Offering Memorandum. 400 Fillmore Street I San Francisco, CA

Transcription

1 Offering Memorandum 400 Fillmore Street I San Francisco, CA

2 Table of Contents OFFERING SUMMARY 3 FINANCIAL OVERVIEW 4-5 PROPERTY PHOTOGRAPHS 6-9 AMENITIES MAP 10 PUBLIC TRANSPORTATION 11 LOCATION MAP 12 AERIAL OF SUBJECT PROPERTY 13 SHOWING SCHEDULE - Tuesday February 13, 2018 from 11:00-12:30 pm - Thursday February 15, 2018 from 11:00-12:00 pm - Tuesday February 20, 2018 from 11:30-1:00 pm - Thursday February 22, 2018 from 11:00-12:00 pm Offer Date - Friday February 23, 2018 by 12:00 pm PDT Colliers International BRAD LAGOMARSINO brad.lago@colliers.com Lic JAMES DEVINCENTI j.d@colliers.com Lic DUSTIN DOLBY dustin.dolby@colliers.com Lic.: OFFERING MEMORANDUM 400 FILLMORE STREET P.2 COLLIERS INTERNATIONAL

3 Offering Summary Colliers International is pleased to present 400 Fillmore St, San Francisco, CA for purchase. This 18-unit, corner, mixed-use building is located in the historic Hayes Valley neighborhood of San Francisco and occupies an end block lot on the corner of Fillmore Street and Page Street. The building is walking distance to iconic Haight Street. It s casual restaurants, unique shops and convenient public transportation options on Divisadero Street all add to the allure of the area. For the the investor this well-maintained property provides excellent conversion opportunity with tremendous upside in rents. (400 Fillmore may allow for a unique opportunity to take advantage of San Francisco s approved Accessory Dwelling Unit (ADUs) legislation enacted as of Converting the commercial space to two (2) residential units allows for a significant increase in revenue potential as outlined in the rent roll. For all questions regarding the legislative measure we highly recommend you speak with a ADU consultant.) Property Information: Address: District: Property: APN: Building Square Feet: Lot Size: Constructed: Zoning: Building Systems: Foundation: Structure: Façade: Rear of Building: Roof Composition & Age: Electrical Service: Circuit Breakers Gas Service: Fire Protection System: Fire Escapes: Heat Source: Hot Water: Plumbing: Common Areas: Door Entry System: Entrance: Lobby Lighting: Lobby & Common Areas: Garbage: Laundry: ing: 400 Fillmore Street, San Francisco Hayes Valley Eighteen (18) unit, mixed-use building ,790 Sq Ft (per tax records) 2, RM1 Concrete foundation Woodframe Brick/Stucco Wood Tar & Gravel (2009) Separately metered 200 amp electrical service with circuit breakers in tradesman area Separately metered In-unit detectors and common area hallways/local fire alarm system On Fillmore side & rear of building Peerless boiler system AO Smith water heater / State self-insulated tank Mixture of copper and galvanized Buzzer system Marble tiling Decorative light fixtures Carpet Off tradesman s entrance plus chute system 1 washer, 1 dryer (leased) 3 individual spaces Building Composition: Unit Mix: ing: Kitchens: Bathrooms: Bedrooms: Note: Fifteen (15) studio apartments & two (2) one bedroom units (after ADU conversion) Three (3) parking spaces Gas ranges with ovens Over-under refrigerator Vinyl flooring / wood laminate Wood cabinetry with ample storage & counter space Granite countertops in renovated units Tiled floors Wall hung/cabinet sinks Storage mirror Tub/shower combinations Wood & tile counters Generous sized living spaces Hardwood floors Large windows allowing for excellent natural light Large closet space in many of the units - Seismic upgrade has been completed and building has been removed from the soft story list - All commercial tenants are month to month OFFERING MEMORANDUM 400 FILLMORE STREET P.3 COLLIERS INTERNATIONAL

