san francisco portfolio...3 cushman & wakefield is pleased to offer for sale a portfolio of 4...
TRANSCRIPT
Ric [email protected]. #00848691
Nicholas Russell [email protected]. #01937794
Barry [email protected]. #01007603
FOR SALE
• 1338-1348 Larkin Street
• 3986 23rd Street
• 41 Carl Street
• 55 Clement Street
SAN FRANCISCO PORTFOLIO
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CONFIDENTIALITY AGREEMENT
The information contained in this marketing brochure (“Materials”) is proprietary and confidential. It is intended to be reviewed only by the person or entity receiving it from Cushman & Wakefield Real Estate (“Agent”). The Materials are intended to be used for the sole purpose of preliminary evaluation of the subject property (“Property”) for potential purchase.
The Materials have been prepared to provide unverified summary financial, physical, and market information to prospective buyers to enable them to establish a preliminary level of interest in potential purchase of the Property. The Materials are not to be considered fact. The information contained in the Materials is not a substitute for thorough investigation of the financial, physical, and market conditions relating to the Property.
The information contained in the Materials has been obtained by Agent from sources believed to be reliable, however, no representation or warranty is made regarding the accuracy or completeness of the Materials. Agent makes no representation or warranty regarding the Property, including but not limited to income, expenses, or financial performance (past, present, or future); size, square footage, condition, or quality of the land and improvements; presence or absence of contaminating substances (PCB’s, asbestos, mold, etc.); Compliance with laws and regulations (local, state, and federal); or, financial condition or business prospects of any tenant (tenant’s intentions regarding continued occupancy, payment of rent, etc). Any prospective buyer must independently investigate and verify all of the information set forth in the Materials. Any prospective buyer is solely responsible for any and all costs and expenses incurred in reviewing the Materials and/or investigating and evaluating the Property.
By receiving the Materials you are agreeing to the Confidentiality and Disclaimer set forth herein.
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Cushman & Wakefield is pleased to offer for sale a Portfolio of 4 San Francisco Residential and Mixed-Use Properties. Each property enjoys an excellent location in a preferred neighborhood. Each property is in excellent condition. The summary financial information provided herein is taken from current rent rolls and year-end 2019 expenses except the Property Tax line item which is projected based on new taxes upon sale.
In light of Social Distancing Guidelines no tours are scheduled at this time. It is recommended that you view the properties using Google Earth. If you insist on driving or walking by a property do so only from public spaces and engage in Social Distancing Guidelines. Do not enter any property or attempt to contact any tenant.
To learn more about this investment opportunity please email [email protected] providing your contact information and whether you are a broker or a principal. You will be called in the order in which your inquiry is received.
These properties are being offered as a Portfolio only.
ADDRESS UNITS PRICE GRM CAP RATE1338 LARKIN ST. 6 $6,000,000 21.00 3.02%3986 23RD ST. 3 $2,100,000 18.99 3.04%41 CARL ST. 4 $3,000,000 19.92 3.17%55 CLEMENT ST 9* $5,750,000 20.57 3.49%TOTAL 22 $16,850,000 *6 APARTMENTS 3 RETAIL
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NOB HILL1338-1348 Larkin Street
San Francisco, CA
Ric [email protected]. #00848691
Nicholas Russell [email protected]. #01937794
Barry [email protected]. #01007603
FOR SALE
6 Unit Apartment Building
5 66
Price: $6,000,000
Price/SF: $670
Building: ±8,949 SF
GRM: 21
Lot: ±3,550 SF
Cap Rate: 3.02%
Price/Unit:$1,000,000
*Square Footage From San Francisco Property Information Map. https://sfplanningggis.org/pim/
WORK, SHOP, LIVE
While the majestic Grace Cathedral, the beautiful Huntington Park, and the luxury hotels anchor the neighborhood, this area now has much more diverse housing with a mix of new and old architecture, practical and swanky apartment buildings of all sizes, high-end condos, and impressive Victorians.
The neighborhood is diverse, infl uenced by the downtown neighborhoods that surround it. “The big hill in the middle” exhibits a true feeling of neighborhood cohesion, and each side takes on some of the fl avor of the bordering neighborhood.
