OFFERING MEMORANDUM 611 MINNA STREET

Transcription

1 OFFERING MEMORANDUM SAN FRANCISCO, CA 12 UNITS SOUTH OF MARKET $2,950,000 JEREMY WILLIAMS lic.:

2 TOUR AND OFFER PROCESS SUMMARY PROPERTY TOURS The property will be shown on the following dates and times Tuesday November 14th 12:00 PM - 1:30 PM Wednesday November 15th 12:00 PM - 1:30 PM (Broker Open) Thursday November 16th 1:00 PM 2:00 PM Tuesday November 28th 12:30 PM - 2:00 PM Wednesday November 29th 12:30 PM - 2:00 PM (Broker Open) OFFERS All written offers must be received by Broker no later than: Wednesday, November 29 th, 2017, by 6:00pm. Pre-Sale Escrow opened with Annie Nobilione at Old Republic Title Company, 601 California Street, Suite 900, San Francisco, CA 94109; Escrow No AN. Full disclosure package including Contractor s and Pest Inspection Reports will be available upon request. Close of Escrow shall be no sooner than February 6, Contact listing agent with any questions. All offers should be addressed to: JEREMY WILLIAMS jeremyw@apr.com lic.:

3 SAN FRANCISCO, CALIFORNIA OFFERING SUMMARY Offered For Sale: $2,950, Minna Street is a 12-Unit Apartment Building located in the South of Market (SOMA) District of San Francisco. This property is comprised of 9-Studios and 3-Jr. One Bedroom Apartments. Four of the units have been newly remodeled, one of which will be delivered vacant. There is significant long-term upside in the remaining units. This building is a turnkey investment property with many recent capital improvements and strong rents proven on unit turnovers. The property is conveniently located within walking distance to many of the bars, restaurants and tech offices in the Mid-Market Corridor. Ample transportation is nearby with the Muni Bus lines providing access to the rest of San Francisco, and the BART Regional train system to the greater Bay Area. The property is also a short drive to major freeways providing access to the East Bay, and south down the Peninsula. The incredible convenience and accessibility make this property a highly desirable place to live. 3 9-Studios and 3- Jr. One Bedroom Apartments in SOMA 3-Studios and 1-Jr. One Bedroom Newly Renovated; 1 Newly Renovated Studio Delivered Vacant Building Delivered with Soft Story Retrofit Complete Strong Market Rents on Unit Turnovers Turnkey Property with Significant Recent Capital Improvements Including: New Interior and Exterior Paint, New Hardwood Floors, Renovated Lobby, New Interior Light Fixtures Scheduled Annual Income: $213,981 GRM: 13.8 CAP: 4.57% Building Sq. Ft. (per tax records): 4,470 Year Built: 1907

4 PROPERTY AND FINANCIAL OVERVIEW FINANCIAL OVERVIEW Price: $2,950,000 Price per Sq. Ft.: $622 Price per Unit: $245,833 GRM: 13.8 Scheduled Annual Income: $213,981 Annual Expenses (estimated): $72,746 Net Operating Income: $134,816 CAP Rate: 4.57% PROPERTY OVERVIEW Address: 611 Minna Street Zip Code: Parcel Number: Units: 12 Building Sq. Ft.(per tax records) 4,740 Lot Sq. Ft.(per tax records) 2,000 Year Built: 1907 Neighborhood: South of Market 4

5 RENT ROLL Unit Type Current Rent ProForma Rent 1 Studio $971 $2,450 2 Studio $847 $2,450 3 Studio $1,218 $2,450 4 Jr. One Bedroom $1,004 $2,450 5 Studio (vacant) $2,450 $2,450 6 Studio $1,387 $2,450 7 Studio $2,200 $2,450 8 Jr. One Bedroom $2,450 $2,450 9 Studio $945 $2, Studio $958 $2, Studio $2,450 $2, Jr. One Bedroom $951 $2,450 Scheduled Monthly Income $17,832 $29,400 Scheduled Annual Income $ 213,981 $352,800 5

6 ANNUAL OPERATING INCOME AND EXPENSES ANNUAL OPERATING INCOME Current ProForma Scheduled Annual Gross Income $213,981 $352,800 Less Vacancy Factor (estimated at 3%) ($6,419) ($10,584) Adjusted Scheduled Gross Income $207,561 $342,216 (Estimated Annual Expenses) ($72,746) ($79,687) Net Operating Income $134,816 $262,529 Projected Debt Service ($99,696) ($99,696) Net Cash Flow After Debt Service $35,120 $162,833 Cash on Cash Return 2.98% 13.80% GRM CAP Rate % % ESTIMATED ANNUAL EXPENSES Current ProForma Real Estate Taxes (estimated rate %) $34,583 $34,583 Property Insurance* $3,287 $3,287 Gas & Electric $1,931 $1,931 Water & Sewer $10,283 $10,283 Garbage Collection $7,763 $7,763 Property Management (estimated at 5% of Gross) $10,699 $17,640 Repairs/Maintenance (estimated at $350 per Unit) $4,200 $4,200 Estimated Annual Expenses $72,746 $79,687 % of expenses 34% 23% *Indication of Insurance from Commercial Coverage Insurance Agency 6

7 SAN FRANCISCO, CALIFORNIA CONFIDENTIALITY and DISCLAIMER The information contained herein has been provided by various sources which may include the seller, public records, Multiple Listing Service, or others. APR Investment Group has not verified or investigated the accuracy of this information. Respective buyers are advised to conduct their own investigation of the property and the information contained herein, utilizing licensed professionals where appropriate, before purchasing this property. 7