4 Financial Overview LOCATION: 400 FILLMORE STREET, SAN FRANCISCO, CA FINANCIAL SUMMARY Sale Price $5,350,000 Down Payment $3,000,000 Number of Units 17 Price/Unit $314,706 *Gross Square Feet 7,790 Price/Square Foot $687 CAP Rate-Current 3.53% CAP Rate-Pro Forma 6.93% GRM-Current GRM-Pro Forma Year Built 1925 Lot Size 2,483 *GRM and Cap Rate at the suggested price are reflective of the forcasted income based on post conversion rents ie. the commercial units converted to studios and a one bedroom unit. FINANCING Loan Amount $2,942,500 Loan Type Interest Rate 4.26% Program DCR 1.51 Loan to Value 55% Proposed New 3 Year Interest Only Quote: Based on commercial units being converted to Studios & a one bedroom. (loan information is time sensitive & subject to change) ANNUAL GROSS INCOME Current Market Gross Potential Income $317,664 $514,200 Vacancy (3.5%) $11,118 $17,997 AGI $306,546 $496,203 Expenses $117,815 $125,676 NOI $188,731 $370,527 ANNUAL OPERATING EXPENSES Expense Categories Current Exp/Unit % of Exp Market Exp/Unit % of Exp Property Taxes $62,718 $3,689 53% $62,718 $3,689 50% *Special Assessment Tax $900 $53 1% $900 $53 1% *Insurance $4,250 $250 4% $4,250 $250 3% *Repairs & Maintenance $8,500 $500 7% $8,500 $500 7% *Janitorial $1,200 $71 1% $1,200 $71 1% *PG&E $10,200 $600 9% $10,200 $600 8% *Trash $8,160 $480 7% $8,160 $480 6% *Water $9,180 $540 8% $9,180 $540 7% *Property Management $12,707 $747 11% $20,568 $1,210 16% Total Operating Expenses $117,815 $6, % $125,676 $7, % *Expenses are estimated CASH FLOW AFTER DEBT SERVICE Current Market Less Debt Service $125,351 $125,351 Cash Flow $63,381 $245,176 Cash on Cash Return 2.11% 8.17% Expenses as % of Gross 37% 24% Expenses per Unit $6,930 $7,393 SCHEDULED INCOME Unit Type # of Units Post Conversion Rents Monthly Income Market Rents Monthly Income Studio/1 Bath 15 $604 - $2,345 $20,222 $2,400 $36,000 1 Bedroom/1 Bath 2 $2,200 - $3,750 $5,950 $2,200 - $3,750 $5,950 Total 17 Total Monthly Income for Units $26,172 $41,950 OFFERING MEMORANDUM 400 FILLMORE STREET P.4 COLLIERS INTERNATIONAL

5 Financial Overview RENT ROLL Unit No. Unit Type Pre Conversion Rent *Post Conversion Rent Market Rents Move In Date 1 Studio $852 $852 $2,400 7/1/ Studio $1,227 $1,227 $2,400 9/5/ Studio $1,023 $1,023 $2,400 9/1/ Studio $1,010 $1,010 $2,400 3/1/ Studio $1,228 $1,228 $2,400 1/1/ Studio $1,387 $1,387 $2,400 7/20/ Studio $2,095 $2,095 $2,400 2/17/ Studio $1,326 $1,326 $2,400 5/1/ Studio $2,025 $2,025 $2,400 6/12/ Studio $2,095 $2,095 $2,400 1/15/ Studio $604 $604 $2,400 5/21/ Studio $745 $745 $2,400 3/15/ Studio $2,345 $2,345 $2,400 1/15/ Studio $1,005 $1,005 $2,400 3/1/ Studio $1,255 $1,255 $2,400 3/5/2009 *400F Commercial/1 Bedroom $550 $3,750 $3,750 Month-Month *402F Commercial/1 Bedroom $345 $2,200 $2,200 Month-Month **404F Commercial $340 Month-Month Monthly Rent $21,457 $26,172 $41,950 Non Resident ing $300 $300 $900 Total Monthly Income $21,757 $26,472 $42,850 Annual Income $261,084 $317,664 $514,200 Upside 97% UNITS Studio - 15 One Bedroom - 2 Total - 17 ing - 3 NOTES *Rents for units 400F & 402F are based on post conversion rents (converting the commercial spaces to 1 bedrooms). The upside is based on post conversion rents. **As a result of the conversion unit 404F will be combined with unit 402F ing $300 a space OFFERING MEMORANDUM 400 FILLMORE STREET P.5 COLLIERS INTERNATIONAL

