3250 Laguna St Street - San Francisco, California. Offering Memorandum Porta~Vista

Transcription

1 Offering Memorandum Porta~Vista 3250 Laguna St Street - San Francisco, California JOE GIOVARA lic Associate direct joe.giovara@colliers.com JAMES DEVINCENTI lic Executive Vice President direct j.d@colliers.com BRAD LAGOMARSINO lic Executive Vice President direct brad.lago@colliers.com

2 3250 Laguna Street

3 TABLE OF CONTENTS Table of Contents I. Offering Summary... 1 II. Financial Overview - Expenses and Cash Flow Analysis... 2 III. Financial Overview - Rent Roll... 3 IV. Property Photographs... 4 & 5 V. Floor Plan & Parking Diagram... 6 VI. Maps & Aerial of Subject Property

4 INVESTMENT SUMMARY Offering Summary OFFERING SUMMARY Colliers International is pleased to present 3250 Laguna Street, San Francisco, CA for purchase. The subject property is a Mid- Century Modern 29 unit apartment building located in the Marina directly across from the Moscone Playground, Fort Mason & the Marina Green. Its is also walking distance to Chestnut Street shops & restaurants. This is a unique opportunity for an investor to purchase a corner building with tremendous income upside potential in one of San Francisco s most sought after locations. General Information: Address: District: Property Sub Type: APN: Building Square Feet: Lot Size: Constructed: Zoning: Building Systems: Foundation: Structure: Façade: Roof System: Electrical Service: Gas Service: Fire Protection System: Heat Source: Hot Water: Plumbing: Common Area Lights: Circuit Breakers: Elevator: Common Areas: Building Style: Entry System: Common Area Floors: Landing Areas: Laundry: Storage: 3250 Laguna Street, San Francisco CA (@ Chestnut Street) Marina Multi-family dwelling ,250 square feet (per tax record) 7,731 square feet 1951 RM-2 Concrete foundation Wood-frame construction Stucco exterior Modified Bitumen Separately metered with fuses & 600 Amp service Separately metered Hardwired smoke detectors in hallways Steam heat radiators Peerless Boiler with two 119 gallon storage tanks Copper Timing system Fuses Yes - permitted thru 3/21/ s Mid Century Modern Key pad system Carpet Slate 2 washer/2 dryers (leased) 2 units Building Composition: Apartments: 29 Apartments: 27 One-bedroom units 2 Two-bedroom units 23 covered parking spaces Bonus Units - Rooftop Studio Penthouse & Managers One Bedroom Unit# 302 (The 2 units are connected) Bedrooms: Mix of hardwood & carpet Sliding doors Kitchens: Walk-in closets Wood/metal/melamine cabinets Granite/Formica counter tops Hardwood/Pergo floors Dishwashers (50% of units) Electric stoves Double door refrigerators Stainless steel sinks Bathrooms: Ceramic tile counters Tile floors Pedestal sinks Tub/shower combinations with tile surrounds Living & Dining Area: Mix of hardwood & carpet Fireplaces in units: 102, 202 & 302 & penthouse Combination of mini blinds & curtains General Comments: Majority of kitchens have upgrades Redecorated lobby area Installation of double pane windows $250,000 of Major seismic upgrades: Steel frame on the first floor, bolted foundations, shear walls & T-bracing Views of Golden Gate Bridge, the Bay and surrounding parks (from units 101, 102, 104, 201, 202, 204, 301, 302, 304) (COMPLETE SOFT STORY SEISMIC RETROFIT DONE) P. 1 COLLIERS INTERNATIONAL OFFERING MEMORANDUM 3250 LAGUNA STREET

5 PRICING & FINANCIAL ANALYSIS Financial Overview LOCATION: 3250 Laguna Street San Francisco, CA ANNUAL INCOME Gross Income $756,264 $1,332,000 Vacancy (1.5%) $11,344 $19,980 AGI $744,920 $1,312,020 Expenses $296,963 $319,993 NOI $447,957 $992,027 ANNUAL OPERATING EXPENSES Expense Categories Current Market Property Taxes Based on % of Sale price $142,090 $142,090 Special Tax Assessment San Francisco Special Assessment Tax $2,338 $2,338 Insurance Commercial Coverage Insurance Agency $14,979 $14,979 Gas & Electric Based on $75 per unit x 12 Months $26,100 $26,100 Water & Sewer Based on $80 per unit x 12 Months $27,840 $27,840 Trash Collection Based on $40 per unit x 12 Months $13,920 $13,920 Pest Control Based on $45 per Month $540 $540 Off-Site Management Based on 4% of Gross Income $30,251 $53,280 On-Site Management Offset from Rent Roll - Rooftop Studio unit $14,400 $14,400 Repairs & Maintenance Based on $500 per Unit $14,500 $14,500 Reserves Based on $300 per unit $8,700 $8,700 Leasing Commissions Based on number of Units x 15% x 300 $1,305 $1,305 Operating Expenses $296,963 $319,993 FINANCIAL SUMMARY Price $12,100,000 Down Payment $6,600,000 Number of Units 29 Price/Unit $417,241 Gross Square Feet 20,250 Price/Square Foot $598 CAP Rate - Current 3.70% CAP Rate - Pro Forma 8.20% GRM - Current GRM - Pro Forma 9.08 Year Built 1951 Lot Size 7,731 FINANCING Loan Amount $5,500,000 Loan Type Interest Rate 3.25% Program Loan to Value 45% Proposed New 5 Yr Interest Only Source: JP Morgan Chase - January 27, 2015 (Loan information is time sensitive and subject to change.) Less Debt Service $178,750 $178,750 Cash Flow $269,207 $813,277 Cash on Cash Return 4.08% 12.32% Expenses as % of Gross 39% 24% Expenses per Unit $10,240 $11,034 SCHEDULED INCOME Unit Type # of Units Current Rents Monthly Income Market Rents Monthly Income 1 Bedroom/1 Bath 27 $894 - $3,200 $52,911 $3,200-$3,600 $87,600 2 Bedroom/1 Bath 2 $3,100 - $4,000 $7,100 $4,770 $9.540 *1 Bedroom Unit #302 plus Rooftop Studio Penthouse 2 $1,200 - $2,493 $2,493 $5,520 $5,520 Total Monthly Income from Units 29 $62,504 $102,660 * Bonus Units - Manager s Unit #302 & Rooftop Studio Penthouse 3250 LAGUNA STREET OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2

