EXCLUSIVE OFFERING MEMORANDUM 1224-1226 …...1224-1226 11th Ave San Francisco, CA 94122 Unit Unit...

Berkeley, CA 947031224-1226 11TH AVENUEEXCLUSIVE OFFERING MEMORANDUM

SAN FRANCISCO, CA 94122

Matt [email protected]: 01938745

101 2nd St. Suite 300 San Francisco, CA 94105

CA BROKERAGE LIC 01263636

www.transwestern.com

San Francisco, CA 94122

PRESENTED BY

MATT REAGANVice [email protected] LIC 01938745

1224-1226 11TH AVENUE

Copyright © 2019 Transwestern. California Brokerage License #01263636. The following opinion is rendered to you with the disclosure and understanding that while Transwestern is experienced in marketing and evaluating commercial real estate, Transwestern employees do not hold themselves out as professional appraisers of real property and are not licensed as such in any jurisdiction. This opinion is not, and should not be deemed as, an appraisal of the property. It may not be relied upon by any other person or entity for any purpose whatsoever. The addressee is not authorized to divulge or disseminate this opinion, or the contents thereof, to any persons or entities other than its own employees, representatives, and contractors without the prior consent of Transwestern. All data is derived from sources deemed to be reliable but is not guaranteed. The assumptions used in this analysis are based on market norms and are subject to change upon receipt of actual information from the Owner. This may change the Opinion of Value depending on the information provided.

CONFIDENTIAL OFFERING MEMORANDUMPLEASE DO NOT DISTURB TENANTS. CONTACT AGENT FOR SHOWINGS.

Executive Summary................................3

Property Photos.......................................4

Aerials & Maps........................................7

Operating Summary..............................9

Sales Comps..........................................11

Market Overview...................................13

Transwestern Advantage.....................14

The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.

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1224-1226 11th Ave San Francisco, CA 94122

PRICE ANALYSIS

Sales Price $1,950,000 Value Indicators Current Market

Cap Rate 5.50% 6.41%

GRM 13.97 12.36

Price Per Unit $975,000

Pice Per Sq. Ft. $730.34

PROPERTY OVERVIEW

APN 1740-041

Total Units 2

Year Built 1904

Building Area 2,670 Sq Ft

Land Area 0.07 Acres 3,000 Sq Ft

Stories 3

Parking Street only

Zoning RH-2

Neighborhood Inner Sunset

Exterior Stucco

Foundation Perimeter Concrete

Roof Composition Shingle

Utilities Provider Paid By

Sewer, Water, Water Heater SF Water Tenant Reimburses

Gas & Electric PG&E Tenant Reimburses

Garbage Recology Tenant Reimburses

Transwestern is pleased to present 1224-1226 11th Avenue, a three-story duplex in the heart of the Inner Sunset district. The property boasts two units and a downstairs dwelling extension. The middle flat is vacant and ideal for an owner-user: a spacious 2 bedroom one bath with a large rear deck and backyard. The top and bottom floors are currently generating over $80,000 in gross annual revenue.

The property is a walking paradise; a half block from Golden Gate Park, a short 2 blocks to 9th and Irving transit and shopping center, and a half mile walk to the UCSF Parnassus campus. It is also ideal for commuters to the Financial District, as well as to the North Bay and Peninsula.

The property is served by one water meter and two hot water heaters. The lower and top floor units share Hot Water, PG&E, and trash.

PROPERTY HIGHLIGHTS § VACANT OWNER’S UNIT WITH DECK

§ CENTRAL INNER-SUNSET LOCATION

§ STEPS TO GOLDEN GATE PARK

§ UCSF AND COMMUTER’S PARADISE

§ HIGH RENTAL INCOME DUPLEX

§ LEGAL GROUND-FLOOR LIVING SPACE

PROPERTY OVERVIEW


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Unit Unit Type Approx Unit SF Move-in Date Rent Annual Income Rent / Sq Ft Rent Annual Income Rent / Sq Ft

