1641 LASALLE AVENUE OWNER USER INVESTOR OPPORTUNITY. offering memorandum

Transcription

1 offering memorandum 1641 LASALLE AVENUE OWNER USER INVESTOR OPPORTUNITY 33 NEW MONTGOMERY ST. SUITE #1490 SAN FRANCISCO, CA/

2 Exclusive Agents Priscilla Wilder Broker Associate Investment Sales & Leasing #BRE Susan Jordan Broker Associate Investment Sales & Leasing BRE# This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Starboard TCN Worldwide has not made any investigation, and makes no warranty or representation, with respect to income or expenses for the subject property, future projected financial performance of Property, size and square footage of property and improvements, presence or absence of contaminating substances, PCB s or asbestos, compliance with State and Federal regulations, physical condition of improvements thereon, or financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of subject property. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, Starboard TCN Worldwide has not verified, and will not verify, any of the information contained herein, nor has Starboard TCN Worldwide conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. All potential buyers must take appropriate measures to verify all of the information set forth herein. The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 2

3 TABLE OF CONTENTS Executive Summary Floor Plans Parcel Map Property Overview Location Neighborhood Developments, Mayor s Invest in Neighborhoods Initiative Area New Neighbors Recent Sales Comparable Demographic Analysis The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 3

4 EXECUTIVE SUMMARY PROPERTY ADDRESS 1641 LaSalle Avenue, San Francisco, CA PURCHASE PRICE $ 1,500, PRICE PER SQUARE FOOT $ YEAR BUILT 1960 PARCEL NUMBER A LOT AREA (SF) 1,437 BUILDING AREA (SF) 3,256 GROUND FLOOR 1600 SECOND FLOOR 1656 ZONING NC3 HEIGHT LIMT (FT) 40 STREET FRONTAGE (FT) 19,193 The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 4

5 Floor plan: 1st Floor Laundry Room Hallway Counter Office STAIRS Entertainment Room Windows Bathroom 1 Bathroom 2 Kitchen Safe Room Music Room Foyer Exit Windows The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 5

6 Floor plan: 2nd Floor Kitchen Open Space Hallway CLOSET Bedroom 1 CABINET STAIRS Bathroom Bedroom 5 Bedroom 4 Bedroom 3 Bedroom 2 The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 6

7 Parcel Map The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 7

8 Property Overview 1641 LaSalle Avenue offers the opportunity for an owner-user or investor to take advantage of a growth of the market. Bayview is one of the last markets in San Francisco that will go through a major transition. Over 10 new home developments are in the planning pipeline for the Bayview Hunters Point Shipyard District. This property is highly visible on the corner of 3rd & LaSalle in the midst of the commercial changes from the SF Bayview Opera House to Grubb & Flora and everything in between and around. With the height limit of 40 ft an owner operator or investor can build up 2 more floors adding potentially 3,200 more square feet. Bayview Plaza Flora Grubb Gardens All Good Pizza College Track Las Isletas Restaurant Kennedy s Market 1641 LaSalle Ave. Auntie A prils Melo Brew Cafe & Cycling TriFusion Yoga Bayview Opera House Old Skool Cafe The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 8

9 Location Bayview hunters point is an investors visionary s dream. Offering investors and owners users to grow with the marketplace improvements and developments that will only set this area to potentially increase in value. La Salle Ave. at third is set on a major traveling thoroughfare traveling from Mission Bay to the City s Southern neighborhoods. The property is also in close proximity to highway 101 providing fast and easy freeway access. Prime Redeveloped Submarket supported by the Mayor s Invest in Neighborhoods Initiative Area Easy accessibility to a major freeway The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 9

10 Neighborhood Developments: Mayor s Invests in Neighborhoods Initiative Efforts include the Bayview Redevelopment Plan for Area B, which includes approximately 1300 acres of existing residential, commercial and industrial lands. This plan identifies seven economic activity points within the area. The former Navy Shipyard waterfront property is also the target of redevelopment to include residential, commercial, and recreational areas. FOOD The new homes at Lennar Corp. s San Francisco Shipyard are on the market, the developer s community benefits for the Bayview neighborhood are also underway. To date, the developer has set aside $8.925 million of the more than $80 million it is expected to shell out during the course of the Shipyard s build out, which will take at least 15 years. Lennar has started selling the first units in a development slated to bring 12,000 new homes to a corner of San Francisco that has long struggled. CULTURE Plans call for more than 3.5 million square feet of commercial space, a new regional shopping center, 300 acres of open space and thousands of new residents. The entire project will likely take $8 billion to build out. TECH HISTORY Photo Credit: thesfshipyard.com The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 10

