offering memorandum 349 s. van ness avenue · 2017. 2. 9. · brad lagomarsino lic. 01058500....
TRANSCRIPT
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BRAD LAGOMARSINOlic. 01058500Executive Vice President
direct + 1 415 288 7847email [email protected]
JAMES DEVINCENTIlic. 00951916Executive Vice President
direct + 1 415 288 7848email [email protected]
OFFERING MEMORANDUM
349 S. Van Ness Avenue San Francisco, California
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349 S. Van Ness Avenue
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TABLE OF CONTENTS
TABLE OF CONTENTS
OFFERING SUMMARY 1
FINANCIAL OVERVIEW - EXPENSES & CASH FLOW ANALYSIS 2
RENT ROLL 3
PROPERTY PHOTOGRAPHS 4
LOCAL & REGIONAL MAP 5
AERIAL OF SUBJECT PROPERTY 6
TOUR SCHEDULE
• Tuesday February 14................... 2:00 - 3:30 pm
• Tuesday February 21................. 2:30 - 4:00 pm
• Tuesday February 28.................. 2:30 - 4:00 pm
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P. 1 COLLIERS INTERNATIONAL OFFERING MEMORANDUM | 349 S. VAN NESS AVENUE
INVESTMENT SUMMARY INVESTMENT SUMMARY
Offering Summary
General Information:Address:
District:Property Sub Type:
APN:Building Square Feet:
Lot Size:Constructed:
Zoning:
Building Systems:Foundation:
Structure:Façade:
Roof System:
Electrical Service:
Gas Service:
Fire Protection System:
Heat Source:
Hot Water:
Plumbing:
Circuit Breakers:
Common Areas:Door Entry System:
Entrance:
Common Area Floors:
Laundry:
349 S. Van Ness Avenue, San Francisco CA (@ 14th St)
Inner MissionApartment Building 3549-036
4.750 square feet (tax record)3,746 square feet1917CM
Concrete
Wood-frame construction
Stucco exterior Tar & gravel
Separately metered
Separately metered
Local fire alarm system, no sprinklers
Gas furnace in unit 1, plug-in electric wall heat in all other apartments
Individual water 40 gallon water heaters - Units 1 & 3 in tradesman, units 2, 4, & 5 in apartments
Predominantly copper
In garage
Door king Telephone entry system
Terazzo flooring
Carpet over hardwood
Only unit 1 & 3 have occupant owned washer & dryer
OFFERING SUMMARYColliers International is pleased to present 349 South Van Ness Avenue, San Francisco, CA for purchase. This apartment building is located in the Inner Mission District, one of the most diverse and energetic areas in all of San Francisco. It has an eclectic mix of Grocery stores, clothing stores, a vibrant art scene, and a smorgasbord of multi-cultural restaurants—both new and old.
The property consists of five (5) four room/1 bath apartments. The building also has a back yard deck area and a large garage.
The area offers convenient transportation options on Bart (16th Street Station at Mission Street) & Muni allowing quick access to the Downtown and Financial District as well as easy access to Hwy 101.
This is a unique opportunity for investors or an owner/user to acquire a multifamily asset with substantial income upside potential in a vibrant & convenient location.
