24 JASPER PLACENORTH BEACH/TELEGRAPH HILLOFFERING MEMORANDUM

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

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to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements,

the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,

or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained

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24 Jasper PlaceSan Francisco, CA

Sanford SkeieSenior Vice President Investments

Marcus & MillichapDirect: (415) 625-2153 // Fax: (415) 963-3010

sandy.skeie@marcusmillichap.comLicense CA 00982336

L I S T I N G A G E N T S

Gino FrancoInvestment Sales

Marcus & MillichapDirect: (415) 625-2167

gino.franco@marcusmillichap.comLicense CA 02027839

Approx Square Feet 6,513

Price Per Unit $750,000

Price Per SqFt $690.93

Approx. Year Built 1906

$4,500,000List Price 6 Total

Units

O F F E R I N G S U M M A R Y 2

OFFERING SUMMARY24 Jasper Place

P R O P E R T Y D E S C R I P T I O N 3

24-34 Jasper Place is a 6-unit North Beach/Telegraph Hill apartment building with very large flats in one of San Francisco’s most desirable and exciting neighborhoods. It also includes an additional partially completed, to-be-legal unit as well as two future ADU units.

This well-located property is in the center of North Beach. It is literally steps to Gino and Carlos, Sotto Mare and Caffe Sport, nationally known North Beach classics. Less than two blocks away are well-known restaurants such including Sodini’s, North Beach Restaurant, Original Joe’s and Tony’s Pizza, and the newly converted Chubby Noodle.

Coit Tower, Washington Square, and the famed Saint Peter and Paul Church are within blocks. The Financial District, Chinatown, the Embarcadero and Fisherman’s Wharf are nearby. It’s a true walker’s neighborhood where many of the residents don’t need a car or can easily use the abundant forms of public transportation.

The property consists of six very spacious 5-room units. Four are configured as three-bedroom units, two are configured as two-bedroom units with an additional office/small bedroom unit. One three-bedroom unit will be delivered vacant. These units each have separate entrances, high ceilings and excellent natural light.

The 6,513 square foot wood-frame building sits on a 2,603 square lot and is located on Jasper Place which between Stockton and Grant between Green and Union Streets. According to city records, the property was built in 1906. The property APN parcel is 0016-040 it is zoned RM-3. The mandated soft-story work has been completed with a Certificate of Final Completion issued in November 2017.

There are separate gas and electric meters as well as six separate hot water heaters. The units each have gas wall heaters. The roof is bitumen. There is a building owned washer and dryer in a separate laundry room off the building’s courtyard.

There are permits for two new ADU units plus the legalization for a third unit. Upon completion, according to permits and plans, the building would have nine legal units and increase to 7,938 square foot. Considerable work has already been done and there are numerous documents. Please do your own investigation of the plans, permits, and other information at the San Francisco Property Information site: https://sfplanninggis.org/PIM/?

24-34 Jasper Place offers an investor or owner user the opportunity to purchase a North Beach/Telegraph Hill income property which is has rental upside potential in a fantastic San Francisco location.

PROPERTY DESCRIPTION24 Jasper Place

I N V E S T M E N T H I G H L I G H T S 4

INVESTMENT HIGHLIGHTS24 Jasper Place

• Excellent North Beach/Telegraph Hill Location

• Huge Five-Room Units each with Separate Entrances

• Six Units with the Three Potential Additional Units

• Considerable Rental Upside

F I N A N C I A L A N A L Y S I S 5

RENT ROLL DETAIL24 Jasper Place

CURRENT PRO FORMA

UNIT UNIT TYPE RENT/MONTH RENT/MONTH

24 2 Bedroom + Den $1,800 $5,100

26 3 Bedroom $1,521 $5,250

28 3 Bedroom $2,850 $5,250

30 3 Bedroom $4,325 $5,250

32 3 Bedroom $5,100 $5,250

34 - Vacant 2 Bedroom + Den $5,100 $5,100

Total Square Feet: 6,513 $20,696 $31,500

F I N A N C I A L A N A L Y S I S 6

FINANCIAL OVERVIEW24 Jasper Place

PRICE $4,500,000

Number of Units 6

Price Per Unit $750,000

Total SqFt 6,513

Price Per SqFt $690.93

Cap Rate - Current 3.52%

GRM - Current 18.12

Cap Rate - Proforma 6.21%

GRM - Proforma 11.90

INCOME CURRENT PRO-FORMA

Gross Scheduled Rent $248,349 $378,000

Less: Vacancy/Deductions $7,450 $11,340

Effective Rental Income $240,899 $366,660

Expenses $82,337 $87,367

Net Operating income $158,562 $279,293

Cash Flow $158,562 $279,293

Debt Service $124,276 $124,276

Net Cash Flow After Debt Service $34,286 $155,016

Principal Reduction $41,729 $43,300

Total Return $76,015 $198,316

F I N A N C I A L A N A L Y S I S 7

OPERATING STATEMENT24 Jasper Place

INCOME CURRENT PRO FORMA

Gross Scheduled Rent 248,349 378,000

Physical Vacancy 3.0% (7,450) 3.0% (11,340)

Total Vacancy 3.0% ($7,450) 3.0% ($11,340)

Effective Rental Income 240,899 366,660

EXPENSES CURRENT YEAR 1

Real Estate Taxes 52,335 52,335 [1]

Insurance 4,362 4,362 [2]

Utilities - Water & Sewer 4,694 4,694 [3]

Utilities - PG&E 4,115 4,115 [4]

Trash Removal 3,650 3,650 [5]

Repairs & Maintenance 3,545 3,545 [6]

Management Fee 4.0% 9,636 4.0% 14,666 [7]

Total Expenses $82,337 $87,367

Expenses as % of Combined EGI 34.2% 23.8%

Net Operating Income $158,562 $279,293

1. Based on New Sales Price

2. Commercial Coverage Insurance Quote

3. Per Owner - 2018

4. Per Owner - 2018

5. Per Owner - 2018

6. Per Owner - 2018

7. Industry Standard

A E R I A L M A P 8

AERIAL MAP24 Jasper Place

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Local Amenities

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The Stinking Rose

Caffe Sport

Chubby Noodle

Gino + Carlo

Golden Boy Pizza

Tony’s Pizza Napoletana

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Original Joe’s

Cotogna

Walgreens

Chase Bank

Reveille Coffee Co

The Battery

The Saloon

Ideale

Mario’s Bohemian Cigar

Stella’s Pastry & Cafe

Park Tavern

Levi’s Plaza

Goorin Bros.

COI

Jackson Place Cafe

Sotto Mare

Liguria Bakery

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Marcus & Millichap - SF12

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P R O P E R T Y P H O T O S 9

PROPERTY PHOTOS24 Jasper Place

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PROPERTY PHOTOS24 Jasper Place

P R O P E R T Y P H O T O S 11

PROPERTY PHOTOS24 Jasper Place

P R O P E R T Y P H O T O S 12

PROPERTY PHOTOS24 Jasper Place

Sanford SkeieSenior Vice President InvestmentsMarcus & MillichapDirect: (415) 625-2153 // Fax: (415) 963-3010sandy.skeie@marcusmillichap.comLicense CA 00982336

L I S T I N G A G E N T S

Gino FrancoInvestment SalesMarcus & MillichapDirect: (415) 625-2167gino.franco@marcusmillichap.comLicense CA 02027839