11 New Neighbors New Neighborhors TRADITION MEETS TREND RESIDENCES FOR THE STYLE-CON- SCIOUS URBAN DWELLER SHOWCASING VIEWS OF THE SF BAY, THE BAY BRIDGE, AND THE CITY. NEW DEVELOPMENTS NEW HOUSING A NEW CULTURE The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 11

12 Recent Sales Comparables 3 Meacham Place, San Francisco, CA Property Type: Office Property Sub-type: Office Building Sale Date: 12/05/2014 Sale Price: $1,630,000 / ($463.07/SF) Building Size: 3,520 SF Lot Size: 0.03 Acres Year Built: Capitol Avenue, San Francisco, CA Property Type: Office Property Sub-type: Office Building Sale Date: 11/13/2014 Sale Price: $4,300,000 / ($1,102.56/SF) Building Size: 3,900 SF Lot Size: 0.06 Acres Year Built: 1919 Property Type: Property Sub-type: 1625 Ocean Avenue, San Francisco, CA Office Office Building Sale Date: 11/13/2014 Sale Price: Building Size: Lot Size: $2,400,000 / ($648.65/SF) 3,700 SF Year Built: Acres Property Type: Property Sub-type: 268 Clara Street, San Francisco, CA The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 12 Industrial Flex Space Sale Date: 09/30/2014 Sale Price: Building Size: Lot Size: $1,685,000 / ($586.09/SF) 3,520 SF 0.03 Acres

13 Demographics for 1641 La Salle Avenue, San Francisco, CA Population 1 Mile 2 Miles 2013 Male Population 14, , Female Population 15, ,873 % 2013 Male Population 48.89% 51.92% % 2013 Female Population 51.11% 48.08% 2013 Total Population: Adult 22, , Total Daytime Population 39, , Total Employees 21, , Total Population: Median Age Total Population: Adult Median Age White alone 3, , Black or African American alone 9,993 24, American Indian and Alaska Native alone 211 2, Asian alone 9,696 76, Native Hawaiian and OPI alone 741 2, Some Other Race alone 4,266 34, Two or More Races alone 1,429 14, Hispanic 7,281 72, Not Hispanic 22, ,026 % 2013 White alone 12.08% 43.58% % 2013 Black or African American alone 33.36% 8.96% % 2013 American Indian and Alaska Native alone 0.70% 0.76% % 2013 Asian alone 32.37% 27.94% % 2013 Native Hawaiian and OPI alone 2.47% 0.87% % 2013 Some Other Race alone 14.24% 12.54% % 2013 Two or More Races alone 4.77% 5.36% % 2013 Hispanic 24.31% 26.52% % 2013 Not Hispanic 75.69% 73.48% 2000 Not Hispanic: White alone 1,561 80, Not Hispanic: Black or African American alone 13,445 29,288 The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 13

14 Demographics for 1641 La Salle Avenue, San Francisco, CA Population 1 Mile 2 Miles 2000 Not Hispanic: Asian alone 7,259 60, Not Hispanic: Native Hawaiian and OPI alone 823 2, Not Hispanic: Some Other Race alone Not Hispanic: Two or More Races 781 7,214 Population Change 1 Mile 2 Miles Total: Employees (NAICS) n/a n/a Total: Establishements (NAICS) n/a n/a 2013 Total Population 29, , Households 8,243 97,728 Housing 1 Mile 2 Miles 2000 Housing Units 8,258 91, Occupied Housing Units 8,013 88, Owner Occupied Housing Units 4,097 39, Renter Occupied Housing Units 3,916 49, Vacant Housings Units 245 3,054 The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 14

15 Demographics for 1641 La Salle Avenue, San Francisco, CA Income Median Average 1 Mile 2 Miles 2013 Household Income: Median $45,555 $77, Household Income: Average $65,249 $97, Per Capita Income $18,201 $36, Household income: Less than $10, , Household income: $10,000 to $14, , Household income: $15,000 to $19, , Household income: $20,000 to $24, , Household income: $25,000 to $29, , Household income: $30,000 to $34, , Household income: $35,000 to $39, , Household income: $40,000 to $44, , Household income: $45,000 to $49, , Household income: $50,000 to $59, , Household income: $60,000 to $74, , Household income: $75,000 to $99, , Household income: $100,000 to $124, , Household income: $125,000 to $149, , Household income: $150,000 to $199, ,415 The information herein has been secured by Starboard TCN from Sources believed to be reliable. It is not guaranteed, however; and should be verified prior to consummating any transaction. 15