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2395 29TH AVE.Prime 15 Unit Mixed Use Property
Parkside District
Prime 15 Unit Mixed Use Building
Parkside District
Dan [email protected] #00656579
©2019 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial NRT. All rights reserved. Coldwell BankerCommercial® and the Coldwell Banker Commercial logo are registered service marks owned by Coldwell BankerReal Estate LLC. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports theprinciples of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned andoperated. The information provided is deemed reliable, but it is not guaranteed to be accurate or complete, and itshould not be relied upon as such. This information should be independently verified before any person enters intoa transaction based upon it.
COLDWELL BANKER COMMERCIALNRT1560 Van Ness Ave Fl 2, San Francisco, CA 94109415.474.1750
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
CONFIDENTIALITY AGREEMENT
This offering has been prepared solely for informational purposes. It is designed to assist a potentialinvestor in determining whether it wishes to proceed with an in-depth investigation of the subjectproperty. While the information contained herein is from sources deemed reliable, it has not beenindependently verified by the Coldwell Banker Commercial affiliate or by the Seller.
The projections and pro forma budget contained herein represent best estimates on assumptionsconsidered reasonable under the circumstances. No representations or warranties, expressed orimplied, are made that actual results will conform to such projections.
This document is provided subject to errors, omissions and changes in the information and is subjectto modification or withdrawal. The contents herein are confidential and are not to be reproducedwithout the express written consent.
Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALLFAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/orafter contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspectand investigate the Property and all improvements thereon, either independently or through agents ofthe buyer’s choosing.
The Seller reserves the right to withdraw the Property being marketed at any time without notice, toreject all offers, and to accept any offer without regard to the relative price and terms of any other offer.Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated ina formal written contract of purchase and sale to be prepared by the Seller and executed by bothparties; and (iii) approved by Seller and such other parties who may have an interest in the Property.Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase andsale, which contract shall supersede prior discussions and writings and shall constitute the soleagreement of the parties.
Prospective buyers shall be responsible for their costs and expenses of investigating the Property andall other expenses, professional or otherwise, incurred by them.
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
04 PROPERTY INFORMATION
Property Overview
Property Description
Complete Highlights
08 FINANCIAL ANALYSIS
Income & Expense ProForma
Rent Roll
Demographics Map & Report
10 CUSTOM SECTION
Additional Photos
Additional Photos
13 LOCATION INFORMATION
Regional Map
Location Maps
Aerial Maps
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CB
CW
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PROPERTYINFORMATIONSECTION 1
Prime 15 Unit Mixed Use Building
Parkside District
Dan [email protected] #00656579
©2019 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial NRT. All rights reserved. Coldwell BankerCommercial® and the Coldwell Banker Commercial logo are registered service marks owned by Coldwell BankerReal Estate LLC. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports theprinciples of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned andoperated. The information provided is deemed reliable, but it is not guaranteed to be accurate or complete, and itshould not be relied upon as such. This information should be independently verified before any person enters intoa transaction based upon it.
COLDWELL BANKER COMMERCIALNRT1560 Van Ness Ave Fl 2, San Francisco, CA 94109415.474.1750
FO
R S
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CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
SALE PRICE $8,750,000
OFFERING SUMMARY
Number Of Units: 15
Cap Rate: 3.5%
GRM: 17.2
Lot Size: 3,249 SF*
Building Size: 12,169 SF**
Zoning: NC2*
Year Built: 1928*
PROPERTY HIGHLIGHTS• Excellent Parkside Location - Corner of 29th Ave. & Taraval St.
• Updated Mixed Use Building - 13 Residential Units; 2 Commercial Units
• 1 Two Bed/Two Bath Unit
• 4 Two Bed/One Bath Units
• 3 One Bed/One Bath Units
• 5 Studio Apartments
• 2 Commercial Spaces
• 1 Car Garage
• Incredible Views & Excellent Natural Light!
