Admittedly asking price does not insinuate a bubble and even though commercial property typically rents for less I have no idea if there is a premium to purchase. This example reminds me of a property I looked at in golden hill pre-bubble (2004 i think). At around 700 sq. ft. they were asking 550k and they got it, I could not believe there was someone willing to buy it at that price, with no yard and no garage.