1625 Sir Francis Drake Blvd., Fairfax, CA Includes Restaurant Equipment Owner/User or Investor On-Site Parking Offering Summary Asking Price: $2,095,000 Price Per Sq. Ft.: $ 362 psf Proforma CAP Rate: 5.09% Total Building Sq. Ft.: 5,792 +/- sq. ft. 3/26/18
Building/Space Description: This property includes a one-story commercial building, continually operated as a restaurant since the 1980s, and a separate 2-story, fully tenanted duplex at the rear of the property. The restaurant building is 3,136 +/- sq. ft. and was designed to seat 125+ with additional seating at the bar. There is a fully equipped kitchen and a rear deck (333 +/- sq.ft.) for additional seating. Kitchen equipment includes a hood and a walk-in freezer. (See FF&E list for full list). A Liquor license is available separate from the sale. The duplex, 2,656 +/- sq. ft., was rebuilt, converted from a single-family home, from the ground up in 1984 +/-. The ground floor unit has 2 bedrooms plus 2 extra rooms and 1.5 bathrooms. The upstairs has 2 bedrooms and 2 bathrooms. Each unit has separate laundry facilities. The duplex offers additional income for an owner/user of the restaurant building. Location Description: This property is a corner location on the prime commercial corridor to and from Fairfax. Ideally situated across the street from a neighborhood center anchored by Good Earth Market, a popular organic grocer. The location is highly walkable, near businesses, restaurants, theaters, bars and shops. Property Details: Assessor s Parcel #: 002-211-21 Total Building Sq. ft.: 5,792 +/- sq. ft. Total Sq Ft of Land: 11,112 +/- sq ft Year Building Constructed: 1920s +/- (duplex remodeled to two stories in 1984 +/-) Parking: 14 spaces in rear parking lot (5 reserved for duplex) Stories: Two (2) Type of Construction: Wood Frame with Stucco Roof Type: Composite Shingle Zoning Designation: CC (Central Commercial) Fire Sprinklers: No Heating & Air Conditioning: Yes in restaurant, heating only in duplex Flood Zone Designation: Zone X (An area that is determined to be outside the 100- and 500-year floodplains)
Sale Terms: Price: $2,095,000.00 ($361.71/psf) Proforma CAP Rate: 5.09% Terms: All cash or cash to new financing. SBA 10% down available also. Residential tenants are on short-term leases Owner/User: The restaurant will be delivered vacant at close of escrow. Restaurant Furniture, Fixtures and Equipment Included in the Sale: Double Door Walk-in Refrigerator/ Walk-In Freezer Refrigerated Prep Station with Marble counter Hood Grill with 8 Burners 2 Ovens Additional Gas Burner Deep Fryer Open Wood/Char Grill with hood (sprinklered) Full Bar Setup Dish Washing Sprayer ADA Elevator to Deck Entrance Peter Video Gettner security system (415) 269-3622 Furniture including (917) set 363-0579 up tables, stools, banquets, chairs, light fixtures
Upstairs Unit
Unpstairs Unit Kitchen Downstairs Unit
Rent Roll Unit Tenant Name Rentable Sq Ft Current Monthly Rent Current Rent/ Sq Ft Proforma Monthly Rent Proforma Rent/ Sq Ft Lease Expires Upper Tenant 1,454 $ 2,750.00 $ 1.89 $ 2,750.00 $ 1.89 8/31/2018 Lower Tenant 1,102 $ 2,700.00 $ 2.45 $ 2,700.00 $ 2.45 6/30/2018 Restaurant Owner 3,136 $ - $ 7,172.00 $ 2.29 Office Vacant 100 $ - $ 229.00 $ 2.29 5,792 $ 5,450.00 $ 2.13 $ 12,851.00 $ 2.22
Proforma Income and Expenses As of Date: 3/26/2018 Gross Scheduled Income $ 12,851.00 X 12 $ 154,212.00 Less Vacancy Allowance (5%) $ (7,710.60) Effective Gross Annual Income $ 146,501.40 LESS EXPENSES Real Property Taxes (projected @ market value) $ 20,950.00 *Ad Valorem $ 5,174.80 Insurance $ 4,000.00 Utilities $ 1,000.00 Maintenance & Repair (4% EGI) $ 5,860.06 Replacement Reserves (2% EGI) $ 2,930.03 *Taxes will increase once the restaurant TOTAL EXPENSES $ 39,914.88 is made operational Projected Expense Ratio 27% NET OPERATING INCOME $ 106,586.52
Fairfax Click here to View in Google Maps San Anselmo SIR FRANCIS DRAKE BLVD PASTORI AVE. BELLE AVENUE
Site Plan Entry NOT TO SCALE
Restaurant Floor Plans Entry Floor Plan Not to Scale Carol Ann Sir Flint Francis Drake Blvd. NOT TO SCALE
Restaurant Details Floor Plans Entry Floor Plan Not to Scale Carol Ann Sir Flint Francis Drake Blvd. NOT TO SCALE
Duplex - Lower Floor Plans Floor Plan Not to Scale NOT TO SCALE
Duplex - Upper Floor Plans Floor Plan Not to Scale NOT TO SCALE
SBA 504 Loan Scenario Mixed-Use Property For Sale Scenario as of: 3/16/2018 Own the Business? Own the Building. Purchase Price $2,095,000 1625 Sir Francis Drake Blvd., Fairfax, CA Improvements $0 Building Size 5,792 sf Other $0 Total Project Costs $2,095,000 Price per Sq. Ft. $361.71 psf Property Contact Peter F. Gettner Senior Vice President (415) 446-4210 90% SBA 504 Financing Example Financing Package Amount Rate Term Amort Monthly Pymt Bank 1st Mortgage 50% $ 1,047,500 5.25% 10 Yrs 25 Yrs $ 6,277 SBA 504 2nd Mortgage* 40% $ 859,000 4.91% 20 Yrs 20 Yrs $ 5,626 Down Payment 10% $ 209,500 *Includes financed SBA fee of $21,000 5.10% $2.06 PSF $ 11,904 Monthly Costs Adjusted Monthly Costs PSF Monthly PSF Monthly Mortgage Payments $2.06 $11,904 Total Monthly Payment $2.47 $14,289 Property Tax $0.36 $2,095 Less Depreciation ($0.62) -$3,581 Insurance $0.05 $290 Total Monthly Payment $2.47 PSF $14,289 Total Adjusted Monthly Payment $1.85 PSF $10,708 Out of Pocket Expenses Cash Down Payment 10.0% $209,500 Estimated Bank Fees 1.0% $10,475 Total Cash Required $219,975 Invest in Your Future: Equity Over First 10 Years $1,500,000 $1,000,000 $500,000 EQUITY $0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Assumptions: SBA rate is as of Mar '18. Actual rate is set at debenture sale. (415) All fees 269-3622 and expenses are estimated (917) and will 363-0579 vary by vendor. The following assumptions were made in the preparation of this sample. Please let us know if there are specific values you'd like to see. Bank rate, terms and fees are estimated and vary depending on lender. SBA Fee is estimated at 2.15% plus a $2,500 legal fee. Fees are financed. Operating costs, title and insurance are estimates. Equity is based on a 2.0% annual appreciation rate. Depreciation is estimated at an 80% bracket over 39 years. 90% LTV financing generally does not require additional collateral.