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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
2231-2233 POWELL STREET Offering Memorandum - pg. 3
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
2231-2233 POWELL STREET Offering Memorandum - pg. 4
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
2231-2233 POWELL STREET Offering Memorandum - pg. 5
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
2231-2233 POWELL STREET Offering Memorandum - pg. 6
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
2231-2233 POWELL STREET Offering Memorandum - pg. 7
2231-2233 POWELL STREET Offering Memorandum - pg. 8
2231-2233 POWELL STREET Offering Memorandum - pg. 9
2231-2233 POWELL STREET Offering Memorandum - pg. 10
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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Subject Property2231-33 Powell St
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2231-2233 POWELL STREET Offering Memorandum - pg. 11
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
Subject Property2231-33 Powell St
30 4159 39
45 6160
v2 84 18
101 70101X 30
410118
101X
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2231-2233 POWELL STREET Offering Memorandum - pg. 12
Location2231-2233 Powell Street, San Francisco, CA 94133
N
Subject Property2231-33 Powell St
Subject Property2231-33 Powell St
2231-2233 POWELL STREET Offering Memorandum - pg. 13
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
Subject Property2231-33 Powell St
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]