A hipper, younger vibe is also sneaking into this once upper crust, elite area. But there’s still a whiff of being frozen in time -- cable car, vintage barber shops, cafes, and cocktail lounges from bygone days are sprinkled around here. Celebrate the old and the new in this charming, quintessentially San Francisco neighborhood.
Polk Street features restaurants, shops, and cafes, as well as an assortment of popular bars. Spillover from Chinatown to the east brings in plenty of small, ethnic food spots.
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San Francisco, CA
RENT ROLL
UNIT #
UNIT TYPE
MOVE IN DATE
RENTROLL
MARKET RENT1
EST. SQ FT2
1338 3/2 9/1/15 $4,744 $5,500 1,500
1340 3/2 12/1/19 $5,450 $5,500 1,500
1342 3/2 7/7/05 $3,260 $5,500 1,500
1344 2/2 8/7/10 $3,260 $5,300 1,400
1346 2/2 7/1/09 $3,000 $5,300 1,400
1348 2/2 9/1/02 $3,078 $5,300 1,400
GARAGE $1,010 $1,200
TOTAL RENT
$23,802 $33,600
ANNUAL RENT
$285,624 $403,400
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1. MARKET RENT IS ESTIMATED AND IS NOT WARRANTED OR GUARANTEEDTEED BY BROKER OR OWNER.
1338-1348 Larkin Street |
2. UNIT SQUARE FOOTAGE IS ESTIMATED. ANY POTENTIAL BUYER IS REPSONSIBLE FOR DETERMINING ACTUAL SQUARE FOOTAGE.
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San Francisco, CA
PRO-FORMA OPERATIONS
INCOME ACTUAL MARKETSCHEDULED APARTMENT RENT $273,504 $403,400
SCHEDULED GARAGE RENT $12,120 $14,400
SCHEDULED GROSS RENT $285,624 $417,800
VACANCY (ESTIMATED 1.5%) ($4,284) ($6,267)
MISCELLANEOUS INCOME $130 $130
EFFECTIVE INCOME $281,470 $411,663
EXPENSE ACTUAL MARKETJANITORIAL $1,752
MAINTENANCE/REPAIRS $12,971
GAS/ELECTRICITY $618
WATER/SEWER/GARBAGE $7,056
INSURANCE $6,867
PROPERTY TAX (ESTIMATED 1.180%)2
$70,800
TOTAL EXPENSES $100,064 $100,358
NET OPERATING INCOME $181,406 $311,305
1010
1338-1348 Larkin Street |
1. MARKET RENT IS ESTIMATED AND IS NOT WARRANTED OR GUARANTEEDTEED BY BROKER OR OWNER.
2. NEW PROPERTY TAXES.
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NOE VALLEY3986 23rd Street
San Francisco, CA
Ric [email protected]. #00848691
Nicholas Russell [email protected]. #01937794
Barry [email protected]. #01007603
FOR SALE
3 Residential Units
955
Price: $2,100,000
Building: ±2,455 SF*
GRM: 18.99
Lot: ±2,853 SF*
Cap Rate: 3.04%
Price/Unit:$700,000
Price/SF:$855
* Square Footage From San Francisco Property Information Map. https://sfplanningggis.org/pim/
WORK, SHOP, LIVE
Locals fl ock to the Upper Noe Recreation Center, home to a basketball and tennis courts, a baseball fi eld, a playground for children, and a dog play area.
The outdoor Farmer’s Market is a year-round Saturday morning staple, and 24th Street is home to a plethora of food and drink options, including fi xtures Henry’s Hunan, Martha & Bros. Coff ee, and Valley Tavern.
Noe Valley is a laid-back mix of old standbys and fresh faces – a perfect refl ection of modern San Francisco.
Noe Valley is full of beautiful Victorian homes, popular bars, restaurants, and hip boutiques.
It also off ers one of the city’s best microclimates, with temperatures typically clocking in a few degrees warmer than neighborhoods surrounding.
