OFFERING MEMORANDUM - LoopNet · 2018-09-05 · OFFERING MEMORANDUM regarding 390 BARTLETT STREET,...
Transcript of OFFERING MEMORANDUM - LoopNet · 2018-09-05 · OFFERING MEMORANDUM regarding 390 BARTLETT STREET,...
OFFERING MEMORANDUM
regarding
390 BARTLETT STREET,SAN FRANCISCO, CA
JAY GREENBERGSENIOR DIRECTORAlain Pinel Investment Group
[email protected]: 01049568
TRIGG SPLENDASENIOR INVESTMENT ADVISOR
Alain Pinel Investment Group
LICENSE: 01484698
390 BARTLETT STREET, SAN FRANCISCO, CALIFORNIA
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TABLE OF CONTENTS
PAGE 3 Tour and Offer Process Summary
PAGE 4 Offering Summary
PAGE 5 Property Facts
PAGE 6 Property Amenities
PAGE 7 Aerial View of Property Location
PAGE 8 Rent Roll
PAGE 9 Income and Expense Information
PAGE 10 Financial Summary
PAGE 11-12 Property Photos
PAGE 13 Confidentiality and Disclaimer
390 BARTLETT STREET, SAN FRANCISCO, CALIFORNIA
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TOUR AND OFFER PROCESS SUMMARY
Tuesday September 4th 2:00pm-3:30pm Broker’s Open
Wednesday September 5th 11:00am-12:00 noon
Tuesday September 11th 2:30pm-3:30pm Broker’s Open
Wednesday September 12th 11:00am-12:00 noon
JAY GREENBERGSENIOR DIRECTOR
415.593.86152001 UNION STREET, SUITE 200SAN FRANCISCO, CA [email protected] CA: 01049568
TERMS All cash to the Seller.
PROPERTY TOURS All buyers are encouraged to tour the property.
The property will be shown on the following dates and times
OFFERS All written offers must be received by Broker no later than:
Thursday, September 13th, 2018, by 9:00am.Contact listing agent with any questions.
All offers should be addressed to:
A FULL DUE DILLIGENCE PACKAGE IS AVAILABLE UPON REQUEST. PACKAGE INCLUDES: RECENT PEST, CONTRACTORS,
SEWER LATERAL, ENERGY/WATER INSPECTIONS AND SOFT STORY PLANS (Soft Story Work has been Completed as of August 2018)
390 BARTLETT STREET, SAN FRANCISCO, CALIFORNIA
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OFFERING SUMMARY
A FULL DUE DILLIGENCE PACKAGE IS AVAILABLE UPON REQUEST. PACKAGE INCLUDES: RECENT PEST, CONTRACTORS,
SEWER LATERAL, ENERGY/WATER INSPECTIONS AND SOFT STORY PLANS (Soft Story Work has been Completed as of August 2018)
390 BARTLETT STREET is located at the NW corner of Bartlett and 25th Streets in the Mis-sion District and is bordered between Mission and Valencia Streets. The Inner Mission district is one of the most diverse and energetic areas in all of San Francisco. It has an eclectic mix of clothing stores, a vibrant art scene, and a plethora of multi-cultural restaurants-both new and old. The area offers convenient transportation options on Bart (24th St /Mission St.) & by Muni bus, allowing quick access to the downtown, Financial District and other parts of San Francisco. The property is also within access to Hwy 101 linking the area to the East Bay and the US 101 Peninsula corridor.
390 Bartlett St. is a classic Marina style apartment building. The property was built in 1925 and is wood frame structure (Brick Façade) with a concrete foundation. The soft story work was completed in August 2018 and the package for soft story rent pass-through is currently being processed for submittal to the San Francisco Rent Board. There is potential to add 5 or more additional dwelling units per the city’s ADU program. The property consists cur-rently of 15 residential units, 9 individual parking garages, and coin operated laundry with an attractive large lobby entrance. The unit mix is eleven studios and four 1-bdrm units. The units are spacious, with large walk in closets and all studios have the potential to be con-verted into 1-bdrm units. The electric system was upgraded in August of 2017 with new 400 amp service and the building is separately metered for gas and electric. The heat is provided by a steam boiler which is approximately 11 years old with a separate water heater. Four units have been converted from studios to 1-bdrms and have been tastefully renovated with new cabinets, granite counter tops, dishwashers, garbage disposals, stainless appliances, upgraded bathrooms, and new light and plumbing fixtures.
