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3484 Mission Street Offering Memorandum - pg. 1

Offering Memorandum 3484 Mission Street, San FranciscoM u l t i f a m i l y I n ve s t m e n t O pp o r t u n i t y | B e r n a l H e i g h t s

Table of Contents

Showing Schedule

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

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

Property Photographs ............................7-8

Amenities Map .........................................9

Public Transportation .............................10

Location Map ...........................................11

Aerial of Subject Property .....................12

• TBD

Dustin Dolby | lic 01963487 +1 415 288 7869 | [email protected]

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

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

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


Offering Summary - OverviewColliers International is pleased to present 3484 Mission Street located in the Bernal Heights District (between Santa Marina St and Cortland St) of San Francisco. Situated in the heart of the Mission Street commercial dis-trict, 3484 Mission Street provides easy access to the many restaurants, retail stores and nightlife options that the city of San Francisco has to offer.

3484 Mission Street is a (4) four-unit, mixed-use apartment building, comprised of 2 - two bedroom units and two commercial spaces on the ground floor. The Cuisine of Nepal recently signed a long-term (10) ten-year lease with rate increases at the end of each calendar year. TerreMoto Architectures occupies the newly built-out neighboring commercial unit, which features a small basement space for storage.

The larger residential units allow an excellent opportunity for prospective investors to optimize the living space and achieve market rents. The present owner has done a great job maintaining the property, recently painting the exterior of the building just last year. 3484 Mission Street provides an investor with the opportunity to add value through slight remodels and building improvements – increasing cash flow and equity growth while owning a well-located asset.

RestaurantsAl’s PlaceFrancisca’sLa TaqueriaPapaloteTaquerai El FarolitoArizmendi BakeryHenry SlocombeIchi SushiMitchell’s IcecreamToast Eatery

BarsThe BarKnockoutEl RioRock BarVirgil’s Sea RoomThe Bar on DoloresGlen Park StationNoeteca Wine BarValley Tavern

Outdoor Attractions- Holly Park- Saint Mary’s Play Ground- Bernal Heights Park

Other- CPMC Mission Bernal Campus- Glen Park BART

3484 Mission Street, San Francisco, CA 94110


Property Information Building Composition

Building Systems

Address: 3484 Mission Street, San Francisco, CA (cross street Cortland)

District: Bernal Heights

Property Sub Type: Multi-family dwelling apartments

APN: 6660-061

Building Square Feet: 2,870 square Feet

Lot Size: 3.078 square feet

Constructed: 1904 (per tax record)

Zoning: RM-1

Unit Mix: Two -2 bedroom/ 1 bath

Commercial: 2 retail

Kitchens: Gas stove/ovens

Freezer over refrigerator

Wood cabinets

Linoleum flooring

Formica countertops

Bathrooms: Mirrored cabinets

Cabinet sinks

Tile flooring

Tub-shower combinations

Living Areas-Bedrooms: Hardwood flooring

Mini blinds/curtains

Ample closet space

Recent Upgrades Include: Remodeled commercial space for TerreMotto Architectures

Exterior paint (2019)

Painting of Unit 1 (2020)

Repaired rear stairwell (2019)

Foundation: Concrete

Structure: Wood-frame

Façade: Decorative brick with wood siding

Roof Composition & Age: Modified bitumen (10 years)

