1690 Golden Gate Avenue - LoopNet · 1690 GOLDN GAT AVNU Offering Memorandum - pg. 3. Offering...

1690 GOLDEN GATE AVENUE Offering Memorandum - pg. 1

Offering Memorandum 1690 Golden Gate AvenueMult i fami ly Investment Opportunity | Western Addit ion - San Francisco, CA

Table of Contents

Showing Schedule

Offering Summary ..................................3-4

Financial Overview .................................5-6

Property Photographs ............................7-9

Amenities Map .........................................10

Public Transportation .............................11

Location Map ...........................................12

Aerial of Subject Property .....................13

• Tuesday March 19, 2019 from 11:00 - 12:30 pm

• Thursday March 21, 2019 from 11:00 - 12:00 PM

• Tuesday March 26, 2019 from 11:30 - 1:00 pm

• Thursday March 28, 2019 from 11:00 - 12:00 PM

James Devincenti | lic 00951916 +1 415 288 7848 | [email protected]

Brad Lagomarsino | lic 01058500 +1 415 288 7847 | [email protected]

Dustin Dolby | lic :01963487 +1 415 288 7869 | [email protected]

Colliers International 101 2nd Street, 11th Floor San Francisco, CA 94105


Offering Summary - OverviewColliers International is pleased to present 1690 Golden Gate Ave (between Divisadero St and Scott St) in the heart of the Alamo Square neighborhood in San Francisco. Nestled in between Alamo Square Park and NOPA/Western Addition, 1690 Golden Gate Ave provides easy access to much of the city’s natural beauty and famous attractions such as The Painted Ladies. 1690 Golden Gate is just a short walk from the incredible dinning, boutique retail and entertainment options offered at one of the city’s most popular destinations, Divisadero Street.

This well maintained apartment building consists 3 – Studio Units, 1 – One Bedroom Unit and 4 – Two Bedroom Units. These larger units allow an excellent opportunity for prospective investors to optimize the living space and increase market rents. The present ownership has done a tremendous job maintaining the property: reinforcing the foundation, installing bike storage, painting the common areas and remodeling the units. The building features hardwood/softwood flooring, large windows and high ceilings.

Phenomenally located, 1690 Golden Gate Ave provides an investor the opportunity to add value through modest remodels and building improvements – increasing cash flow and equity growth while owning an asset in the desirable Alamo Square neighborhood of San Francisco.

Below, please find a list of establishments to eat, drink and shop near 1690 Golden Gate Ave:

Restaurants:Souvla Bar Crudo Ragazza Pizza The Mill4505 Burgers & Barbecue NOPAHorsefeather Bar Wine KitchenIjji Sushi

Bars:The Page Bar Vinyl Coffee & Wine BarFly Bar SF La Urbana Madrone Art Bar MOJO Bicycle CaféKava Lounge

Shops: Tanner Goods Leather Rare Device Bi-Rite Market The Perish Trust

To Do:Alamo Square The Independent JP Kempt Barber Social


Property Information Building Composition

Building Systems

Address: 1690 Golden Gate Avenue

District: Western Addition

Property Type: Apartment

APN: 1154-012

Building Square Feet: 5,925

Lot Size: 3,000

Constructed: 1890

Zoning: RM1

Unit Mix: Three studios, One 1-bedrooms and Four 2-bedrooms

Kitchens: Gas Stoves

All appliances in working condition

Dishwashers & disposals (in some units)

Wood cabinetry

Freezer over fridge

Bathrooms: Tiie flooring

Vanities/cabinet sinks

Tub shower combinations (units 1, 2 & 4 have only showers)

Blinds/curtains

Closets

Bedrooms: Blinds/curtains

Hardwood/Softwood (carpet throughout unit #7)

Living Room Area: Hardwood/Softwood floors

Large/high windows

High ceilings

Ample side closets

Notes: Owner has reinforced the foundation. No work is required by the City of San Francisco.

Property contains bike storage for tenants use.

Lobby and common areas recently painted (2019)

Three (3) rooms for storage (not outfitted with sprinklers.

Foundation: Reinforced brick foundation (work completed in 2019)

Structure: Wood frame building

Façade: Wood

Roof Composition: Shingled

Electrical Service: 400 Amps (120/240 Volt)

Gas Service: Master metered

Fire Protection System: Local hard-wired fire system with sprinklers on ground floor

Heat Source: Electric wall heaters

Water Heater: 2 – Navien Insta Hot water heaters

Plumbing: Mixture of copper and galvanized

Common Area Lights: Overhead lighting

Circuit Breakers: In basement

Common Areas: Laminate/Hardwood flooring

Door Entry System: Key & Lock

Front Landing: Stone / marble

Lobby: Laminate flooring

Lobby Lighting: Overhead lighting

Landing Areas: Hardwood flooring

Garbage: Trashcans housed in storage room in tradesman alley (garbage chute has been sealed)

Laundry: Coin operated washer & dryer (Wash)

Storage: Three (3) rooms for storage (not outfitted with sprinklers)

Offering Summary - Property Details

Common Areas


Expense Categories Current Exp/Unit % /Exp Proforma Exp/Unit % /Exp Property Taxes $48,846 $6,106 64% $48,846 $6,106 64%

Special Assessment Tax $733 $92 1% $733 $92 1% Insurance $3,000 $375 4% $3,000 $375 4%

Repairs & Maintenance $4,000 $500 5% $4,000 $500 5% Property Management $7,534 $942 10% $7,534 $942 10%