1224 A Single Room 345 Jun 2019 $1,675 $20,100 $4.86 $2,000 $24,000 $5.80

1224 B Single Room 275 Jun 2019 $1,425 $17,100 $5.18 $1,525 $18,300 $5.55

1224 C Single Room 275 Jun 2019 $1,475 $17,700 $5.36 $1,600 $19,200 $5.82

1226 2 Br / 1 Ba 890 Vacant $3,400 $40,800 $3.82 $4,200 $50,400 $4.72

Lower A Single Room 295 Aug 2019 $1,225 $14,700 $4.15 $1,325 $15,900 $4.49

Lower B Single Room 295 Vacant $1,250 $15,000 $4.24 $1,250 $15,000 $4.24

Lower C Single Room 295 Aug 2019 $1,185 $14,220 $4.02 $1,250 $15,000 $4.24

Totals 7 2,670 $11,635 $139,620 $4.52 $13,150 $157,800 $4.98

RENT ROLL CURRENT MARKET


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1224-1226 11th Ave San Francisco, CA 94122LOCAL MAP

JUDAH ST

IRVING ST

12TH

ST

FUN

STO

N A

VE

11

TH S

T

10TH

ST

1224-1226 11TH AVE

GOLDEN GATE PARK

CREPEVINE

IRVING SUBSANDRONICO’S

ST. ANNE SCHOOL

STARBUCKS

DONUT WORLD

ACADEMY OF SCIENCES


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ANNUALIZED OPERATING SUMMARY

INCOME Current Annual

Current Per Month

CurrentPer Unit

Pro-FormaAnnual

Pro-FormaPer Month

Pro-FormaPer Unit

Gross Rent Income $139,620 $11,635 $19,946 $157,800 $13,150 $22,543

Utility Reimbursement $6,780 $565 $81 $6,780 $565 $81

Vacancy (3%) -$4,392 -$366 -$601 -$4,937 -$411 -$679

EFFECTIVE GROSS INCOME $142,008 $11,834 $19,426 $159,643 $13,304 $21,945

EXPENSES

Property Taxes (Est) $25,672 $2,139 $3,667 $25,672 $2,139 $3,667

Insurance (2019) $1,591 $133 $227 $1,591 $133 $227

Water (2018) $2,477 $206 $354 $2,477 $206 $354

Garbage $763 $64 $109 $763 $64 $109

PG&E $1,839 $153 $263 $1,839 $153 $263

Maintenance (Est) $1,500 $125 $214 $1,500 $125 $214

Reserves (Est) $900 $75 $129 $900 $75 $129

TOTAL EXPENSES $34,742 $2,895 $4,963 $34,742 $2,895 $4,963

Expense Ratio (%EGI) 24.5% 21.8%

Expenses Per Square Foot $13.01 $13.01

NET OPERATING INCOME $107,266 $8,939 $124,901 $10,408

VALUE INDICATORS Current Pro-Forma

CAP Rate 5.50% 6.41%

GRM 13.97 12.36

Price Per Unit $278,571 $278,571

Price Per Sq Ft $730.34 $730.34

PRICE: $1,950,000

OPERATING SUMMARY


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$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

1224-122611th Avenue

109-111Willard

North St

669 15thAvenue

1223-12257th Avenue

1271 24thAvenue

483 ParkerAvenue

770-77220th Avenue

667-669 9thAvenue

PRICE PER UNIT

Subject: $975,000 Average: $1,006,882

$0.00$100.00$200.00$300.00$400.00$500.00$600.00$700.00$800.00$900.00

$1,000.00

1224-122611th Avenue

109-111Willard North

St

669 15thAvenue

1223-12257th Avenue

1271 24thAvenue

483 ParkerAvenue

770-772 20thAvenue

667-669 9thAvenue

PRICE PER SQUARE FOOT

Subject: $730.34 Average: $638.34

SALES COMPARABLES ANALYSIS | SAN FRANCISCO, CA


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4

5

3

6

7

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SALES COMPARABLES MAP | SAN FRANCISCO, CA

1224-1226 11TH AVE

2


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1224-1226 11th Ave San Francisco, CA 94122SALES COMPARABLES MAP | SAN FRANCISCO, CA

