KW COMMERCIAL

1616 California St.

San Francisco, CA 94109ROBERT KIRSTENPartner, Brown Real Estate Group0: 415.244.4046C: 415.244.4046robkirsten@kwcommercial.comCA DRE #Agent: 01928014 - CA DRE #KWSF: 01995149

Henry Doelger Building

OFFERING MEMORANDUM

PRESENTED BY:

320 JUDAH STREET, SAN FRANCISCO, CA

OFFERING MEMORANDUM

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KW COMMERCIAL

1616 California St.

San Francisco, CA 94109

Confidentiality & Disclaimer

ROBERT KIRSTENPartner, Brown Real Estate Group0: 415.244.4046C: 415.244.4046robkirsten@kwcommercial.comCA DRE# #Agent: 01928014 - CA DRE# #KWSF: 01995149

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by San Francisco in compliance with all applicable fair housing and equal opportunity laws.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.

OFFERING MEMORANDUM

PRESENTED BY:

SAN FRANCISCO, CA

PROPERTY INFORMATION

1 | PROPERTY INFORMATION

EXECUTIVE SUMMARY

PROPERTY DESCRIPTION

PROPERTY DESCRIPTION

PROPERTY DETAILS

ADDITIONAL PHOTOS

ADDITIONAL PHOTOS

ADDITIONAL PHOTOS

SITE PLAN

ADDITIONAL PHOTOS

1PROPERTY INFORMATIONHENRY DOELGER BUILDING

OFFERING MEMORANDUM

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OFFERING SUMMARY

SALE PRICE: $7,950,000

CAP RATE: 3.72%

NOI: $295,600

LOT SIZE: 5,365 SF

YEAR BUILT: 1932 / 1940

BUILDING SIZE: 11,509 SF

RENOVATED: 2015

ZONING: NCD - Inner Sunset

UNITS: 5 Plus Manager's Unit

SUBMARKET: Inner Sunset

APN NUMBERS: 1763-020, 021, 019c

PROPERTY OVERVIEWKW Commercial, as exclusive advisor, is pleased to present the extraordinaryopportunity to acquire a 100% fee simple interest in 320 Judah Street, a threestory over basement ofRce building totaling 11,509 square feet.

This remarkable building served as the headquarters, warehouse and sales ofRceof proliRc San Francisco builder Henry Doelger. Constructed in 1932 in a bold ArtDeco design, the Doelger Building was one of the neighborhood’s Rrst Modernbuildings and functioned as Doelger’s base of operations for nearly two decades.

320 Judah has been painstakingly renovated into a thoroughly modern buildingwhile retaining its extensive historic attributes and character.

PROPERTY HIGHLIGHTS• Historical Landmark Designated Building

• Combination of Art Deco and Streamline Modern Design

• Completely Remodeled in 2015

• Fully Modernized and Seismically RetroRt

• Eligible for Residential Condominium Conversion

Executive Summary

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CUSTOM BUILT FOR A MASTER BUILDER

The Doelger Building at 320–326 Judah Street derives itssigniRcance from its role in the transformation of the Sunset

District; the production and consumption of pre‐war housing; itsnearly two‐decade association with Henry Doelger; and itsexpressive Modern architectural design.

The Doelger Building is closely associated with the transformationof the Sunset District from windswept sand dunes to a residential

neighborhood dominated by single‐family houses designed for theworking and middle classes. It is closely associated with HenryDoelger Builder Inc., an extraordinarily inSuential and productive

building Rrm that led the large‐scale development of the emergingSunset District neighborhood. From his ofRce at 320–326 JudahStreet, Henry Doelger presided over the Rrm’s remarkably rapid

expansion and the construction of thousands of single‐familyhouses. The building served as the headquarters, warehouse andsales ofRce of Henry Doelger Builder Inc., a Rrm that reshaped theproduction, sales, and marketing of working class and middleclass housing in San Francisco.

A CREATIVE HUB

320 Judah played an exciting roll in the sixties when San Franciscowas the “start-up capital” for psychedelic rock bands. GeorgeHunter had an ofRce in the building in the sixties and was afounding member of the Charlatans one of the Rrst psychedelicrock bands. In his spare time he made a living designing albumcovers for local groups like Quicksilver Messenger Service. Thebuilding was also used by many of the local San Francisco bandsto store equipment and practice.

Alembic Guitars had its headquarters in the building. Part of theGrateful Dead road crew, they also provided sound equipment forCrosby Stills, Nash and Young, Jefferson Airplane and the VelvetUnderground. Alembic Guitar's founder, Ken Wickershamdeveloped new electric guitars and Jerry Garcia's iconic "Alligator"guitar underwent its many reRnements in the building during thistime, earning it the title of a “Frankenstein” guitar.