6 PRICING & FINANCIAL ANALYSIS Financial Overview RENT ROLL Unit No. Unit Type Current Rent Parking Space # Market Rent Move In Date Unit No. Unit Type Current Rent Parking Space # Market Rent Move In Date 101 Deluxe 1 BD $2, N $3, /17/ Bedroom $3, $4, /1/ Bedroom $1, $3, /1/ Bedroom $1, L $3, /1/ Bedroom $1, F1 $3, /15/ Bedroom $2, M7 $3, /22/ Bedroom $2, $3, /15/14 *108 1 Bedroom $3, $3, Vacant Bedroom $1, $3, /1/ Bedroom $1, K $3, /1/ Deluxe 1 BD $1, G $3, /10/ Bedroom $4, F3 $4, /1/ Bedroom $2, M1 $3, /1/ Bedroom $1, O $3, /15/ Bedroom $1, $3, /1/ Bedroom $1, F2 $3, /20/ Bedroom $1, A $3, /10/ Bedroom $2, I $3, /10/ Bedroom $2, M5 $3, /15/ Bedroom $1, M6 $3, /10/ Deluxe 1 BD $2, M3 $3, /1/ Bedroom $1, M2 $3, /11/ Bedroom $2, $3, /1/ Bedroom $ C $3, /5/ Bedroom $2, M4 $3, /1/ Bedroom $2, J $3, /1/ Bedroom $2, H $3, /20/ Bedroom $1, B $3, /1/ Bedroom $2, $3, /1/13 **302Large 1 BD (Mgr) $1, E $3, /9/89 **Rooftop Studio Unit $1, $2, /9/89 UNITS 1 Bedroom Bedroom - 2 Total Units - 29 Parking - 23 Monthly Unit Total $62, $102, D Parking $ $8, Vacant Laundry $ $ Monthly Income $63, $111, Bonus One Bedroom Unit #302 & Rooftop Studio Penthouse - 2 Annual Income $756, $1,332, NOTE: *Unit Tenant moving out of unit on 2/28/15 Projected $350 per space / 23 units have parking included Laundry projected at $10 per unit **The resident manager in unit #302 has a first right of refusal to rent the rooftop Studio Penthouse unit for $1,200 per month - if manager is no longer employed by owner P. 3 COLLIERS INTERNATIONAL OFFERING MEMORANDUM 3250 LAGUNA STREET

7 PHOTOS & MAPS Property Photographs 3250 LAGUNA STREET OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4

8 PHOTOS & MAPS Property Photographs P. 5 COLLIERS INTERNATIONAL OFFERING MEMORANDUM 3250 LAGUNA STREET

9 FLOOR PLAN / PARKING DIAGRAM Floor Plan Parking Diagram P. 6 COLLIERS INTERNATIONAL OFFERING MEMORANDUM 3250 LAGUNA STREET

10 AERIAL Aerial 3250 Laguna St CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 3250 Laguna 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 3250 Laguna 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 3250 Laguna 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 3250 Laguna 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. P. 7 COLLIERS INTERNATIONAL OFFERING MEMORANDUM 3250 LAGUNA STREET

11 PHOTOS & MAPS Location Local Map 3250 Laguna St Regional Map 3250 Laguna St N W E S 3250 LAGUNA STREET OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 8

12 COLLIERS INTERNATIONAL 50 California Street, 19th Flr. San Francisco, CA tel fax JOE GIOVARA lic Associate direct joe.giovara@colliers.com JAMES DEVINCENTI lic Executive Vice President/Investments direct j.d@colliers.com BRAD LAGOMARSINO lic Executive Vice President/Investments direct brad.lago@colliers.com