Pacific Heights 2 Story Medical Office Building

Transcription

1 Pacific Heights 2 Story Medical Office Building 2305 Van Ness Ave, San Francisco, CA $ 3,995, % Cap Rate High traffic, high income location in San Francisco. Near notable retailers, restaurants, cafés, bars, fitness, night life, and expensive homes! Average household income over $105,000 within 1 mi radius. All leases have 4% annual increases. John Mugnani Mobile: Office: john.m@lemrx.com

2 Investment Summary Price CAP Rate Net Operating Income $ 3,995, % $ 156,878 LemRx Realty Advisors is pleased to present a two story medical office building located at 2305 Van Ness Ave, San Francisco, CA. This property was originally built in has approx. 5,565 net rentable square feet on a lot of approx. 3,275 square feet on 2 stories plus a full basement. Currently the property is 85% occupied, Prime San Francisco Location Van Ness Avenue is a north south thoroughfare in San Francisco, CA, running from Market St. north to the Bay. Van Ness Avenue begins at the Market Street near the Civic Center, and extends north to end at Bay Street at Fort Mason. Of the more striking landmarks along the route are the San Francisco City Hall, the War Memorial Opera House, and Louise M. Davies Symphony Hall. Following the 1906 earthquake, Van Ness served as the temporary commercial center and main thoroughfare of San Francisco, as it ultimately evolved into a busy commercial district in its own right, attracting many car dealerships that exist to this day as the majority of the city s car and scooter dealerships line the street. It still remains a generally upscale area with large and grand apartment buildings, restaurants, and movie theaters. Demographics 1 mi 3 mi 5 mi 2015 Total Population 120, , ,698 % Population Change % 8.93% 8.08% % Household Change % 3.58% 3.42% 2015 Average Household Income $ 105,779 $ 112,242 $ 116,977 The information above has been obtained from sources deemed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Investor is responsible to confirm the accuracy and completeness of the information using Investor's own experts.

3 San Francisco Bay Area A Diverse, Resilient Economy The typical narrative behind the Bay Area s strong recovery is that it is largely tech sector led, and it is certainly true that tech has grown and Silicon Valley is booming once again, powered by unparalleled financial resources that support peerless innovation. The Bay Area s share of US venture capital funding is higher than it has ever been and patents per capita vastly outnumber peer regions. The number of unicorns start ups with valuations over $1 billion has multiplied, though some have recently stumbled. Please click here for full article. California s economy has outpaced the nation for the past six years, and the San Francisco Bay Area has been the fastest growing part of the state by far (Figure 1). Annual real GDP growth in the greater Bay Area has averaged a strong 4.0 % between 2010 and Growth in the local economy has been driven primarily by the strength of the region s technology sector and its impact on construction and supporting industries. The surge of economic growth at a time when the national economy has been growing only modestly is largely without precedent. Combined, the San Francisco, Oakland, Hayward, San Jose, Sunnyvale, Santa Clara metropolitan areas accounted for 8.0 percent of all U.S. real GDP growth from 2010 to 2015, despite comprising just 3.8 % of the nation s economy. Please click here for full article. The continued growth of technology companies in the South Bay made a large contribution to the region s $223 billion GDP in 2015, said Micah Weinberg, president of the Bay Area Council s Economic Institute. While so called unicorn startups make waves for the multibillion dollar valuations investors place on them, GDP is measured more conventionally, through sales of products and services. So it s the more established companies like Apple, Google, Facebook and Salesforce that make a significant mark on the region s economy. There are footprints of all major industry sectors in the Bay Area, but tech is the big kahuna, Weinberg said. Please click here for article. Property Location Van Ness The information above has been obtained from sources deemed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Investor is responsible to confirm the accuracy and completeness of the information using Investor's own experts.

4 The Marina Fort Mason Cow Hollow Pacific Heights VAN NESS Ave Russian Hill Nob Hill

5 Rent Roll Unit # Approx. Size Tenant Rent/Month Lease Expiration Date A 800 sf DDS $3,180 April 30 th, 2021 B 800 sf Chiropractor $3,510 April 30 th, 2021 C 1,565 sf (Vacant) (Estimate $3,550) D 500 sf Dermatologist $1,716 November 30 th, 2020 E 1,200 sf DDS $3,543 April 30 th, 2020 F 700 sf Massage Studio $2,055 July 31 st, 2018 Total Monthly Rent $17,554 Gross Rent $210,648 NOTE: All Leases are on 4% Annual Increases. Utilities are paid for by tenants on an pro rata basis (PG&E, water and garbage) based on tenants square footage. The information above has been obtained from sources deemed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Investor is responsible to confirm the accuracy and completeness of the information using Investor's own experts.

6 Financial Analysis Gross Income: $ 210,648 Annual Expenses: Insurance: $ 3,368 Property Taxes est. based on new sales price: $ 43,945 Legal: $ 879 Maintenance: $ 5,578 Utilities (tenants pay their pro rata share) Total Annual Expenses: $ 53,770 Net Operating Income: $ 156,878 Cap Rate: 3.93 % The information above has been obtained from sources deemed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Investor is responsible to confirm the accuracy and completeness of the information using Investor's own experts.

7 Lot Units & Percentage of Common Area The information above has been obtained from sources deemed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Investor is responsible to confirm the accuracy and completeness of the information using Investor's own experts.

8 Restaurants, Entertainment & Nightlife

9 Supermarkets & Fitness

10 Banks, Partners, & Promotions Nob Hill Spa

11 Pacific Heights 2 Story Medical Office Building 2305 Van Ness Ave, San Francisco, CA John Mugnani Mobile: Office: john.m@lemrx.com