Building Composition: Apartments/Commercial:
Kitchens:
Bathrooms:
Bedrooms:
Note:
Five (5) four room/1 bath apartmentsLarge 1 car garage (delivered vacant)
Original wood cabinetsVinyl/stone counter topsGas rangesHardwood floors
Tub/shower combinationsTile floorsFree standing sinks
Hardwood floorsAbundant natural light throughout apartments
Backyard with deck patio (Trek deck material)Tier 3 soft story building
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COLLIERS INTERNATIONAL P. 2 349 S. VAN NESS AVENUE | OFFERING MEMORANDUM
PRICING & FINANCIAL ANALYSIS
Price $2,000,000Down Payment $1,200,000
Number of Units 5
Price/Unit $400,000
Gross Square Feet 4,750
Price/Square Foot $421
CAP Rate-Current 3.26%
CAP Rate-Pro Forma 9.18%
GRM-Current 17.13
GRM-Pro Forma 8.44
Year Built 1917
Lot Size 3,746
LOCATION: 349 S. VAN NESS AVENUE, SAN FRANCISCO, CA 94103
ANNUAL GROSS INCOMEFINANCIAL SUMMARY
Financial Overview
Loan Amount $800,000
Loan Type Proposed New
Interest Rate 4.33%
DCR 1.37
Program 5/30 Year Fixed
Loan to value 40%
Unit Type # of Units Current Rents Monthly Income Market Rents Monthly Income
4 Room/1 Bath 5 $1,067 - $4,250 $9,429 $3,800 - $4,250 $19,450
5 Total Monthly Income for Units $9,429 $19,450
SCHEDULED INCOME
Current Market
Gross Potential Income $116,748 $237,000
Vacancy (1.5%) $1,751 $3,555
AGI $114,997 $233,445
Expenses $49,840 $49,840
NOI $65,157 $183,605
Expense Categories Current Exp/Unit % of Exp Market Exp/Unit % of Exp
Property Taxes $23,584 $4,717 47% $23,584 $4,717 47%
Special Assessment Tax $732 $146 1% $732 $146 1%
Insurance $3,373 $675 7% $3,373 $674.56 7%
Pest Control $784 $157 2% $784 $157 2%
Plumbing $780 $156 2% $780 $156 2%
Repairs & Maintenance $2,500 $500 5% $2,500 $500 5%
Fire Extinguisher $90 $18 0% $90 $18 0%
Telephone $491 $98 1% $491 $98 1%
Utilities - PG&E $9,076 $1,815 18% $9,076 $1,815 18%
Scavenger $2,577 $515 5% $2,577 $515 5%
Water $5,853 $1,171 12% $5,853 $1,171 12%
Total Operating Expenses $49,840 $9,968 100% $49,840 $9,968 100%
Less Debt Service $47,677 $47,677
Cash Flow $17,480 $135,928
Cash on Cash Return 1.46% 11.33%
Expenses as % of Gross 43% 21%
Expenses per Unit $9,968 $9,968
FINANCING
ANNUAL OPERATING EXPENSES
First Foundation Bank- January 1, 2017(Rates are time sensitive & subject to change)
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P. 3 COLLIERS INTERNATIONAL OFFERING MEMORANDUM | 349 S. VAN NESS AVENUE
PRICING & FINANCIAL ANALYSIS
Financial OverviewRENT ROLL
NOTESProjected rents based on Seller information & Rent Survey
Projected parking @ $300
UNITS 4 Room/1Bath - 5
Parking - 1
Unit No. Unit Type Base Rent Market Rents Move In Date Notes
1 4 Room/1 Bath $4,250 $4,250 Vacating in March 2017
2 4 Room/1 Bath $1,115 $3,800 3/1/1991
3 4 Room/1 Bath $1,912 $3,800 4/1/2011
4 4 Room/1 Bath $1,085 $3,800 7/1/1992
5 4 Room/1 Bath $1,067 $3,800 10/1/1993
Monthly Income $9,429 $19,450
Parking Garage $300 $300
Total Monthly Income $9,729 $19,750
Anual Income $116,748 $237,000 Upside 103%
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PHOTOS
P. 4 COLLIERS INTERNATIONAL OFFERING MEMORANDUM | 349 S. VAN NESS AVENUE
Property Photographs
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MAPS
P. 5 COLLIERS INTERNATIONAL OFFERING MEMORANDUM | 349 S. VAN NESS AVENUE
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349 S. Van Ness Ave
349 S. Van Ness Ave
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AERIAL
P. 6 COLLIERS INTERNATIONAL OFFERING MEMORANDUM | 349 S. VAN NESS AVENUE
Aerial
CONFIDENTIALITY & DISCLAIMER STATEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 349 S. Van Ness Avenue San Francisco, CA 94103. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by 349 S. Van Ness Avenue from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum from 349 S. Van Ness Avenue you agree:
1) The Offering Memorandum and its contents are confidential;
2) You will hold it and treat it in the strictest of confidence; and
3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agree-ment for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of 349 S. Van Ness Avenue or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date of this Offering Memorandum.
349 S. Van Ness Ave
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COLLIERS INTERNATIONAL101 Second Street, 11th FloorSan Francisco, CA 94105
tel + 1 415 788 3100fax+ 1 415 433 7844
www.colliers.com
www.TheDLTeam.com
BRAD LAGOMARSINOlic. 01058500Executive Vice President/Investments
direct + 1 415 288 7847email [email protected]
JAMES DEVINCENTIlic. 00951916Executive Vice President/Investments
direct + 1 415 288 7848email [email protected]