Offering Memorandum - LoopNet€¦ · 3484 Mission Street Offering Memorandum - pg. 3. Offeri. ng...
Transcript of Offering Memorandum - LoopNet€¦ · 3484 Mission Street Offering Memorandum - pg. 3. Offeri. ng...
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3484 Mission Street Offering Memorandum - pg. 1
Offering Memorandum 3484 Mission Street, San FranciscoM u l t i f a m i l y I n ve s t m e n t O pp o r t u n i t y | B e r n a l H e i g h t s
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Table of Contents
Showing Schedule
Offering Summary ..................................3-4
Financial Overview .................................5-6
Property Photographs ............................7-8
Amenities Map .........................................9
Public Transportation .............................10
Location Map ...........................................11
Aerial of Subject Property .....................12
• TBD
Dustin Dolby | lic 01963487 +1 415 288 7869 | [email protected]
James Devincenti | lic 00951916 +1 415 288 7848 | [email protected]
Brad Lagomarsino | lic 01058500 +1 415 288 7847 | [email protected]
Colliers International 101 2nd Street, 11th Floor San Francisco, CA 94105
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3484 Mission Street Offering Memorandum - pg. 3
Offering Summary - OverviewColliers International is pleased to present 3484 Mission Street located in the Bernal Heights District (between Santa Marina St and Cortland St) of San Francisco. Situated in the heart of the Mission Street commercial dis-trict, 3484 Mission Street provides easy access to the many restaurants, retail stores and nightlife options that the city of San Francisco has to offer.
3484 Mission Street is a (4) four-unit, mixed-use apartment building, comprised of 2 - two bedroom units and two commercial spaces on the ground floor. The Cuisine of Nepal recently signed a long-term (10) ten-year lease with rate increases at the end of each calendar year. TerreMoto Architectures occupies the newly built-out neighboring commercial unit, which features a small basement space for storage.
The larger residential units allow an excellent opportunity for prospective investors to optimize the living space and achieve market rents. The present owner has done a great job maintaining the property, recently painting the exterior of the building just last year. 3484 Mission Street provides an investor with the opportunity to add value through slight remodels and building improvements – increasing cash flow and equity growth while owning a well-located asset.
RestaurantsAl’s PlaceFrancisca’sLa TaqueriaPapaloteTaquerai El FarolitoArizmendi BakeryHenry SlocombeIchi SushiMitchell’s IcecreamToast Eatery
BarsThe BarKnockoutEl RioRock BarVirgil’s Sea RoomThe Bar on DoloresGlen Park StationNoeteca Wine BarValley Tavern
Outdoor Attractions- Holly Park- Saint Mary’s Play Ground- Bernal Heights Park
Other- CPMC Mission Bernal Campus- Glen Park BART
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3484 Mission Street, San Francisco, CA 94110
3484 Mission Street Offering Memorandum - pg. 4
Property Information Building Composition
Building Systems
Address: 3484 Mission Street, San Francisco, CA (cross street Cortland)
District: Bernal Heights
Property Sub Type: Multi-family dwelling apartments
APN: 6660-061
Building Square Feet: 2,870 square Feet
Lot Size: 3.078 square feet
Constructed: 1904 (per tax record)
Zoning: RM-1
Unit Mix: Two -2 bedroom/ 1 bath
Commercial: 2 retail
Kitchens: Gas stove/ovens
Freezer over refrigerator
Wood cabinets
Linoleum flooring
Formica countertops
Bathrooms: Mirrored cabinets
Cabinet sinks
Tile flooring
Tub-shower combinations
Living Areas-Bedrooms: Hardwood flooring
Mini blinds/curtains
Ample closet space
Recent Upgrades Include: Remodeled commercial space for TerreMotto Architectures
Exterior paint (2019)
Painting of Unit 1 (2020)
Repaired rear stairwell (2019)
Foundation: Concrete
Structure: Wood-frame
Façade: Decorative brick with wood siding
Roof Composition & Age: Modified bitumen (10 years)
Electrical Service: Separately metered
Gas Service: Separately metered
Fire Protection System: Smoke/CO2 detection devices in units
Heat Source: Forced Air
Hot Water: Individual water storage tanks
Plumbing: Mixture of copper and galvanized
Circuit Breakers: In lobby
2nd Form of Egress: Stairwell on the north end of property
Entry System: Key & lock & system
Garbage: In front of property
Laundry: None onsite
Storage: Occupied by commercial spaces
Offering Summary - Property Details
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3484 Mission Street Offering Memorandum - pg. 5
Financial Overview3484 Mission Street, San Francisco, CA 94110
Price $1,700,000
Down Payment $935,000
Number of Units 4
Price/Unit $425,000
Gross Square Feet 2,870
Price/Square Foot $592
CAP Rate - Current 4.88%
CAP Rate - Proforma 7.75%
GRM - Current 13.46
GRM - Pro Forma 9.61
Year Built 1904
Lot Size 3,078
Financial Summary Annual Gross Income
Cash Flow After Debt Service
Current Proforma
Gross Potential Income $126,262 $176,880
Vacancy (3.5%) $4,419 $6,191
AGI $121,842 $170,689
Expenses $38,929 $38,929
NOI $82,914 $131,760
Current Proforma
Less Debt Service $36,567 $36,567
Cash Flow $46,347 $95,193
Cash on Cash Return 4.96% 10.18%
Expenses as % of Gross 31% 22%
Expenses per Unit $9,732 $9,732