This property offers an investor a well maintained property with add value and rental upside coupled with an immediate return and cash flow in a premier neighborhood without large capital expenditures in the near future.
390 BARTLETT STREET, SAN FRANCISCO, CALIFORNIA
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YEAR COMPLETED 1925
SITE SQUARE FOOTAGE 4,356
PARCEL NUMEBER 6515-013
BUILDING SQUARE FOOTAGE 9,186
TOTAL UNITS 15
PARKING 9
LAUNDRY Coin Operated
ELECTRICAL Separately Metered
GAS Separately Metered
HEATING Steam
CONSTRUCTION Woodframe/Stucco with Concrete Foundation
SEISMIC RETROFIT Soft Story Compliant
ASSUMPTIONS Unit 8 will be delivered vacant at the Close of Escrow
PROPERTY FACTS
390 BARTLETT STREET, SAN FRANCISCO, CALIFORNIA
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PROPERTY AMENITIES
• Soft Story Compliant
• Premier Corner Location
• Walking Distance to Shopping, Nightlife and Public Transportation
• Large Bright Units
• Abundant Closet Space
• Potential to add 5 Large Units (ADUs)
• 9 Individual Garages
• Coin Operated Laundry
• Hardwood Floors
• Well Maintained with Pride of Ownership
390 BARTLETT STREET, SAN FRANCISCO, CALIFORNIA
AERIAL VIEW OF PROPERTY LOCATION
390 BARTLETT STREET, SAN FRANCISCO, CALIFORNIA
RENT ROLL
UNIT NO.
UNIT TYPE
CURRENT RENT
PARKING SPACE #
PARKING RENTS
BOND PASS
THROUGH
WATER PASS
THROUGH
7-YEAR CIP 6/1/18 thru 5/31/2025
10-YEAR CIP 6/1/18 thru 5/31/2028
SEISMIC PASS
THROUGH **
TOTAL RENT
MOVE-IN DATE
1 Studio $1,010.56 1 Included $17.08 $2.32 $13.02 $23.42 $70.46 $1,136.86 1/25/13
2 Studio $1,715.46 $14.82 $2.13 $13.02 $23.42 $70.46 $1,839.31 6/13/10
3 Studio $1,421.38 $17.08 $2.32 $13.02 $70.46 $1,547.68 1/21/07
4 1-Bedroom $2,856.49 4 $209.51 $3,066.00 1/16/17
5 1-Bedroom $2,794.00 $17.08 $2,811.08 8/26/17
6 Studio $1,657.63 $14.82 $2.13 $13.02 $23.42 $70.46 $1,781.48 5/1/10
7 Studio $1,115.72 7 Included $17.08 $2.32 $13.02 $23.42 $70.46 $1,242.02 6/22/86
8 1-Bedroom $3,350.00 $3,350.00 Vacant Projected
9 1-Bedroom $3,125.84 3 Included $14.82 $2.13 $13.02 $23.42 $70.46 $3,249.69 11/20/13
10 Studio $1,514.33 8 $200.00 $14.82 $2.13 $13.02 $23.42 $70.46 $1,838.18 1/1/10
11 Studio $1,516.14 2 $316.49 $17.08 $2.32 $13.02 $35.07 $70.46 $1,970.58 7/1/07
12 Studio $1,243.47 9 Included $17.08 $2.32 $13.02 $23.42 $70.46 $1,369.77 3/1/103
14 Studio $1,010.76 $17.08 $2.32 $13.02 $23.42 $70.46 $1,137.06 2/19/03
15 Studio $971.51 $17.08 $2.32 $13.02 $23.42 $70.46 $1,097.81 11/1/93
16 Studio $1,733.25 6 $219.08 $14.82 $2.13 $13.02 $23.42 $70.46 $2,076.18 6/13/10
TOTAL MONTHLY RENTAL INCOME $27,036.54 $945.08 $210.74 $26.89 $156.24 $292.69 $845.52 $29,513.70
OTHER INCOMELaundry* (estimated) $225.00* Projected
Parking #5 (estimated) $300.00 Vacant/Projected
Storage A Included for Unit 14
TOTAL MONTHLY INCOME $30,038.70 TOTAL ANNUAL INCOME $360,464.40
FOOTNOTES: * Projected- 15 units @ $15.00 per month per unit | ** Soft Story Retrofit complete/Rent Board package being assembled.