6 Property Photographs OFFERING MEMORANDUM 400 FILLMORE STREET P.6 COLLIERS INTERNATIONAL

7 Property Photographs OFFERING MEMORANDUM 400 FILLMORE STREET P.7 COLLIERS INTERNATIONAL

8 Property Photographs OFFERING MEMORANDUM 400 FILLMORE STREET P.8 COLLIERS INTERNATIONAL

9 Property Photographs OFFERING MEMORANDUM 400 FILLMORE STREET P.9 COLLIERS INTERNATIONAL

10 Dea Hoff R ondel ll ega Masonic Leona Anza Vista Piedmont Ashbury T lifford Upper T Central Sutter Lyon Barcelona Java Masonic Post Buena Vis ta W es t Vista mple Fortuna Encanto Loma Amenities Kaiser Map Permanente Terra Vista Golden Gate Golden Gate Lyon y R oosevelt W LEGEND Corona Heights X Restaurants & Bars X Convenience & Grocery Mission Stores X Banks & ATM s Dolores + California Pacific Medical / CPMC Pacific Emergency Room Randall Jr Museum NEIGHBORHOOD AMENITIES Levant Lower T B aker Saturn Pinar Baker Buena Vista Broderick St Joseph s Geary McAllister McAllister B uena Vis ta East Museum States Ord Vulcan Stairway DMV Fulton Fulton Birch Grove Grove Ivy Ivy Hayes Hayes Linden Fell Fell Hickory Oak Oak Lily Page Page Rose Haight Haight Lausatt Waller Germania Lloyd Hermann Roosevelt 11 B Vista Ter Beideman Divisadero 23 7 Seymour Scott Waller Alpine Flint De Forest Elm Castro Pierce Scott Hamilton Recreation Kimbell Playground Alamo Square Carmelita Pierce Steiner Beaver Eva Potomac Pond Walter Toronado 9 Nopa 17 Bi-Rite Market Maven 10 Bar Crudo 18 Falleti Foods Iza Ramen Lower haight Burgers & BBQ 19 Safeway Dany Coyle s 12 Jasmine Garden Restaurant 20 Whole Foods Market Black Sands Brewery 13 Cathay Express Restaurant 21 Bank of America Powder Shaved Snow 14 Suppenkuche 22 Wells Fargo Ragazza 15 Miyabi Japanese Restaurant 23 Chase Bank Souvla 16 Straw 24 US Bank Steiner Duboce Fillmore Henry Market Prospe Cran p Belcher Dehon Sharon Webster Harlow Turk Bannecker Willow Landers Laguna 17th Buchanan 20 Muni Metro 13 12Church St Reservoir Chula Alert Abbey Jefferson Square Duboce R osemont Ramona St Mary s Cathedral 400 Fillmore St California Pacific Medical Spencer 16 Pink Pearl Elgin Pk 14th 15th 16th Gaiser Camp Gough Franklin Clinton Brosnan Albion Ash Elm Larch Gough McCoppin C aledonia Sparrow Dolores Ter Clarion J ulian Jessie Woodward Wiese Myrtle Van Ness Olive Opera House Brady Colton Otis Willow 12th St Colusa 24 Erie Minna Grove Plum Natoma Adair Larkin Redwood Redwood City Hall Chase Lech Walesa Davies Symphony Hall Muni Metro Van Ness BART 16th St Lafayette 12th St Erie Dodge Civic Breen Minna Mark Jessie Natoma Kissling G Enterpris OFFERING MEMORANDUM 400 FILLMORE STREET P.10 COLLIERS INTERNATIONAL