Expense Categories Current Exp/Unit % /Exp Proforma Exp/Unit % /Exp
Property Taxes $20,062 $5,015 52% $20,062 $5,015 52%
*Special Assessment Tax $502 $125 1% $502 $125 1%
*Insurance $2,728 $682 7% $2,728 $682 7%
*Repairs & Maintenance $3,000 $750 8% $3,000 $750 8%
Water & Sewer $9,714 $2,429 25% $9,714 $2,429 25%
Scavenger/Recycling $924 $231 2% $924 $231 2%
*Reserves $2,000 $500 5% $2,000 $500 5%
Total Operating Expenses $38,929 $9,732 100% $38,929 $9,732 100%
*Expenses are estimated
Annual Operating Expenses
FinancingLoan Amount $765,000
Loan Type Proposed New
Interest Rate 4.78%
Program 3 Year Interest Only
Loan to Value 45%
Loan Quote:: 45% LTV 3 year Interest Only at 4.78% / Quote: First Foundation Bank (Quote TBD)
Debt Service
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3484 Mission Street Offering Memorandum - pg. 6
Unit No. Unit Type Rent Sq Ft Market Rent Move In Date Notes
1A 2 Bedroom/1 Bath $1,500.00 $3,600 Unknown
*1B 2 Bedroom/1 Bath $3,700.00 $3,700 Vacant 2 Bedroom with Office
3486 Cuisine of Nepal $3,200.00 960 $3,840 1/1/2020
3484 Terremoto $2,121.80 900 $3,600 Month to Month
Monthly Rent $10,521.80 $14,740
Total Monthly Rent $10,521.80 $14,740
Annual Income $126,262 $176,880 Upside 40%
Rent Roll
3484 Mission Street, San Francisco, CA 94110Rent Roll & Expenses
Units2 Bedroom - 2
Commercial - 2
Total Units - 4
NotesProjected rents - Rent-O-Meter
Commercial rents projected at $4 per square foot
Cuisine of Nepal has $300 rent increases er annum - tenant pays all utilities excluding water
Square footage for commercial units based on estimates
*Vacant unit 1B has no appliances
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3484 Mission Street Offering Memorandum - pg. 7
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3484 Mission Street Offering Memorandum - pg. 8
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3484 Mission Street Offering Memorandum - pg. 9
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erer
3484 Mission Street Offering Memorandum - pg. 10
Neighborhood Amenities
Amenities3484 Mission Street, San Francisco, CA 94110
+Sutter PacificMedical Center
Cuisine of Nepal Al’s Place Bernal Star Safeway
El Buen Corner Francisca’s Vega Walgreens
The Front Porch La Taqueria Moki’s Sushi & Pacific Grill 7 Eleven
Henry’s Hunan Papalote Red Hill Station The Good Life Grocery
Ardiana Taquerai El Farolito Piqueo’s Whole Foods
La Ciccia Arizmendi Bakery Little Nepal Grocery Outlet
Blue Plate Henry Slocombe The Bar Bank of America
Alice’s Ichi Sushi Knockout Chase Bank
Uma Casa Mitchell’s Icecream El Rio Bank of the West
Eric’s Toast Eatery Rock Bar First Republic Bank
NRestaurants & Bars Convenience & Grocery Stores Banks & ATM’sX X X
21
22
2324
252627
28
29
30
31
32
3334
353637
38
39
40
11
12
1314
151617
18
19
20
1
2
3
45
6
78
9
10
19
1715
20 18
1416
10
1
37
38
3940
2
24
45
3
7
6
8
9
1112
13
2122 23 24
2526
2728
29
30
3132
33
34
35
36
Subject Property3484 Mission St
+Sutter PacificMedical Foundation
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3484 Mission Street Offering Memorandum - pg. 11
With Immediate Access to One of the Nation’s Best Public Transit SystemsThe area around 3484 Mission Street offers an extensive transportation network which ensures superior regional access throughout San Francisco and the surrounding Bay Area. Atlantic Cities’ “Access Across America, Transit 2018” 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. 3484 Mission Street is within walking distance of a variety of public transit, including the underground MUNI, Rapid Transit System (BART) station, 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 Silicon Valley.
Public Transportation3484 Mission Street, San Francisco, CA 94110
MISSIONDOLORES
PARK
CITY COLLEGE OF
SAN FRANCISCO Balboa Park
Glen Park
Glen Park
Subject Property3484 Mission St
24th StMission
CORTLAND ST / 30TH ST / NOE ST
MISSION STREET
24TH STREET
CHENERY ST
CRESCENT ST
SILVER ST
ALEMANY ST
30TH ST / CHURCH ST
MARKET ST
CORPORATE BUS LINE (to the Peninsula and South Bay)
24
49 14
48
35 36
J
Muni
J K TLM N
14R 14X
23
14X
44
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3484 Mission Street Offering Memorandum - pg. 12
Location3484 Mission Street, San Francisco, CA 94110
NN
Subject Property3484 Mission St
Subject Property3484 Mission St
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3484 Mission Street Offering Memorandum - pg. 13
Confidentiality & Disclaimer StatementThis Offering Memorandum contains select information pertaining to the business and affairs of the Property at 3484 Mission Street San Francisco, CA 94110. 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 3484 Mission Street 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 3484 Mission Street 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 3484 Mission Street 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 Map3484 Mission Street, San Francisco, CA 94110
Subject Property3484 Mission St
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Brad Lagomarsino | lic 01058500 +1 415 288 7847 | [email protected]
www.theDLTeam.com
Offering Memorandum3484 Mission Street
Mult i fami ly Investment Opportunity | Bernal Heights - San Francisco
James Devincenti | lic 00951916 +1 415 288 7848 | [email protected]
Dustin Dolby | lic01963487 +1 415 288 7869 | [email protected]