2231-2233 powell street - loopnet...2231-2233 pow strt offering memorandum - pg. 3 offering summary...

2231-2233 POWELL STREET Offering Memorandum - pg. 1

Mult i fami ly Investment Opportunity | North Beach - San Francisco, CA

Offering Memorandum2231-2233 Powell Street

Table of Contents

Showing Schedule

Call for Offers

Offering Summary ................................3-4

Financial Overview ...............................5-6

Property Photographs ..........................7-9

Amenities Map ......................................10

Public Transportation ...........................11

Location Map ........................................12

Aerial of Subject Property ...................13

- Other Tours by Appointment

To be determined.

Brad Lagomarsino | lic 01058500 +1 415 288 7847 | [email protected]

James Devincenti | lic 00951916 +1 415 288 7848 | [email protected]

www.theDLTeam.com

Colliers International 101 2nd Street, 11th Floor San Francisco, CA 94105


Offering Summary - OverviewColliers International is pleased to present 2231-2233 Powell Street, San Francisco, CA for purchase. This well maintained apartment building consists of six (6) studio apartments with six (6) car parking. The subject property is located between Bay Street and Francisco Street in the colorful & vibrant North Beach, one of San Francisco’s most eclectic and hip neigh-borhoods. The areas superior weather, central location, restaurants and retailers has drawn tourists and locals alike to this dynamic neighborhood for decades.

This is an excellent opportunity for an owner/user or investor to purchase an immaculately well-maintained asset with income upside potential at a phenomenal price.

Neighborhood Amenities: Churches: St Peter & Paul, St Francis of Assisi

Schools: Saints Peter and Paul School , John Yehall Chin Elementary, San Francisco Law School, Jean Parker Elementary, Francisco Middle School, Academy of Art

Parks & Recreation: Washington Square Park, Filbert Steps, Coit Tower, North Beach Playground, Pier 39

Stores & Businesses: Safeway, ACRE/SF, Public Barber Salon, Aria Antiques, Little Vines, Molinari Delicatessen, Al’s Attire, City Lights Bookseller, Schein & Schein, 15 Romolo, Park & Pond, Specs, Caffe Trieste, AB Fits, Vesuvio and Bimbo’s 365, Graffeo Coffee

Restaurants: Da Flora, Mama’s on Washington Square, Tony’s Pizza Napoletana, Original Joe’s, The House, Park Tavern, North Beach Restaurant, Tommaso’s, Sodini’s, Naked Lunch, Café Zoetrope, Mario’s, Chubby Noodle, Comstock Saloon, Don Pisto’s, Capo’s, Txoko and many, many more

Transportation: Walking distance to the central business district, MUNI- 8 Bayshore, & 39 Coit bus lines, Central subway station (under-construction)

Transit Score: 96 / Walk Score: 99 / Bike Score-71


Property InformationAddress: 2231-2233 Powell Street, San Francisco, CA

(at Vanderwater Street)

District: North Beach

Property Type: Multi-family dwelling – 6 studio apartments & 6 carport parking

APN: 0041-004

Building Square Feet: 2,990 square feet

Lot Size: 1,357 square feet

Zoning: North Beach

Constructed: 1907 (per tax record)

Zoning: RH-2

Property InformationUnit Mix: 6-Studio apartments, 6 carport

parking stalls

Kitchens: Pendant lighting

Tile counters

Electric stove/ovens

Refrigerator (freezer over refrigerator)

Wood cabinets

Pendant lighting

Formica countertops

Bathrooms: Sliding barn door

Mirrored vanity

Pedestal sinks / wall-hung sings

Marble tile floors and tiled floors

Tub-shower combination (some over-sized)

Fan/light combination (2nd floor skylight vent)

Ceramic tile-flooring

Living Areas - Bedrooms: Track lighting

Bedroom ceiling fan

Mini-blinds

Carpeted

Ample natural light

Walk-in closets

Building SystemsFoundation: Brick foundation

Structure: Wood-frame building

Façade: Shingled facade

Roof System Bitumen

Electrical Service: Separately metered (200 Amperage, 240V)

Gas Service: Separately metered

Fire Protection System: Battery operated smoke detection devices in apartments / Hardwired local-Edwards E-FSC

Heat Source: Gas wall heat system

Water Heater: 100 Gallon storage tank (Bradford & White)

Plumbing: Mixture of copper and galvanized piping

Circuit Breakers: In closets

2nd Form of Egress: Fire escapes

Common AreasDoor Entry System: Sentex phone system

Entry: Gated

Lobby: Stone tile

Front Landing: Stone tile

Stairs: Carpeted

Landing Areas: Carpeted

Lobby/Common Area Lighting: Decorative sconces

Garbage: Chute system/tradesman area

Laundry: No laundry system

Offering Summary - Property Details


Annual Operating Expenses Current Proforma Property Taxes $21,101 $21,101

Special Assessment Tax $317 $317

Insurance $4,783 $4,783

*Repairs & Maintenance $4,500 $4,500

Plumbing $658 $658

*Property Management $5,091 $7,200

Pest Control $430 $430

Janitorial $1,695 $1,695

PG&E $647 $647

Trash $2,546 $2,546

Water $1,175 $1,175

Telephone $906 $906

Total Operating Expenses $43,848 $45,957 *Expenses are estimated: / Property management at 4% of gross / Repairs & maintenance at $750 per unit