• Large Units with Sizable Closets
• Hardwood Floors
• Separate Heat
• Separate PG&E Meters
• New Hot Water Heater
• 2 Washers/2 Dryers (Owned)
• Soft Story Seismic Work Has Been Completed
• Extensive Recent Upgrades
• Parcel No.: 2358-012*
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
*Per Tax Records**Per Owner
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
PROPERTY DESCRIPTION
This beautiful building is ideally located in the very desirableParkside neighborhood of San Francisco. The building,constructed in 1928, consists of 1 two bed/two bath, 4 twobed/one bath units, 3 one-bedroom units, 5 studios withconversion potential and 2 commercial spaces. The unitshave incredible natural light and fantastic views of the oceanand the City. They are very spacious and show well witheat-in kitchens, bay windows, large closets and hardwoodfloors. Many of the units have been tastefully upgradedincluding the kitchens, bathrooms and floors. The buildinghas an attractive lobby with detailed moldings, fresh paintand a new tile floor. All the hallway carpets have recentlybeen replaced. There is a one car garage with potentialincome upside when the current tenant vacates. Thebuilding exterior, as well as the interior hallways, werepainted in 2019. The property is separately metered forPG&E and has separate heat. There is a new hot water heaterfor the building. Soft story seismic work has beencompleted.
LOCATION DESCRIPTION
The Parkside neighborhood is well known for nice homes,apartments, shops and restaurants, including the ParksideTavern and SF Wine Trading Co. The public schools inParkside are highly rated. Location amenities includeproximity to Stern Grove Park, Golden Gate Park, OceanBeach/Fort Funston and Stonestown Mall. There are nearbyshopping and dining districts on Taraval Street and in WestPortal. There is excellent access to all parts of the City viaMuni, with the L-line stop conveniently located next to theproperty. It is close to 19th Avenue which gives easy accesssouth to Silicon Valley via Highways 1 and 280 or north toMarin and the Wine Country via Highways 1 and 101 and theGolden Gate Bridge. All the primary tech bus shuttles haveroutes on 19th Ave with stops at or near Taraval St.
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
RECENT UPGRADES
• 2 Newly Constructed Units on 29th Ave. feature their ownseparate entrances and addresses plus fresh exteriorlandscaping and air conditioning/heating.
• Unit A also boasts its own separate entrance.
• Both Commercial Units have been upgraded with ADACompliant door openers.
• The Corner Commercial Space was completelyrenovated with an ADA compliant bathroom, newdouble-pane storefront glass, 12' ceilings, new officespaces with glass walls, new kitchenette and new lightingfixtures.
• Extensive Dry Rot/Termite Repair Completed on southeast corner of building in 2018.
• Several Windows Replaced in units on Taraval Streetside.
• Interior Hallways and Exterior painted in 2019.
• In accordance with San Francisco Fire Code Section1103.7.6.1 new audible fire alarm devices installed. (AllSF buildings must be in compliance by 2021)
• New Smoke Detectors and Carbon Monoxide Detectorswere installed in October 2019.
• New Hot Water Heater installed November 2019.
• 2 New Washer/Dryer Units were installed in August 2019and are owned. They are coin operated but are alsoequipped with Shiney Pay (an app to pay through thephone).
• Soft Story Seismic Retrofit was completed November2019.
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
Before - 2015
After - 2019
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FINANCIALANALYSISSECTION 2
Prime 15 Unit Mixed Use Building
Parkside District
Dan [email protected] #00656579
©2019 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial NRT. All rights reserved. Coldwell BankerCommercial® and the Coldwell Banker Commercial logo are registered service marks owned by Coldwell BankerReal Estate LLC. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports theprinciples of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned andoperated. The information provided is deemed reliable, but it is not guaranteed to be accurate or complete, and itshould not be relied upon as such. This information should be independently verified before any person enters intoa transaction based upon it.
COLDWELL BANKER COMMERCIALNRT1560 Van Ness Ave Fl 2, San Francisco, CA 94109415.474.1750
FO
R S
AL
E
SA
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
Scheduled Annual Gross Income (See Attached Rent Roll) $488,516Utility Reimbursement1 6,600
RUBS2 12,852
Total Annual Gross Income $507,968Less Vacancy (estimated at 2%) (9,770)
Adjusted Annual Gross Income $498,198
Annual Operating Expenses:Property Taxes (Estimated at 1.1801% of $8.75mm) $103,259
Insurance (Estimated from Commercial Coverage Inc.) 9,716
Gas & Electricity 11,802
Water 8,812
Trash 11,557
Landscape/Janitorial 6,000
Telephone 1,374
Fire & Safety (Sprinkler, Fire Escape & Extinguisher Maintenance) 330
Repairs & Maintenance (Estimated at $700 per unit) 10,500
Management (Estimated at 5% of Adj. Gross Income) 24,910
Estimated Annual Operating Expenses: (188,260)Estimated Net Operating Income: $309,938
INCOME & EXPENSE PRO-FORMA
1. Utility Reimbursement from AT&T is for the antenna on the roof. Owner collects no further income from any cell site on the roof. The rights & access to the roof for installation & operation of the cell sites has been sold to a third party. See Dis-closure Document package and Broker for further information. 2. RUBS: Ratio Utility Billings System Program implemented for 13 of the 15 Units. There were some large fluctuations throughout the year due to late receipt of bills. Figure shown is based on average of 9 months. Please see summary in Disclosure Document package.
