Top Of Twin Peaks, Sutro Tower, Panoramic Views · 2020. 1. 24. · KW COMMERCIAL 27290 Madison...
Transcript of Top Of Twin Peaks, Sutro Tower, Panoramic Views · 2020. 1. 24. · KW COMMERCIAL 27290 Madison...
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KW COMMERCIAL27290 Madison Ave., Suite 200Temecula, CA 92590 ROBYN L WONNELL
Multifamily Sales Specialist0: 951.304.1200 X3351C: [email protected] DRE #01353690
Top Of Twin Peaks, Sutro Tower, Panoramic Views
OFFERING MEMORANDUM
PRESENTED BY:
74 CRESTLINE DRIVE, SF CA 94131
OFFERING MEMORANDUM
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KW COMMERCIAL
27290 Madison Ave., Suite 200
Temecula, CA 92590
Confidentiality & Disclaimer
ROBYN L WONNELLMultifamily Sales Specialist0: 951.304.1200 X3351C: [email protected] DRE# #01353690
All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.
Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.
All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Temecula Valley in compliance with all applicable fair housing and equal opportunity laws.
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.
OFFERING MEMORANDUM
PRESENTED BY:
SAN FRANCISCO, CA
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OFFERING SUMMARY
SALE PRICE: $8,100,000
NUMBER OF UNITS: 12
CAP RATE: 2.85%
NOI: $230,456
LOT SIZE: 9,583 SF
YEAR BUILT: 1965
BUILDING SIZE: 9,544 SF
RENOVATED: 2019
ZONING: RM1
MARKET: San Francisco
SUBMARKET: Twin Peaks
PRICE / SF: $848.70
PROPERTY OVERVIEWExclusive 12 unit apartment community adjacent to the Sutro Tower NatureReserve is for sale for the first time in 35 years.Contemporary Design, Well Maintained, Soft Story Retrofit Complete8 One Bed One Bath, 4 Two Bed, Two Bath UnitsRetiring Owners, with one unit being kept back.All Financials reflect Income for 11 units.
PROPERTY HIGHLIGHTS• Greatest Panoramic Views in San Francisco
• Highest Properties, Located next to the Sutro Tower Nature Trail Entrance
• Clean, Light, Bright, Open Area of Twin Peaks with Greatest Views Available....
• Large, Open Floor Plans
• Retrofit Pass Through Income Not Included in Current Income
• Rent Controlled Units. Several far below market
• Suburban area -3 minutes from the Market Street Hub and most other districts
• 50% higher median area household income than many other districts
• 1031 Exchange, Flexible Terms
• Scheduling Tours for Thursday, January 30th and Friday January 31st
Executive Summary
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PROPERTY OVERVIEW
Exclusive 12 unit apartment community adjacent
to the Sutro Tower Nature Trail Reserve Entrance
is for sale for the first time in 35 years.
Contemporary Design, Well Maintained, Soft
Story Retrofit Complete
8 One Bed One Bath, 4 Two Bed, Two Bath Units
Retiring Owners, with one unit being kept back.
All Financials reflect Income for 11 units.
LOCATION OVERVIEW
Located at the height of Twin Peaks, adjacent to the
Sutro Tower Nature Trail Entrance. The property
faces the Nature Trails on the west and a panoramic
view of San Francisco Bay, the Market Street Day
and Nightlife (SOMA) on the east. Excellent location
for the best and highest views from the top of Twin
Peaks. Centered between Hwy 1, 280 and Interstate
101, this area is in the very center of San Francisco.
Just down the hill is The Castro, Noe Valley and The
Haight @Ashbury, with many others within a short
drive or walk. This location is ideal for those wanting
a very short commute to work and to the best
nightlife and attractions. The SFO airport is 22 miles
from the property.
Property Description
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SALE PRICE $8,100,000
LOCATION INFORMATION
Building
Name
74 Crestline Drive
Street
Address
74 Crestline Drive
City, State,
Zip
San Francisco, CA 94131
County/
Township
San Francisco
Market San Francisco
Sub-market Twin Peaks
Cross
Streets
Vista Lane, Parkridge, Burnett
Market
Type
Rent Controlled /Market Rate
Nearest
Highway
Centered between hwys 1 to the west, 101, and
280 to the east, and 280 to the south (central
location overall of SF)
Nearest
Airport
SFO (San Francisco Oakland)
BUILDING INFORMATION
Building Size 9,544 SF
NOI $230,456
Cap Rate 2.85%
Price / SF $848.70
Year Built 1965
Last Renovated 2019
Occupancy % 100%
Tenancy Multiple
Number Of Floors 6
Number Of Buildings 1
PROPERTY DETAILS
Property Type Multifamily
Property Subtype Mid-Rise
Zoning RM1
Lot Size 9,583 SF
APN# 2845-004
Sub-market Twin Peaks
Property Details
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Additional Photos
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74 Crestline Drive
Regional Map
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Location Maps
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74 Crestline Drive
Aerial Map
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Above Summary includes income and expenses for 11 units. It covers the current income schedule, not including
tenant pass through income or rent increases that will be received in May of approximately 2-3 percent.
INVESTMENT OVERVIEW
Price $8,100,000
Price per Unit $736,364
CAP Rate 2.9%
OPERATING DATA
Current Actual Gross Scheduled Income $287,989
Other Income $1263
Total Scheduled Income $289,252
Operating Expenses 58,795
Net Operating Income $230,457
Brief Financial Summary
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Current Rents do not include tenant pass through income for the soft-story retrofit, or the scheduled rent increases that occur in May2020. Market rents reflect new residents with upgraded units including washer dryers installed in each unit. Newest move in does nothave washer dryer installed and therefore the rent reflects this reduction. There is currently a community laundry room with one machinethat generates the total 'other income' category. There is storage for each unit located in the laundry room and the building is petfriendly but does not currently charge for pets. Each resident pays its own utilities.
UNIT
NUMBER
UNIT
BED
UNIT
BATH
UNIT
SIZE
(SF)
LEASE
START
LEASE
END
CURRENT
RENT
CURRENT
RENT (PER
SF)
MARKET
RENT
MARKET
RENT/
SF
SECURITY
DEPOSIT
ONE 1 1 700 MTM $1,096 $1.57 $2,850 $4.07
TWO 1 1 700 MTM $1,501 $2.14 $2,850 $4.07
THREE 1 1 751 MTM $1,270 $1.69 $3,200 $4.26
FOUR 1 1 751 MTM $1,265 $1.69 $3,200 $4.26
FIVE 1 1 700 MTM $1,345 $1.92 $3,400 $4.86
SIX 1 1 700 MTM $2,765 $3.95 $3,400 $4.86
SEVEN 1 1 751 MTM $2,670 $3.56 $3,600 $4.79
EIGHT 1 1 751 MTM $2,126 $2.83 $3,600 $4.79
NINE 2 1 900 MTM $2,718 $3.02 $4,050 $4.44
TEN 2 1 970 MTM $3,350 $3.45 $4,125 $4.23
ELEVEN 2 1 900 1/21/
2020
01/20/
2021
$3,890 $4.32 $4,125 $4.61
Totals/
Averages
8,574 $23,999 $2.80 $38,350 $4.48 $0
Rent Roll - Actual And Market Rents
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