Financial Overview2231-2233 Powell Street, San Francisco, CA 94133

Financial SummarySale Price $1,800,000

Down Payment $900,000

Number of Units 6

Price/Unit $300,000

Gross Square Feet 2,990

Price/Square Foot $602

CAP Rate-Current 4.39%

CAP Rate-Pro Forma 7.10%

GRM-Current 14.14

GRM-Pro Forma 10.00

Year Built 1907

Lot Size 1,375

Annual Gross Income Current Proforma Gross Potential Income $127,285 $180,000

Vacancy (3.5%) $4,455 $6,300

AGI $122,830 $173,700

Expenses $43,848 $45,957

NOI $78,982 $127,743

FinancingLoan Amount $900,000

Loan Type Proposed New

Interest Rate 4.73%

Program 5 Year Interest only

Loan to Value 50%

Loan Quote: First Foundation Bank - 5 Year Interest Only

*Structural engineers report required for lender approval due to brick foundation of subject property.

Cash Flow After Debt Service Current ProformaLess Debt Service $42,570 $42,570

Cash Flow $36,412 $85,173

Cash on Cash Return 4.05% 9.46%

Expenses as % of Gross 34% 26%

Expenses per Unit $7,308 $7,659


Financial Overview (cont.)2231-2233 Powell Street, San Francisco, CA 94133

Unit No. Unit Type Rent Parking Market Rents Move In Date

2233 -1 Studio $917 $2,250 7/6/1990

2233 - 2 Studio $1,100 Space 5 Included $2,250 10/3/1997

2233 - 3 Studio $2,250 $2,250 Vacant

2233 - 4 Studio $1,090 Space 3 Included $2,250 11/25/2005

2233 - 5 Studio $2,250 $2,250 Vacant

2233 - 6 Studio $2,100 $2,250 5/1/2018

Monthly Rent $9,707 $13,500

Parking 1 & 2 China House $400 $400 5/1/1990

Parking 4 Parking $300 $300 Projected

*Parking 6 (compact) Parking $200 $200 Projected

*Projected Parking $0 $600 2 spaces at $300/space

Total Monthly Income $10,607 $15,000

Annual Total $127,285 $180,000 Upside 41%

Rent Roll

NotesProjected rents - Berendt Properties

*Parking 6 is a compact car space projected at $200

*Projected 2 parking spaces projected at $300 per space

UnitsStudios - 6

Parking - 6


Da Flora Sodini’s Trader Joe’s

Mama’s on Washington Square Naked Lunch Safeway

Tony’s Pizza Napoletana Pescatore S & S Grocery

Original Joe’s Mario’s RJ’s Market

The House Chubby Noodle Wells Fargo bank

Park Tavern Fior d’Italia Bank of the West

North Beach Restaurant Don Pisto’s U.S. Bank Branch

Hillstone Capo’s Chase Bank

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Restaurants & Bars Convenience & Grocery Stores Banks & ATM’sX X X

Neighborhood Amenities

Amenities2231-2233 Powell Street, San Francisco, CA 94133

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WITH IMMEDIATE ACCESS TO ONE OF THE NATION’S BEST PUBLIC TRANSIT SYSTEMSThe area around 2231-2233 Powell Street offers an extensive transportation network which ensures superior regional access throughout San Francisco and the surrounding Bay Area. Atlantic Cities’ “Access Across America, Transit 2014” ranked San Francisco second only to Manhattan for public transit efficiency, based on how many jobs a resident can access within a 10 to 30 minute commute during the morning rush hours of 7am to 9am. 2231-2233 Powell Street is within walking distance of a variety of public transit systems, including the Civic Center/UN Plaza Bay Area Rapid Transit System (BART) station, the underground MUNI, and street-level rail—all in addition to a variety of San Francisco’s caravan of ‘Tech Shuttles’ moving busloads of Google, Genentech, Facebook, and Apple employees from their homes in San Francisco to their job centers in Silicon Valley.

Cable Car/Historic Street CarMuni Bus Lines Golden Gate Transit

Public Transportation2231-2233 Powell Street, San Francisco, CA 94133


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Location2231-2233 Powell Street, San Francisco, CA 94133

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Confidentiality & Disclaimer StatementThis Offering Memorandum contains select information pertaining to the business and affairs of the Property at 2231-2233 Powell Street San Francisco, CA 94133. 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 2231-2233 Powell Street 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 2231-2233 Powell Street 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 agreement 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 2231-2233 Powell Street 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.

Aerial Map2231-2233 Powell Street, San Francisco, CA 94133


www.theDLTeam.com

Offering Memorandum2231-2233 Powell Street

Mult i fami ly Investment Opportunity | North Beach - San Francisco, CA

James Devincenti | lic 00951916+1 415 288 7848 | [email protected]

Brad Lagomarsino | lic 01058500+1 415 288 7847 | [email protected]

2231-2233 powell street - loopnet...2231-2233 pow strt offering memorandum - pg. 3 offering summary...

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