11 Abbey Dea J ulian Hoff R ondel Trainor escal Cook t r ris lah Blake Cole derick rl Shrader Chabot li Manzanita Cole Kitteridge ollins niversity f an rancisco t ys pital Collins Roselyn Clayton urel Belverdere Dicha Wood Loyola Jean University of San Francisco Lone Mountain attan yground Public Transportation Kaiser Lupine E wing Tamalpias T Clayton Grattan Alma Hemway Emerson Annapolis Ashbury Atalaya Masonic Panhandle C layton Downey O Farrell Nido Turk Masonic Masonic Delmar Ashbury Ashbury Vega Anza Vista Central Sutter Lyon Barcelona Post Terra Vista Golden Gate Golden Gate Lyon Baker Broderick St Joseph s Geary McAllister McAllister Fulton Fulton Birch Grove Grove Ivy Ivy Hayes Hayes Linden Fell Fell Hickory Oak Oak Lily Page Page Rose Haight Haight Lausatt Waller Germania Lloyd Hermann Divisadero Scott Waller Pierce Scott Carmelita Pierce Steiner Beaver Potomac Walter Steiner Fillmore Henry Market Belcher Sharon WITH IMMEDIATE ACCESS TO ONE OF THE NATION S BEST PUBLIC TRANSIT SYSTEMS The area around 400 Fillmore 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 2014 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. 400 Fillmore Street is within walking distance of a variety of public transit systems, including the Civic /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 Silicon Valley. Monument Leona Piedmont Ashbury T Clifford Java Masonic Buena Vis ta W es t Vista mple Fortuna Encanto y B aker Upper T Saturn Loma R oosevelt W Levant Lower T Permanente Pinar Buena Vista B uena Vis ta East Museum States Ord Vulcan Stairway DMV Roosevelt B Vista Ter Beideman Corona Heights Seymour Alpine Flint De Forest Randall Jr Museum Elm Castro Hamilton Recreation Kimbell Playground Alamo Square v Eva Duboce Pond Prospe Cran p v Webster v Dehon Harlow Turk Bannecker Willow Reservoir Landers Laguna 17th Buchanan Muni Metro Church St Chula Alert Jefferson Square Duboce R osemont Ramona St Mary s Cathedral 400 Fillmore St v Mission Dolores v Spencer Pink Pearl 14th 15th 16th Gaiser Camp Elgin Pk Gough Franklin Clinton Brosnan Albion Ash Elm Larch Gough McCoppin Sparrow Myrtle Van Ness Olive Brady Colton Dolores Ter Clarion C aledonia Opera House Jessie Woodward Wiese Otis Willow 12th St Colusa Erie Grove Plum Adair Larkin Redwood Redwood Minna City Hall Lech Walesa Davies Symphony Hall Chase Muni Metro Van Ness Natoma BART 16th St Lafayette 12th St Erie Dodge Civic Breen Minna Market Jessie Natoma Kissling Washburn Grace Enterprise Burns Isis Dale Laskie Leavenworth UN Plaza Treat 11th Norfolk B ernice Wagner BART/ Muni Metro Civic US Dore 101 Juniper Jones 8th 10th Julia Tehama O Farrell Taylor Clementina Sheridan 15th Sumner 9th Ellis Eddy Turk Opal Gordon Ringold Dore Alameda 17th Mason Stevenso Tulip Langton Rausch 7th B Rodgers Br Heron McLea Mariposa Cyril Magnin Jess Co Frankli Square BART & MUNI METRO Bart/Muni Church St Station Muni Metro Van Ness Avenue Bart/Muni Metro Powell St Station Bart/Muni Metro Montgomery St Station BUS & MUNI LIGHT RAIL v Fillmore Haight St Fillmore Oak St 22 Haight Pierce St 6 7 N-OWL BUS & MUNI LIGHT RAIL Duboce Church St J N Church Dubcoe Ave J 22 N-OWL MUNI LIGHT RAIL Metro Church Station KT L M OFFERING MEMORANDUM 400 FILLMORE STREET P.11 COLLIERS INTERNATIONAL