Famous lens man Bob Seideman had a photographic studio on thesecond Soor and Janis Joplin's "With Beads" shot was likelyphotographed and developed there.

HISTORICAL OVERVIEW

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A MODEL PRESERVATION PROJECT

The Building, which is now designated as an “Historic Building”,has been fully restored under the watchful eyes of not only the CityPlanning department inspectors but also by the architects Pageand Turnbull who were commissioned to represent the SanFrancisco Historic Preservation Commission. The building wasrefurbished using a unibody concept developed by the Civilengineering department at San Diego University, usingStimpson-Strong technologies.

A METICULOUS RENOVATION

Strong-shear wall with spring technology, was incorporated, withover 50 tons of steel “I“ beams. The foundations werere-engineered with gypsum injection Rfteen feet below grade andfour-foot deep moment beams with reinforced concrete footingsare tied to the new building structure.

Seventy-three new Marvin windows with all stainless steel brightwork were used and in order to meet the current San Francisco Rrecodes a new Rre sprinkler system was added which iselectronically monitored via its own separate cellular alarm to theSan Francisco Fire Department.

The whole electrical wiring system was replaced and doubleinsulated Rre box housings were used for ceiling lights with 100%Cree LED lighting making the building one of the most energyefRcient structures in the City. The building has a 900 AMP threephase electrical supply and was wired to be able toaccommodated 240 volt electric car charging.

The plumbing and waste systems were replaced and a new in Soorheating system installed. There is a new Axis Communicationssecurity video monitoring system and which coupled with the DoorKing electronic double entry locking systems makes the buildingsecure.

Photos: 320 Judah's Iconic Exterior Clock , before, during andafter its restoration utilizing a solid aluminum kevlar faceplate.

Superlatively Restored And Modernized

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SALE PRICE WITHHELD

LOCATION INFORMATION

Building Name Henry Doelger Building

Street Address 320 Judah Street

City, State, Zip San Francisco, CA 94122

County/Township San Francisco

Market San Francisco

Submarket Inner Sunset

Cross Streets 8th Ave. & 9th Ave.

BUILDING INFORMATION

Building Size 11,509 SF

NOI $295,600

Cap Rate 3.72%

Price / SF $690.76

Year Built 1932

Last Renovated 2015

Building Class A

Occupancy % 100%

Tenancy Multiple

Number Of Floors 3

Load Factor Yes

PROPERTY DETAILS

Property Type OfRce

Property Subtype OfRce Building

Zoning NCD - Inner Sunset

Lot Size 5,365 SF

APN# 1763-020, 1763-021, 1763-019c

Submarket Inner Sunset

Property Details

HENRY DOELGER BUILDING 1 | PROPERTY INFORMATION

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Additional Photos

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Additional Photos

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Additional Photos (To Be Updated)

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Site Plans

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Floor Plans

HENRY DOELGER BUILDING 1 | PROPERTY INFORMATION

LOCATION INFORMATION

2 | LOCATION INFORMATION

REGIONAL MAP

LOCATION MAPS

AERIAL MAP

2LOCATION INFORMATIONHENRY DOELGER BUILDING

OFFERING MEMORANDUM

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Henry Doelger Building

Regional Map

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Location Maps

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Henry Doelger Building

Aerial Map

HENRY DOELGER BUILDING 2 | LOCATION INFORMATION

FINANCIAL ANALYSIS

3 | FINANCIAL ANALYSIS

FINANCIAL SUMMARY

3FINANCIAL ANALYSISHENRY DOELGER BUILDING

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INVESTMENT OVERVIEW

Price Withheld

OPERATING DATA

Gross Scheduled Income $389,000

Other Income $65,000

Total Scheduled Income $454,000

Annual Increases on All Existing Leases 3.00%

Financial Summary

HENRY DOELGER BUILDING 3 | FINANCIAL ANALYSIS

DEMOGRAPHICS

4 | DEMOGRAPHICS

DEMOGRAPHICS MAP

4DEMOGRAPHICSHENRY DOELGER BUILDING

OFFERING MEMORANDUM

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POPULATION 0.25 MILES 0.5 MILES 1 MILE

Total population 5,709 14,919 44,932

Median age 35.3 35.8 38.0

Median age (male) 34.7 35.4 37.5

Median age (Female) 35.7 36.4 38.8

HOUSEHOLDS & INCOME 0.25 MILES 0.5 MILES 1 MILE

Total households 2,581 6,732 19,348

# of persons per HH 2.2 2.2 2.3

Average HH income $107,766 $112,177 $112,907

Average house value $826,805 $869,801 $902,490

* Demographic data derived from 2010 US Census

Demographics Map

HENRY DOELGER BUILDING 4 | DEMOGRAPHICS