1224-1226 11th Avenue

Sales Price $1,950,000

Sales Date

# Units 2

Total SF 2,670

Land SF 3,000

Year Built 1,904

$ / Sq Ft $730.34

$ / Unit $975,000

109-111 Willard North St


Sales Date 8/7/19

# Units 3

Total SF 3,240

Land SF 0

Year Built 0

$ / Sq Ft $648.15

$ / Unit $700,000

669 15th Avenue


Sales Date 8/6/19

# Units 3

Total SF 3,240

Land SF 0

Year Built 0

$ / Sq Ft $648.15

$ / Unit $700,000

1223-1225 7th Avenue


Sales Date 7/12/19

# Units 3

Total SF 3,240

Land SF 0

Year Built 0

$ / Sq Ft $648.15

$ / Unit $700,000

1271 24th Avenue


Sales Date 5/24/19

# Units 3

Total SF 3,240

Land SF 0

Year Built 0

$ / Sq Ft $648.15

$ / Unit $700,000

483 Parker Avenue


Sales Date 4/10/19

# Units 3

Total SF 3,240

Land SF 0

Year Built 0

$ / Sq Ft

$ / Unit $700,000

770-772 20th Avenue


Sales Date 3/29/19

# Units 3

Total SF 3,240

Land SF 0

Year Built 0

$ / Sq Ft $648.15

$ / Unit $700,000

667-669 9th Avenue


Sales Date 3/4/19

# Units 3

Total SF 3,240

Land SF 0

Year Built 0

$ / Sq Ft $648.15

$ / Unit $700,000

1 2 3 4

5 6 7


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1224-1226 11th Ave San Francisco, CA 94122DEMOGRAPHICS

POPULATION: 1 MILE 3 MILES 5 MILES

2000 Total Population 50,555 424,366 800,552




2019-2024 Annual Growth Rate 0.19% 0.42% 0.61%

HOUSEHOLDS: 1 MILE 3 MILES 5 MILES

2000 Total Housing Units 21,542 187,643 337,379




2019 Median Household Income $124,769 $127,031 $112,641

2019 Median Home Value $1,358,230 $1,327,780 $1,187,558

2019 Per Capita Income $73,721 $78,618 $68,945

2019 Median Age 39.1 40.3 39.9

2019 Households by Household Income:

<$15,000 4.9% 6.1% 8.6%

$15,000 - $24,999 3.8% 4.8% 6.2%

$25,000 - $34,999 3.6% 4.0% 4.8%

$35,000 - $49,999 4.8% 5.4% 6.1%

$50,000 - $74,999 10.5% 9.1% 9.7%

$75,000 - $99,999 10.8% 9.0% 8.9%

$100,000 - $149,999 19.6% 18.2% 17.1%

$150,000 - $199,999 13.2% 12.7% 11.8%

$200,000+ 28.8% 30.6% 26.7%


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1224-1226 11th Ave San Francisco, CA 94122TRANSWESTERN OVERVIEW

WHO WE ARE

PREMIER CLIENT BASE

• Collaborative entrepreneurs delivering a

higher level of personalized service - The

Transwestern Experience.

• Fully integrated global expertise adding value for

investors, owners and occupiers of all commercial

property types.

• Recognized as “A Best Place to Work” across the

country and by Fortune as a Best Place to Work for

Millennials, Women, Camaraderie and Diversity.

OUR STATS

• 33 cities in the U.S.

• 37 Countries through global alliance

• More than 2,300 team members

• 41 projects in pipeline or underway

• 396 million square feet managed and leased

• 1,561 Tenant Advisory transactions

• 3,051 Agency leasing transactions

• $4.21 billion in capital markets transactions*

*Statistics are year end 2017

Combined Strength – 219 offices, 37 countries

DIVERSE, INTEGRATED REAL ESTATE EXPERTISE

The Transwestern family of companies together comprises a diversified real estate operating,

investment and development organization. The privately held, fully integrated enterprise leverages

competencies in office, industrial, retail, multifamily and healthcare to add value for investors, owners

and occupiers of real estate.

TRANSWESTERN OVERVIEW

101 2nd St. Suite 300San Francisco, CA 94105

CA BROKERAGE LIC 01263636T 510.590.3015

www.transwestern.com

Matt [email protected]: 01938745

EXCLUSIVE OFFERING MEMORANDUM 1224-1226 …...1224-1226 11th Ave San Francisco, CA 94122 Unit Unit...

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