Proudly Presents 929 PINE STREET APARTMENTS 30 APARTMENT UNITS 929 PINE STREET SAN FRANCISCO, CALIFORNIA PINE STREET APARTMENTS

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1 FIRST MARIN REALTY Proudly Presents 929 PINE STREET APARTMENTS 30 APARTMENT UNITS 929 PINE STREET SAN FRANCISCO, CALIFORNIA PINE STREET APARTMENTS 30 APARTMENT UNITS 929 PINE STREET SAN FRANCISCO, CALIFORNIA While the information contained herein has been gathered from sources deemed reliable, it is not guaranteed. Vacancy factors used herein are an arbitrary percentage, used only as an example, and do not necessarily relate to actual vacancy, if any. The prospective purchaser is encouraged to independently verify all information contained herein. REAL ESTATE INVESTMENTS 145 LOMITA DRIVE, MILL VALLEY CA PH:

2 DESCRIPTION: 929 Pine Street is an elegant 4 story wood frame apartment building built in 1908 on Nob Hill, with extensive Victorian detailing inside the units and on the façade. Many of the upper floor units have views, and all but one of the units have been refurbished by the current owners. There is a sprinkled basement area with storage (32 spaces), and the common areas are sprinkled. Each unit has a sprinkler and a smoke alarm inside its entrance. The City s records indicate that the property has 17,800 square feet of living space. There are 6 large one-bedroom apartments, 12 spacious junior one-bedroom apartments, and 12 studios. The apartments have individual heating systems. The majority consist of natural gas fired wall units. PG&E provide individually metered natural gas service. The property has master-metered electric service. The property already has 40-amp circuit breakers within the apartments, so separating electric usage would be a strong possibility. The building has a central domestic water heating system (gas-fired and newer Smith Burkay). Hot water is supplied to a 200 gallon insulated storage tank. There is a hot water recirculation pump along with isolation valves and ASME rated temperature and pressure relieve valve. The building is equipped with one 1,200-pound capacity elevator, secure intercom entry, central carpeted stairs, and exterior wood stairs at the rear of the building. SITE DATA: 929 Pine Street sits on a 4,489 square foot lot on Pine between Mason and Taylor, ½ block from the Mark Hopkins and 1 ½ blocks from the Fairmont Hotel. The location is superb, as it is within walking distance to the Financial District, Union Square, Nob Hill hotels and restaurants, cable cars and other transportation, and all neighborhood services. Monthly parking is available in several neighborhood lots, but the convenience of the location makes automobile ownership voluntary. FINANCIAL SUMMARY: Purchase Price : $5,295,000 Gross Income : $ 476,840 Price Per Unit : $ 176,500 Net Oper. Inc. : $ 297,863 Price Per Sq. Ft. : $ Cap Rate : 5.63% Price Per Room : $ 75,643 Gross Multiplier : 11.1 BRIEF RECENT HISTORY: The current owners bought the property in April of 1994, and refinanced in 2001 with a FNMA fixed rate loan which matures in They have decided to sell rather than refinance the property, and wish to close escrow in late ZONING: According to the San Francisco Planning Department, the subject property is located within the RM-4, High Density Residential-Mixed Use District zone designation, and is also within the Nob Hill Special Use District. In addition to the permitted uses of RM-4, this district permits hotels, inns, hostels, eating and drinking establishments, and incidental commercial uses. An inspection of the subject property and examination of the RM-4 zoning regulations and development standards, confirm that the subject property represents a legal, non-conforming use, non-conforming because it does not meet current parking requirements. According to the San Francisco Municipal Code, legal non-conforming structures can be reconstructed if destroyed by fire or forces of nature, if construction is started within one year of destruction.

3 929 PINE STREET RENT ROLL - 8/31/2010 Unit Tenant Market Actual Move Unit Type Name Rent Rent Deposit In 1 1br GEORGE MCCALMAN $1, $1, $3, /10/ jr1 SARAH RAMOS $1, $1, $1, /14/ stu TITIN ONG $1, $1, $1, /20/ jr1 LEAH BENT $1, $1, $1, /24/ stu BETHANY MASSIMILLA $1, $1, $1, /10/ br ANABEL AGLORO & SEARA SULLIVAN $1, $1, $1, /1/ jr1 MINGJING HUANG $1, $1, $1, /20/ stu GEORGE FULLER $1, $ $1, /4/ br SHAWN BECK & RACHELE SHAFAI $1, $1, $1, /10/ jr1 BARRY O'HARA $1, $1, $1, /1/ stu ALBERTO & TERESITA RAMOS $1, $1, $1, /6/ stu MARIS YEAGER $1, $1, $1, /9/ jr1 CABE EATON $1, $1, $1, /22/ jr1 ANDREA MOORE $1, $1, $1, /30/ stu ANDREW DIEC $1, $1, $1, /3/ br GEORGIA FULLER (CARETAKER) $1, $ $ /1/ jr1 MELINDA STUBE $1, $ $1, /1/ stu PRISCILLA PERERA $1, $1, $1, /24/ stu JENNIFER ABIDI $1, $ $ /15/ jr1 JOSEPH ROYBAL $1, $1, $1, /6/ jr1 LAUREN BRADSHAW $1, $1, $1, /6/ stu STEVEN VARESI (JUANITO CRUZ CO-SIGNER) $1, $1, $1, /27/ br TALEAH MONA-LUSKY $1, $1, $2, /3/ jr1 SARAH STEELE $1, $1, $1, /23/ stu MICHIKO GYOTOKU $1, $1, $1, /13/ stu CHRIS ANTOLINI $1, $1, $1, /30/ jr1 MARSHALL TSIEN & CHENG C. HUANG $1, $1, $1, /18/ jr1 CHRISTOPHER WOOD/AKAKO IYAMA $1, $1, $1, /28/ stu CAROLE-ANNE ELLIOTT $1, $1, $1, /22/ br JAMES KROUPA $1, $1, $1, /19/2009 S01 stor 32 Storage $25 $ $ Total $43, $39, $43,409.80

4 929 Pine Street Income and Expense 2010 Current % RENT Rents $475, % Other Income $1, % Gross Scheduled Income $476, % REVENUE ADJUSTMENTS Vacancy 3% $(14,305.20) 3.0% TOTAL REVENUE ADJUSTMENTS $(14,305.20) 3.0% TOTAL OPERATING INCOME $462, % EXPENSES '09 Property Taxes (1.159%) x $5.295M $61, % Insurance $9, % Gas $15, % Electricity $6, % Water $7, % Trash $9, % Telephone $1, % Elevator service $1, % Onsite Manager ($1,200 per month) $14, % Repairs & Maintenance ($500 per unit) $15, % Reserves ($250 per unit) $7, % Professional Management (3% of EGI) $13, % Subtotal Expenses $164, % Expenses per Unit $5, Expenses per Sq. Ft. $9.25 Net Operating Income $297, PURCHASE SUMMARY Suggested Low Price $5,295, Number of Units 30 Price/Unit $176, Building Sq. Ft. 17,800 Price/Sq. Ft. $ Total Annual Rent Income $476, Net Operating Income $297, GRM Cap Rate 5.63%

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6 CONTACT: Howard Schardt FIRST MARIN REALTY, INC. 145 Lomita Drive Mill Valley, CA (direct) (fax) Web: DRE#

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