Price Reduced! - LoopNet · 2018-10-03 · 1984 +/-. The ground floor unit has 2 bedrooms plus 2...

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. The prospective purchaser/lessee should independently verify all information.

HL Commercial Real Estate70 Mitchell Blvd., Suite 202 San Rafael, CA 94903 www.hlcre.com

Contact:Carol Ann Flint(917) 363-0579

[email protected]#01986558

Peter Gettner(415) [email protected]# 00785623

For Sale: Restaurant Building and Duplex

• Includes Restaurant Equipment• Owner/User or Investor• On-Site Parking

Offering Summary

1625 Sir Francis Drake Blvd., Fairfax, CA

Asking Price: $1,950,000 $2,095,000Price Per Sq. Ft.: $ 336 psfProforma CAP Rate: 5.65%Total Building Sq. Ft.: 5,792 +/- sq. ft.

10/1/18

Price Reduced!

mailto:carolann%40hlcre.com?subject=

mailto:[email protected]






For Sale: Restaurant Building and Duplex1625 Sir Francis Drake Blvd., Fairfax, CA 93930

Building/Space Description:

This property includes a one-story commercial building, continually operated as a restaurant since the 1980s, and a separate 2-story, fully tenanted duplex at the rear of the property.

The restaurant building is 3,136 +/- sq. ft. and was designed to seat 125+ with additional seating at the bar. There is a fully equipped kitchen and a rear deck (333 +/- sq.ft.) for additional seating. Kitchen equipment includes a hood and a walk-in freezer. (See FF&E list for full list). A Liquor license is available separate from the sale. The duplex, 2,656 +/- sq. ft., was rebuilt, converted from a single-family home, from the ground up in 1984 +/-. The ground floor unit has 2 bedrooms plus 2 extra rooms and 1.5 bathrooms. The upstairs has 2 bedrooms and 2 bathrooms. Each unit has separate laundry facilities. The duplex offers additional income for an owner/user of the restaurant building.

Location Description:

This property is a corner location on the prime commercial corridor to and from Fairfax. Ideally situated across the street from a neighborhood center anchored by Good Earth Market, a popular organic grocer. The location is highly walkable, near businesses, restaurants, theaters, bars and shops.

Property Details:

Assessor’s Parcel #: 002-211-21Total Building Sq. ft.: 5,792 +/- sq. ft. Total Sq Ft of Land: 11,112 +/- sq ftYear Building Constructed: 1920s +/- (duplex remodeled to two stories in 1984 +/-)Parking: 14 spaces in rear parking lot (5 reserved for duplex)Stories: Two (2)Type of Construction: Wood Frame with StuccoRoof Type: Composite Shingle Zoning Designation: CC (Central Commercial)Fire Sprinklers: NoHeating & Air Conditioning: Yes in restaurant, heating only in duplexFlood Zone Designation: Zone X (An area that is determined to be outside the 100- and 500-year floodplains)



http://library.amlegal.com/nxt/gateway.dll/California/fairfax_ca/title17zoning?f=templates$fn=default.htm$3.0$vid=amlegal:fairfax_ca$anc=JD_Title17







Sale Terms:

Price: $1,950,000.00 ($336.67/psf)Proforma CAP Rate: 5.65%Terms: Allcashorcashtonewfinancing.SBA10%down available also. Residentialtenantsareonshort-termleasesOwner/User: Therestaurantwillbedeliveredvacantatclose of escrow.

Restaurant Furniture, Fixtures and Equipment Included in the Sale:

• Double Door Walk-in Refrigerator/ Walk-In Freezer• Refrigerated Prep Station with Marble counter• Hood• Grill with 8 Burners• 2 Ovens • Additional Gas Burner• Deep Fryer• Open Wood/Char Grill with hood (sprinklered)• Full Bar Setup• Dish Washing Sprayer• ADA Elevator to Deck Entrance• Video security system• Furniture including set up tables, stools, banquets, chairs, light fixtures









Upstairs Unit









Downstairs Unit

Upstairs Unit Kitchen



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Proforma Income and Expenses

PROFORMA

Property Name:Property Address: 1625 SFD Blvd, Fairfax, CAAs of Date: 10/1/2018

Gross Scheduled Income 13,051.00$ X 12 156,612.00$ Less Vacancy Allowance (5%) (7,830.60)$

