
− OpEx
−$7.6K −$8.21/SF
NOI
$22.7K $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%
$453,380
Cap Rate 7%
$323,843
Cap Rate 9%
$251,878
Alternative Uses
Best Use
Office B
$323.8K
$283.4K – $377.8K
NOI $22,669 @ 7.0% cap · market cap 3.49%
Second Best
Warehouse
$271.5K
$237.5K – $316.7K
NOI $19,003 @ 7.0% cap · market cap 2.93%
Theoretical Best
Specialty Retail
$4.49M
$3.93M – $5.24M
NOI $314,568 @ 7.0% cap · market cap 48.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,390
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94103, CA
37,843
Population
20,920
Households
1.8
Avg Household Size
37
Median Age
56%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
27,031
Density / Sq Mi
$122,339
Median Household Income
$83,348
Median Earnings
$2,146
Median Rent
$1,057,600
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?
Flex space - Mixed-use condo unit with warehouse, two offices, kitchen, and restroom, fully sprinklered and ready for light industrial use.
Where is this flex space located?
The property is located at F-65 Norfolk St San Francisco, CA.
What is the asking price?
The asking price for this property is $648,888.
What are key features of this property?
This property features: 920 SF commercial condo in a modern 6‑unit mixed‑use building in Western SOMA; Layout includes warehouse space plus two offices, a small kitchen, and a restroom; Natural light from a glass‑paneled garage door, with an additional aluminum security door
