offering memorandum 349 s. van ness avenue · 2017. 2. 9. · brad lagomarsino lic. 01058500....

BRAD LAGOMARSINOlic. 01058500Executive Vice President

direct + 1 415 288 7847email [email protected]

JAMES DEVINCENTIlic. 00951916Executive Vice President


OFFERING MEMORANDUM

349 S. Van Ness Avenue San Francisco, California

349 S. Van Ness Avenue

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

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

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)


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%

PHOTOS


Property Photographs

MAPS


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280INTERSTATE

LocationLocal Map

Regional Map

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349 S. Van Ness Ave

349 S. Van Ness Ave

AERIAL


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

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


JAMES DEVINCENTIlic. 00951916Executive Vice President/Investments


offering memorandum 349 s. van ness avenue · 2017. 2. 9. · brad lagomarsino lic. 01058500....

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