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San Francisco, CA
RENT ROLL
UNIT #
UNIT TYPE
MOVE IN DATE
RENT MARKET RENT1
EST. SQ FT(2)
LOWER 1/1 02/01/17 $3,416 $3,500 ±600
MIDDLE 2/1 10/01/00 $2,580 $5,000 ±1,050
UPPER 1/1 03/17/07 $3,221 $4,000 ±800
TOTAL RENT
$9,217 $12,500
ANNUAL RENT
$110,604 $150,000
88
1. MARKET RENT IS ESTIMATED AND IS NOT WARRANTED OR GUARANTEEDTEED BY BROKER OR OWNER.
2. UNIT SQUARE FOOTAGE IS ESTIMATED. ANY POTENTIAL BUYER IS REPSONSIBLE FOR DETERMINING ACTUAL SQUARE FOOTAGE.
3986 23rd Street |
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San Francisco, CA
PRO-FORMA OPERATIONS
INCOME ACTUAL MARKETSCHEDULED APARTMENT RENT $110,605 $150,000
VACANCY (1.5%) ($1,660) ($2,250)
MISCELLANEOUS INCOME $281 $281
TOTAL INCOME $109,226 $148,031
EXPENSE ACTUAL MARKETGARDENING $280
JANITORIAL $1,326
MAINTENANCE/REPAIRS $5,034
GAS/ELECTRICITY $6,885
WATER/SEWER/GARBAGE $4,351
INSURANCE $3,088
PROPERTY TAX (1.18%)2 $25,960
TOTAL EXPENSE $45,744 $45,744
NET OPERATING INCOME $63,482 $102,281
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3986 23rd Street |
1. MARKET RENT IS ESTIMATED AND IS NOT WARRANTED OR GUARANTEEDTEED BY BROKER OR OWNER.
2. NEW PROPERTY TAXES.
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COLE VALLEY41 Carl Street
San Francisco, CA
Ric [email protected]. #00848691
Nicholas Russell [email protected]. #01937794
Barry [email protected]. #01007603
FOR SALE
4 Residential Units
1366
Price: $3,000,000
Building: ±3,100 SF*
GRM: 19.92
Lot: ±3,450 SF*
Cap Rate: 3.17%
Price/Unit:$750,000
Price/SF:$968
*Square Footage From San Francisco Property Information Map. https://sfplanningggis.org/pim/
WORK, SHOP, LIVE
“Community” is the operative word of this particular San Francisco real estate. Residents are largely families and young professionals.
Most of the businesses in Cole Valley are of the mom-and-pop variety, in lieu of chain stores or franchises, and shop owners are outwardly supportive of each other. In the three-block com-mercial strip along Cole Street and part of Carl Street, there are more than a dozen restaurants and cafés, some of which draw visitors from around the Bay Area
Cole Valley is a neighborhood that defi nes charm. Shady, tree lined streets and well maintained homes off er up a quiet slice of San Francisco life. The intersection of Cole and Carl Streets marks the business center where locally owned bakeries, cafes and restaurants are a culinary delight.
Residents enjoy easy access to Golden Gate Park while a short trip on the N-Judah can drop them at Ocean Beach or Downtown.
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San Francisco, CA
RENT ROLL
UNIT #
UNIT TYPE
MOVE IN DATE
RENT MARKET RENT1
EST. SQ FT2
41-A 1/1 12/21/19 $3,000 $3,100 ±450
41-B 1/1 12/23/12 $3,032 $3,100 ±450
41-C 1/1 01/01/81 $1,207 $4,100 ±1,000
43 2/2 06/24/16 $4,985 $5,500 ±1,200
TOTAL RENT
$12,224
ANNUAL RENT
$146,688
99
1. MARKET RENT IS ESTIMATED AND IS NOT WARRANTED OR GUARANTEEDTEED BY BROKER OR OWNER.
2. UNIT SQUARE FOOTAGE IS ESTIMATED. ANY POTENTIAL BUYER IS REPSONSIBLE FOR DETERMINING ACTUAL SQUARE FOOTAGE.
41 Carl Street |
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San Francisco, CA
PRO-FORMA OPERATIONS
INCOME ACTUAL MARKETSCHEDULED APARTMENT RENT $146,688 $189,600
GARAGE RENT $4,055 $5,000
VACANCY (1.5%) ($2,261) ($2,919)