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INCOME AND EXPENSE INFORMATION
ESTIMATED ANNUAL REVENUE
Sceduled Annual Gross Income $360,464
Less: Vacancy / Deductions (2%) $7,209
Effective Gross Income $353,255
Estimated Annual Expenses ($121,188)
NET OPERATING INCOME $233,067
ESTIMATED ANNUAL EXPENSES
Real Estate Taxes $65,054
Insurance $6,003
PG&E $11,948
Water $6,811
Garbage $5,336
Janitorial (estimated)* $2,202
Phone/Internet $1,534
Miscellaneous (estimated)* $2,500
Management (estimated)* $4,800
Repairs & Maintenance (estimated)* $11,250
Reserves & Replacements (estimated)* $3,750
TOTAL EXPENSES $121,188 EXPENSES/UNIT $8,079
EXPENSES/SF $13.19
% OF EGI 34.31%
*Estimates
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FINANCIAL SUMMARY
PRICINGPrice $5,500,000
Number of Units 15
Price per Unit $366,667
Square Footage 9,186
Price per Square Foot $599
GRM 15.26
CAP Rate 4.22%
FINANCINGDown Payment $2,500,000
Loan Amount $3,000,000
Net Operating Income $232.067
Debt Service $185,629*
Cash on Cash Return $46,438
Principle Reduction $47,125
Total Return $93,563
*5 Year Fixed at 4.15%
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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.
W W W. A P R I N V E S T M E N T G R O U P . C O M
390 BARTLETT STREET, SAN FRANCISCO, CALIFORNIA
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Alain Pinel Realtors
Investment Group
2001 Union Street, Suite 200
San Francisco, CA 94123
Phone: (415) 814-6690
Fax: (415) 409-1125
The information contained in this Offering is confidential, furnished solely for the purpose of review by a prospective purchaser of the subject property. The material is based in part upon information supplied and in part upon information obtained by Alain Pinel Realtors Investment Group from sources it deems reason-ably reliable. No warranty or representation, expressed or implied, is made by the owner, Alain Pinel Realtors Investment Group, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is assumed or to be applied in connection with the information or such other communications. Without limiting the generality of the foregoing, the information shall not be deemed a representation of the state of affairs of the subject property or constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of the information. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.
The Offering was prepared by Alain Pinel Realtors Investment Group. It contains select information pertaining to the subject property and does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the subject property will be made available to qualified prospective purchasers.
In the Offering certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. The Offering is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Alain Pinel Realtors Investment Group or the Owner. Each prospective purchase is to rely upon its own inves-tigation, evaluation and judgment as to the advisability of purchasing the subject property described herein.
The owner and Alain Pinel Realtors Investment Group expressly reserve the right, at their sole discretion, to re-ject any or all expressions of interest or offer to purchase the subject property and/or to terminate discussions with any party at any time with or without notice. The owner shall have no legal commitment or obligation to any interested party reviewing the Offering or making an offer to purchase the subject property unless a writ-ten agreement for the purchase of the subject property has been fully executed and delivered by the owner and such party and any conditions to the owner’s obligations there under have been satisfied or waived and then only to the extent expressly provided for therein. Alain Pinel Realtors Investment Group is not authorized to make any representations or agreements on behalf of the Owner.
The Offering is the property of Alain Pinel Realtors Investment Group and may be used only by parties ap-proved by Alain Pinel Realtors Investment Group.
CONFIDENTIALITY AND DISCLAIMER