Electrical Service: Separately metered

Gas Service: Separately metered

Fire Protection System: Smoke/CO2 detection devices in units

Heat Source: Forced Air

Hot Water: Individual water storage tanks

Plumbing: Mixture of copper and galvanized

Circuit Breakers: In lobby

2nd Form of Egress: Stairwell on the north end of property

Entry System: Key & lock & system

Garbage: In front of property

Laundry: None onsite

Storage: Occupied by commercial spaces

Offering Summary - Property Details


Financial Overview3484 Mission Street, San Francisco, CA 94110

Price $1,700,000

Down Payment $935,000

Number of Units 4

Price/Unit $425,000

Gross Square Feet 2,870

Price/Square Foot $592

CAP Rate - Current 4.88%

CAP Rate - Proforma 7.75%

GRM - Current 13.46

GRM - Pro Forma 9.61

Year Built 1904

Lot Size 3,078

Financial Summary Annual Gross Income

Cash Flow After Debt Service

Current Proforma

Gross Potential Income $126,262 $176,880

Vacancy (3.5%) $4,419 $6,191

AGI $121,842 $170,689

Expenses $38,929 $38,929

NOI $82,914 $131,760

Current Proforma

Less Debt Service $36,567 $36,567

Cash Flow $46,347 $95,193

Cash on Cash Return 4.96% 10.18%

Expenses as % of Gross 31% 22%

Expenses per Unit $9,732 $9,732

Expense Categories Current Exp/Unit % /Exp Proforma Exp/Unit % /Exp

Property Taxes $20,062 $5,015 52% $20,062 $5,015 52%

*Special Assessment Tax $502 $125 1% $502 $125 1%

*Insurance $2,728 $682 7% $2,728 $682 7%

*Repairs & Maintenance $3,000 $750 8% $3,000 $750 8%

Water & Sewer $9,714 $2,429 25% $9,714 $2,429 25%

Scavenger/Recycling $924 $231 2% $924 $231 2%

*Reserves $2,000 $500 5% $2,000 $500 5%

Total Operating Expenses $38,929 $9,732 100% $38,929 $9,732 100%

*Expenses are estimated

Annual Operating Expenses

FinancingLoan Amount $765,000

Loan Type Proposed New

Interest Rate 4.78%

Program 3 Year Interest Only

Loan to Value 45%

Loan Quote:: 45% LTV 3 year Interest Only at 4.78% / Quote: First Foundation Bank (Quote TBD)

Debt Service


Unit No. Unit Type Rent Sq Ft Market Rent Move In Date Notes

1A 2 Bedroom/1 Bath $1,500.00 $3,600 Unknown

*1B 2 Bedroom/1 Bath $3,700.00 $3,700 Vacant 2 Bedroom with Office

3486 Cuisine of Nepal $3,200.00 960 $3,840 1/1/2020

3484 Terremoto $2,121.80 900 $3,600 Month to Month

Monthly Rent $10,521.80 $14,740

Total Monthly Rent $10,521.80 $14,740

Annual Income $126,262 $176,880 Upside 40%

Rent Roll

3484 Mission Street, San Francisco, CA 94110Rent Roll & Expenses

Units2 Bedroom - 2

Commercial - 2

Total Units - 4

NotesProjected rents - Rent-O-Meter

Commercial rents projected at $4 per square foot

Cuisine of Nepal has $300 rent increases er annum - tenant pays all utilities excluding water

Square footage for commercial units based on estimates

*Vacant unit 1B has no appliances

erer


Neighborhood Amenities

Amenities3484 Mission Street, San Francisco, CA 94110

+Sutter PacificMedical Center

Cuisine of Nepal Al’s Place Bernal Star Safeway

El Buen Corner Francisca’s Vega Walgreens

The Front Porch La Taqueria Moki’s Sushi & Pacific Grill 7 Eleven

Henry’s Hunan Papalote Red Hill Station The Good Life Grocery

Ardiana Taquerai El Farolito Piqueo’s Whole Foods

La Ciccia Arizmendi Bakery Little Nepal Grocery Outlet

Blue Plate Henry Slocombe The Bar Bank of America

Alice’s Ichi Sushi Knockout Chase Bank

Uma Casa Mitchell’s Icecream El Rio Bank of the West

Eric’s Toast Eatery Rock Bar First Republic Bank

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

21

22

2324

252627

28

29

30

31

32

3334

353637

38

39

40

11

12

1314

151617

18

19

20

1

2

3

45

6

78

9

10

19

1715

20 18

1416

10

1

37

38

3940

2

24

45

3

7

6

8

9

1112

13

2122 23 24

2526

2728

29

30

3132

33

34

35

36

Subject Property3484 Mission St

+Sutter PacificMedical Foundation


With Immediate Access to One of the Nation’s Best Public Transit SystemsThe area around 3484 Mission 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 2018” 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. 3484 Mission Street is within walking distance of a variety of public transit, including the underground MUNI, Rapid Transit System (BART) station, 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.

Public Transportation3484 Mission Street, San Francisco, CA 94110

MISSIONDOLORES

PARK

CITY COLLEGE OF

SAN FRANCISCO Balboa Park

Glen Park

Glen Park


24th StMission

CORTLAND ST / 30TH ST / NOE ST

MISSION STREET

24TH STREET

CHENERY ST

CRESCENT ST

SILVER ST

ALEMANY ST

30TH ST / CHURCH ST

MARKET ST

CORPORATE BUS LINE (to the Peninsula and South Bay)

24

49 14

48

35 36

J

Muni

J K TLM N

14R 14X

23

14X

44


Location3484 Mission Street, San Francisco, CA 94110

NN




Confidentiality & Disclaimer StatementThis Offering Memorandum contains select information pertaining to the business and affairs of the Property at 3484 Mission Street San Francisco, CA 94110. 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 3484 Mission 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 3484 Mission 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 3484 Mission 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 Map3484 Mission Street, San Francisco, CA 94110


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