MISCELLANEOUS INCOME $262 $262
TOTAL INCOME $148,744 $191,943
EXPENSE ACTUAL MARKETGARDENING $2,192
JANITORIAL $1,886
MAINTENANCE/REPAIRS $5,156
GAS/ELECTRICITY $167
WATER/SEWER/GARBAGE $5,759
INSURANCE $2,826
PROPERTY TAX (1.18%) $35,400
TOTAL EXPENSE $53,386 $53,386
NET OPERATING INCOME $95,215 $138,557
1010
41 Carl Street |
1. MARKET RENT IS ESTIMATED AND IS NOT WARRANTED OR GUARANTEEDTEED BY BROKER OR OWNER.
2. NEW PROPERTY TAXES.
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INNER RICHMOND55 Clement Street
San Francisco, CA
Ric [email protected]. #00848691
Nicholas Russell [email protected]. #01937794
Barry [email protected]. #01007603
FOR SALE
6 Apartment Units | 3 Retail Units
1766
Price: $5,750,000
Price/SF: $989
Building: ±5,812 SF2
GRM: 20.57
Lot: ±2,065 SF2
Cap Rate: 3.49%3
Price/Unit:$638,8891
2. Square Footage From San Francisco Property Information Map. https://sfplanningggis.org/pim/
3. Based on New Property Tax
WORK, SHOP, LIVE
The ground fl oor of virtually every building on Clement hosts a local retailer; Restaurants, Bars, Clothing Stores, and Salons are just a few of the neighborhood’s retail attractions.
The Clement Street Farmers Market is held every Sunday morning, rain or shine. The market occupies Clement from 2nd – 4th. Over 50 vendors off er fresh produce, baked goods, fresh fl owers and hot foods. The market draws from throughout the City and Marin County and starts at 55 Clement providing exposure to the 3 retail tenants.
Clement at Arguello is adjacent to the Upscale Neighorhoods or Laurel Heights, Presidio Heights, and Presidio Terrace and is the heart and soul of the Inner Richmond.
1. 6 Residential, 3 Commercial
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San Francisco, CA
RENT ROLL
UNIT #
UNIT TYPE
MOVE IN DATE
RENTROLL
MARKET RENT
EST. SQ FT
ROOF 1/1 10/16/06 $1,998
1 1/1 07/01/07 $2,150 $3,000 480
2 1/1 06/15/96 $1,130 $3,000 480
3 1/1 08/19/18 $2,975 $3,000 480
4 1/1 11/01/10 $1,869 $3,000 480
5 1/1 11/19/84 $740 $3,000 480
6 1/1 06/07/19 $2,895 $3,000 480
55 CLEMENT
$3,300 $3,500 700
57CLEMENT
$2,705 $3,500 700
59CLEMENT
$3,430 $3,600 600
TOTAL RENT
$23,192 $28,600
ANNUAL RENT
$278,304 $343,200
1 2
3
3
99
55 Clement Street |
1. MARKET RENT IS ESTIMATED AND IS NOT WARRANTED OR GUARANTEEDTEED BY BROKER OR OWNER.
2. UNIT SQUARE FOOTAGE IS ESTIMATED. ANY POTENTIAL BUYER IS REPSONSIBLE FOR DETERMINING ACTUAL SQUARE FOOTAGE.
3. UNIT ALSO HAS BASEMENT OF ±800 SQ FT.
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San Francisco, CA
PRO-FORMA OPERATIONS
INCOME ACTUAL MARKETSCHEDULED APARTMENT RENT $141,108 $216,000
T-MOBIL $23,976 $24,936
RETAIL RENT $113,220 $127,200
TOTAL RENT $278,304 $368,136
VACANCY (1.5%) ($4,175) ($5,522)
MICELLANEOUS INCOME $301 $301
CAPTIAL IMPROE. PASS THROUGH
$3,156 $3,156
UTILITY REIMBURSEMENT $15,730 $15,730
TOTAL INCOME $293,316 $381,801
EXPENSE ACTUAL MARKETJANITORIAL $2,160
MAINTENANCE/REPAIRS $8,740
UTILITIES $7,801
INSURANCE $5,838
PROPERTY TAX (1.18%) $67,850
TOTAL EXPENSES $92,389 $92,389
NET OPERATING INCOME $200,927 $289,412
1010
55 Clement Street |
1. MARKET RENT IS ESTIMATED AND IS NOT WARRANTED OR GUARANTEEDTEED BY BROKER OR OWNER.
2. NEW PROPERTY TAXES.