Effective Gross Annual Income 148,781.40$

LESS EXPENSES

Real Property Taxes (projected @ market value) 19,500.00$ *Ad Valorem 5,174.80$ Insurance 4,000.00$ Utilities 1,000.00$ Maintenance & Repair (4% EGI) 5,951.26$ Replacement Reserves (2% EGI) 2,975.63$

*Taxes will increase once the restaurant TOTAL EXPENSES 38,601.68$ is made operational

NET OPERATING INCOME 110,179.72$

Projected Expense Ratio 26%

Sale PriceCAP Rate 5.65%

Size: 5,792 sq.ft.Price psf: $336.67 psf

Yield Sales Price: Sq. Ft Price:5.00% 2,203,594.32$ 75.29$ 5.50% 2,003,267.56$ 68.44$ 6.00% 1,836,328.60$ 62.74$ 6.50% 1,695,072.55$ 57.91$ 7.00% 1,573,995.94$ 53.78$

$1,950,000.00









Click here to View in Google Maps

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SIR FRANCIS DRAKE BLVD

BELLE AVENUE



https://www.google.com/maps/place/1625+Sir+Francis+Drake+Blvd,+Fairfax,+CA+94930/@37.9865017,-122.5844875,17z/data=!3m1!4b1!4m5!3m4!1s0x808597002662404b:0xadf8f07b41f486d!8m2!3d37.9864975!4d-122.5822988







NOT TO SCALE

Site Plan

Entry









NOT TO SCALE

Floor Plan Not to Scale

Restaurant Floor Plans

Sir Francis Drake Blvd.

Entry









NOT TO SCALE


Restaurant Details Floor Plans

Sir Francis Drake Blvd.

Entry









NOT TO SCALE


Duplex - Lower Floor Plans









NOT TO SCALE


Duplex - Upper Floor Plans









SBA 504 Loan ScenarioMixed-Use Property For Sale Scenario as of: 8/29/2018

Own the Business? Own the Building.

Purchase Price $1,950,000 1625 Sir Francis Drake Blvd., Fairfax, CAImprovements $0 Building Size 5,792 sfOther $0Total Project Costs $1,950,000 Price per Sq. Ft. $336.67 psf

Property ContactPeter F. GettnerSenior Vice President(415) 446-4210 [email protected]

Financing Package Amount Rate Term Amort Monthly PymtBank 1st Mortgage 50% 975,000$ 5.50% 10 Yrs 25 Yrs 5,987$ SBA 504 2nd Mortgage* 40% 800,000$ 5.29% 20 Yrs 20 Yrs 5,409$ Down Payment 10% 195,000$

5.41% $1.97 PSF 11,396$

PSF Monthly PSF MonthlyMortgage Payments $1.97 $11,396 Total Monthly Payment $2.35 $13,636Property Tax $0.34 $1,950 Less Depreciation ($0.58) -$3,333Insurance $0.05 $290Total Monthly Payment $2.36 PSF $13,636 Total Adjusted Monthly Payment $1.78 PSF $10,303

Cash Down Payment 10.0% $195,000Estimated Bank Fees 1.0% $9,750Total Cash Required $204,750

Assumptions: The following assumptions were made in the preparation of this sample. Please let us know if there are specific values you'd like to see.

● Bank rate, terms and fees are estimated and vary depending on lender. ● Operating costs, title and insurance are estimates.

● All fees and expenses are estimated and will vary by vendor.

For more information contact us:Your SBA 504 Loan ExpertsAnna O’Brien Scarlett SheldonTMC Financing TMC FinancingSVP, Business Development Business Development Officer415.989.8855 [email protected] [email protected]

● SBA Fee is estimated at 2.15% plus a $2,500 legal fee. Fees are financed.

● SBA rate is as of Aug '18. Actual rate is set at debenture sale.

90% SBA 504 Financing Example

Monthly Costs Adjusted Monthly Costs

Out of Pocket Expenses Invest in Your Future: Equity Over First 10 Years

● 90% LTV financing generally does not require additional collateral.

● Equity is based on a 2.0% annual appreciation rate.

*Includes financed SBA fee of $20,000

● Depreciation is estimated at an 80% bracket over 39 years.

$0

$500,000

$1,000,000

$1,500,000

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EQUITY



Price Reduced! - LoopNet · 2018-10-03 · 1984 +/-. The ground floor unit has 2 bedrooms plus 2...

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