PG&E $3,526 $441 5% $3,526 $441 5% Trash $3,655 $457 5% $3,655 $457 5% Water $4,420 $553 6% $4,420 $553 6%

Rent Board Fees $23 $3 0% $23 $3 0% Fire Equiptment $80 $10 0% $80 $10 0%

Licenses and Permits $130 $16 0% $130 $16 0%

Total Operating Expenses $75,946 $9,493 100% $75,946 $9,493 100%

Financial Overview1690 Golden Gate Avenue, San Francisco, CA 94115

Sale Price $4,200,000Down Payment $1,665,000

Number of Units 8 Price/Unit $525,000

Gross Square Feet 5,925Price/Square Foot $709CAP Rate-Current 4.51%

CAP Rate-Pro Forma 5.67%GRM-Current 15.27

GRM-Pro Forma 12.91Year Built 1900

Lot Size 3,000

Financial Summary

Financing

Annual Gross Income

Annual Operating Expenses

Cash Flow After Debt Service

Current Proforma Gross Potential Income $274,968 $325,440

Vacancy (3.5%) $9,624 $11,390 AGI $265,344 $314,050

Expenses $75,946 $75,946 NOI $189,398 $238,104

Quote: First Foundation Bank - (loan information is time sensitive & subject to change)

Loan Amount $2,535,000Loan Type Proposed New

Interest Rate 4.17%Program 3 Year Interest Only

DCR 1.79Loan to Value 60%

Current Proforma Less Debt Service $105,710 $105,710

Cash Flow $83,689 $132,394Cash on Cash Return 5.03% 7.95%

Expenses as % of Gross 28% 23%Expenses per Unit $9,493 $9,493


Financial Overview (cont.)1690 Golden Gate Avenue, San Francisco, CA 94115

Unit No. Unit Type Rents Market Rents Move-In Date

1 Studio $2,495.00 $2,600 8/3/2018

2 Studio $2,000.00 $2,600 2/15/2017

3 1 Bedroom $3,075.00 $3,200 7/15/2017

4 Studio $2,600.00 $2,600 Vacant

5 2 Bedroom $3,750.00 $4,000 10/1/2018

6 2 Bedroom $3,850.00 $4,000 2/1/2018

7 2 Bedroom $1,174.00 $4,000 4/1/1995

8 2 Bedroom $3,850.00 $4,000 4/1/2016

Rental Income $22,794 $27,000

Laundry $120 $120

Total Monthly Income $22,914 $27,120

Annual Income $274,968 $325,440 Upside 18%

Rent Roll

NotesMarket Rents - Craigs List

Laundry projected at $15 per unit

UnitsStudio - 3

1 Bedroom - 1

2 Bedroom - 4

Total - 8


Souvla Vinyl Coffee & Wine Bar Bi-Rite Market

Bar Crudo Fly Bar SF Falletti Foods

Ragazza Pizza La Urbana Transfer Market

The Mill Madrone Art Bar Lucky

4505 Burgers & Barbecue MOJO Bicycle Café Save-More Market

NOPA Kava Lounge Chase ATM

Horsefeather Bar Alamo Square Seafood Grill Wells Fargo

Wine Kitchen Tanner Goods Leather Bank of America

Ijji Sushi Rare Device Chase BankThe Page Bar The Perrish Trust Wells Fargo ATM

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Restaurants & Bars Shops Convenience & Grocery Stores Banks & ATM’sX X X X

Neighborhood Amenities

Amenities1690 Golden Gate Avenue, San Francisco, CA 94115

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Subject Property1690 Golden Gate Ave


With Immediate Access to One of the Nation’s Best Public Transit Systems

The area around 1690 Golden Gate Avenue offers an extensive transportation network which ensures superior regional access

throughout San Francisco and the surrounding Bay Area. Atlantic Cities’ “Access Across America, Transit 2017” ranked San

Francisco second only to Manhattan for public transit efficiency, based on how many jobs a resident can access within a 10 to

30 minute commute during the morning rush hours of 7am to 9am. 1690 Golden Gate Avenue is within walking distance of a

variety of public transit, including the Civic Center/UN Plaza Bay Area Rapid Transit System (BART) station, the underground

MUNI, and street-level rail—all in addition to a variety of San Francisco’s caravan of ‘Tech Shuttles’ moving busloads of

Google, Genentech, Facebook, and Apple employees from their homes in San Francisco to their job centers in Downtown San

Francisco and Silicon Valley.

Public Transportation1690 Golden Gate Avenue, San Francisco, CA 94115

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CALIFORNIA STREET

DIVISADERO STREET

FILLMORE STREET

EDDY STREET

MASONIC AVE

SUTTER STREET

GEARY BLVD

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CHURCH ST, CASTRO & VAN NESS AVE

CIVIC CENTER/UN PLAZA

CORPORATE BUS LINE (to the Peninsula and South Bay)

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1BX1

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Location1690 Golden Gate Avenue, San Francisco, CA 94115

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Confidentiality & Disclaimer StatementThis Offering Memorandum contains select information pertaining to the business and affairs of the Property at 1690 Golden Gate Avenue San Francisco, CA 94115. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by 1690 Golden Gate Avenue from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum from 1690 Golden Gate Avenue you agree:

1) The Offering Memorandum and its contents are confidential;

2) You will hold it and treat it in the strictest of confidence; and

3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of 1690 Golden Gate Avenue or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date of this Offering Memorandum.

Aerial Map1690 Golden Gate Avenue, San Francisco, CA 94115


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