12 Abbey Dea J ulian Hoff R ondel Trainor ather e Temescal Cook ht ller ris ulah Blake Cole rederick Carl Shrader Chabot li Manzanita Cole Kitteridge University of San Francisco int rys spital ollins Collins Roselyn Clayton urel Belverdere Dicha Wood Loyola Jean University of San Francisco Lone Mountain rattan layground Lupine E wing T Clayton Grattan Alma Location Map Tamalpias Hemway Emerson Annapolis Ashbury Atalaya Masonic Panhandle C layton Downey O Farrell Nido Turk Masonic Masonic Delmar Ashbury Ashbury Monument Vega Leona Anza Vista Piedmont Ashbury T Clifford Central Sutter Lyon Barcelona Java Masonic Post Fortuna Encanto Buena Vis ta W es t Regional Map Vista mple Terra Vista Golden Gate Golden Gate Lyon y B aker Upper TSaturn Loma R oosevelt W Levant Lower T Kaiser Permanente Pinar Baker Buena Vista Broderick St Joseph s Geary McAllister McAllister B uena Vis ta East Museum States Ord Vulcan Stairway DMV Roosevelt Fulton Fulton Birch Grove Grove Ivy Ivy Hayes Hayes Linden Fell Fell Hickory Oak Oak Lily Page Page Rose Haight Haight Lausatt Waller Germania Lloyd Hermann B Vista Ter Beideman Corona Heights Seymour Divisadero Scott Waller Alpine Flint De Forest Randall Jr Museum Elm Castro Pierce Scott Hamilton Recreation Kimbell Playground Carmelita Pierce Steiner Alamo Square Beaver Eva Potomac Pond Walter Steiner Duboce Fillmore Henry Market Prospe Cran p Belcher Dehon Sharon Webster Harlow Willow Turk Bannecker Reservoir Landers Laguna 17th Buchanan Muni Metro Church St Chula Alert Jefferson Square 400 Fillmore St Mission Dolores Duboce R osemont Ramona St Mary s Cathedral Spencer Pink Pearl 14th 15th 16th Gaiser Camp Elgin Pk Gough Franklin Clinton Brosnan Albion Ash Elm Larch Gough McCoppin C aledonia Sparrow Dolores Ter Clarion Myrtle Van Ness Olive Opera House Brady Colton Jessie Woodward Wiese Otis Willow 12th St Colusa Erie Minna Grove Plum Natoma Adair Larkin Redwood Redwood City Hall Lech Walesa Davies Symphony Hall Chase Muni Metro Van Ness BART 16th St Lafayette 12th St Erie Dodge Civic Breen Minna Market Jessie Natoma Kissling Washburn Grace Enterprise Burns Isis Dale Laskie Leavenworth UN Plaza Treat 11th Norfolk B ernice Wagner BART/ Muni Metro Civic US Dore 101 Juniper Jones 8th 10th Julia Tehama Ta S Clementina Sheridan 15th O 400 Fillmore St k t b p OFFERING MEMORANDUM 400 FILLMORE STREET P.12 COLLIERS INTERNATIONAL

13 Aerial Map 400 Fillmore St CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 400 Fillmore Street San Francisco, CA 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 400 Fillmore 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 400 Fillmore 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 400 Fillmore 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. OFFERING MEMORANDUM 400 FILLMORE STREET P.13 COLLIERS INTERNATIONAL

14 101 Second Street, 11th Floor San Francisco, CA BRAD LAGOMARSINO brad.lago@colliers.com Lic JAMES DEVINCENTI j.d@colliers.com Lic DUSTIN DOLBY dustin.dolby@colliers.com Lic. :