08
Note: The above expenses and vacancy factor are estimates based partly on Owner's past expenses and partly on industry standards. These numbers are not guaranteed by broker or Seller. All Buyers should use their own estimates.
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
1. Vacant Unit. Market rent depends on the quality of finishes and improvements to the unit. Seller and Broker do not warrant or guarantee the stated estimated market rent.
RENT ROLL
Unit # Unit Type Move In Date Rent Parking Total Rent + Parking
1 2Bed/1Bath 11/16/2018 $3,050.00 $0.00 $3,050.00
2 Studio 8/8/2009 $1,737.44 $0.00 $1,737.44
3 2Bed/1Bath 12/12/2018 $3,295.00 $0.00 $3,295.00
4 Studio 8/1/2012 $1,900.83 $0.00 $1,900.83
5 Studio 5/27/2016 $2,343.76 $0.00 $2,343.76
6 2Bed/1Bath 9/1/2018 $3,744.90 $0.00 $3,744.90
7 1 Bedroom 2/10/2011 $2,381.23 $230.80 $2,612.03
8 Studio 9/18/2004 $1,386.72 $0.00 $1,386.72
9 Studio 2/1/2012 $1,753.71 $0.00 $1,753.71
10 2Bed/1Bath 12/1/2018 $3,950.00 $0.00 $3,950.00
A 2Bed/2Bath 2/19/2019 $4,795.00 $0.00 $4,795.00
2391 29th Ave 1 Bedroom Vacant1 $2,795.00 $0.00 $2,795.00
2393 29th Ave 1 Bedroom 12/1/2019 $2,550.00 $0.00 $2,550.00
1900 Taraval Comm 11/1/2019 $2,300.00 $0.00 $2,300.00
1904 Taraval Comm 10/1/2011 $2,240.25 $0.00 $2,240.25
Laundry $255.00 $255.00
Monthly Income $40,478.84 $230.80 $40,709.64
Annual Income $485,746.08 $2,769.60 $488,515.68
09
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
POPULATION 0.5 MILES 1 MILE 1.5 MILES
Total Population 13,689 50,122 100,651
Median age 42.7 42.4 41.3
Median age (Male) 41.0 40.8 40.0
Median age (Female) 45.7 45.1 43.3
HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES
Total households 4,371 16,485 34,329
# of persons per HH 3.1 3.0 2.9
Average HH income $105,742 $101,695 $104,813
Average house value $763,129 $817,771 $869,915
* Demographic data derived from 2010 US Census
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
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PHOTO GALLERYSECTION 3
Prime 15 Unit Mixed Use Building
Parkside District
Dan [email protected] #00656579
©2019 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial NRT. All rights reserved. Coldwell BankerCommercial® and the Coldwell Banker Commercial logo are registered service marks owned by Coldwell BankerReal Estate LLC. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports theprinciples of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned andoperated. The information provided is deemed reliable, but it is not guaranteed to be accurate or complete, and itshould not be relied upon as such. This information should be independently verified before any person enters intoa transaction based upon it.
COLDWELL BANKER COMMERCIALNRT1560 Van Ness Ave Fl 2, San Francisco, CA 94109415.474.1750
FO
R S
AL
E
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
SA
LE
2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
SA
LE
2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CB
CW
OR
LDW
IDE.
CO
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NRT
LOCATIONINFORMATIONSECTION 4
Prime 15 Unit Mixed Use Building
Parkside District
Dan [email protected] #00656579
©2019 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial NRT. All rights reserved. Coldwell BankerCommercial® and the Coldwell Banker Commercial logo are registered service marks owned by Coldwell BankerReal Estate LLC. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports theprinciples of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned andoperated. The information provided is deemed reliable, but it is not guaranteed to be accurate or complete, and itshould not be relied upon as such. This information should be independently verified before any person enters intoa transaction based upon it.
COLDWELL BANKER COMMERCIALNRT1560 Van Ness Ave Fl 2, San Francisco, CA 94109415.474.1750
FO
R S
AL
E
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
SA
LE
2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
SA
LE
2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY
CBCWORLDWIDE.COM
Dan [email protected] #00656579 NRT
SA
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2395 29th Avenue , San Francisco, CA 94116
PRIME MIXED USE PROPERTY