Offering Memorandum 168-170 Corbett Avenue & 4371 17th Street - , CA 4371 17th Street

OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.2 COLLIERS INTERNATIONAL Table of Contents

OFFERING SUMMARY 1

FINANCIAL OVERVIEW, EXPENSES & CASH FLOW ANALYSIS 2

RENT ROLL 3

PROPERTY PHOTOGRAPHS 4

LOCAL & REGIONAL MAP 5

AERIAL OF SUBJECT PROPERTY 6

OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.3 COLLIERS INTERNATIONAL Offering Summary

Colliers International is pleased to present 168-170 Corbett Avenue & 4371 17th Street, San Francisco, CA for purchase. This Corona Heights property is special in that it has a large lot with two buildings on it – one that faces Corbett Avenue and one that faces 17th Street with a yard in between. The Corbett Avenue facing duplex is comprised of two one-bedroom flats that have the same floorplan with a two car garage on the ground level. The 17th Street nonconforming building has a loft style one bedroom unit with a two car garage underneath. All three units are separately metered for gas and electric and have individual water heaters. The buildings and property flow very well and fit in with the quaint neighborhood. Corona Heights is just north of Market Street and Eureka Valley and south of . The streets within Corona Heights were literally cut out of the large hill that once encompassed all of Buena Vista Park and extended all the way down to Market Street. has some of the best views in San Francisco and a wonderful wildflower display that carpets the grasslands each spring. The properties are located close to many restaurants & shopping on Castro Street as well as to many bus and underground Muni stops, which gives the option to get anywhere in the city or the Bay Area easily.

Ideal for owner occupier, TIC/Condo converter or Investor. This property, in one of San Francisco’s most desired districts, is a must see!

Address: 168-170 Corbett Avenue & 4371 17th Street, San Francisco, CA (2 buildings on one lot - 4371 17th Street is a non conforming unit District: Property: Corona Heights Sub Type: Duplex APN: 2652-019 Building Square Feet: 2,506 Square Feet (per appraisal) Lot Size: 2,211 Square Feet Constructed: 1927 Zoning: RH-2

Building Systems: Foundation: Concrete Foundation Structure: Wood-frame Structure Façade: Stucco Rear of Building: Wood siding Roof Composition & Age: Modified bitumen (5 plus years) Electrical Service: 100 AMP service / separately metered / circuit breakers Gas Service: 3 separate gas meters located at 168-170 Corbett Avenue Fire Protection System: Hard wired smoke detectors in units Heat Source: Electric baseboard heat at 168-170 Corbett Avenue & forced air heaters at 4371 17th Street Hot Water: 3 separate water heaters Plumbing: Mixture of copper and galvanized

Common Areas: Door Entry System: Door bell Front Landing/Lobby/Stairs: Carpet Lobby Lighting: Modern decorative light fixtures Garbage: Recycling/garbage in garage area Laundry: In garage area one washer/dryer

OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.4 COLLIERS INTERNATIONAL Offering Summary

Contd....

Building Composition / Unit Mix: 168-170 Corbett Avenue - 1 Bedroom: 2 one bedroom apartments 4371 17th Street - 1 Bedroom: Loft style 1 bedroom apartment

Kitchens: Formica counters Combination of gas & electric ranges with ovens Stainless steel sinks Microwave Double door refrigerator Melamine cabinetry Hardwood/linoleum flooring Recessed lighting

Bathrooms: Hardwood/linoleum floors Vanity sinks Shower door/curtain with tile surrounds Separate tub & shower Formica counters

Bedrooms: Hardwood/carpet floors Flying crown molding Walk-in closets

Note: 168-170 Corbett Ave has 2 enclosed parking spaces in a private garage Exterior Louver window accents

4371 17th St has 2 enclosed parking spaces in a private garage 20 foot high ceilings (estimate only) Views of City & Twin Peaks (4371 17th Street is a non conforming unit)

OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.5 COLLIERS INTERNATIONAL Financial Overview

LOCATION: 168-170 CORBETT AVENUE & 4371 17TH STREET, SAN FRANCISCO, CA 94115

FINANCIAL SUMMARY ANNUAL GROSS INCOME Price $1,750,000 Current Market Number of Units 3 Total Gross Income $74,245 $112,800 Price/Unit $583,333 Gross Rental Income $68,245 $100,800 Gross Square Feet 2,506 Vacancy (3.5%) $2,389 $3,528 Price/Square Foot $698 AGI $71,856 $109,272 CAP Rate-Current 2.51% Expenses $27,858 $27,858 CAP Rate-Pro Forma 4.65% NOI $43,998 $81,414 GRM-Current 23.57 ANNUAL OPERATING EXPENSES GRM-Pro Forma 15.51

Year Built 1927 Expense Categories Current Exp/Unit % of Exp Market Exp/Unit % of Exp

Lot Size 2,211 Property Taxes $20,636 $6,879 74% $20,636 $6,879 74% Special Assessment Tax $536 $179 2% $536 $179 2% Insurance $3,150 $1,050 11% $3,150 $1,050 11% Utilities $2,311 $770 8% $2,311 $770 8% Repairs & Maintenance $325 $108 1% $325 $108 1% Reserves $900 $300 3% $900 $300 3% Total Operating Expenses $27,858 $9,286 100% $27,858 $9,286 100%

Current Market Expenses as % of Gross 38% 25% Expenses per Unit $9,286 $9,286

SCHEDULED INCOME Unit Type # of Units Current Rents Monthly Income Market Rents Monthly Income 1 Bedroom/Bath 2 $1,278- $2,009 $3,287 $3,000 $6,000 1 Bedroom Loft/Bath 1 $2,400 $2,400 $2,400 $2,400 3 Total Monthly Income for Units $5,687 $8,400

OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.6 COLLIERS INTERNATIONAL Financial Overview

RENT ROLL

Unit No. Unit Type Rents Parking Market Rents Move In Date

168 Corbett Ave 1 Bedroom $2,009 included $3,000 10/24/2011

170 Corbett Ave 1 Bedroom $1,278 included $3,000 9/25/1990

4371 17th St 1 Bedroom Loft $2,400 $500 $2,400 Vacant (Projected)

Residential Rents $5,687 $500 $8,400

G1 2 Car Garage Included $500 Occupied

G2 2 Car Garage $500 $500 Vacant (Projected)

Monthly Income $6,187 $9,400

Annual Income $74,245 $112,800 Upside 52%

UNITS NOTES 1 Bedroom - 2 Garage G1 has 2 spaces which are included in rents Loft - 1 Garage G2 has 2 spaces currently vacant projected at $250 per space Total income includes projected rents from 4317 17th St (non conforming unit) Total Units - 3 Total Parking - 4

OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.7 COLLIERS INTERNATIONAL Property Photographs

OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.8 COLLIERS INTERNATIONAL Property Photographs

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OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.10 COLLIERS INTERNATIONAL Aerial Map

4371 17th St

168-170 Corbett Ave

CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 168-170 Corbett Ave & 4371 17th Street San Francisco, CA 94114. 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 168-170 Corbett Ave & 4371 17th 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 168-170 Corbett Ave & 4371 17th 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 168-170 Corbett Ave & 4371 17th 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 Prop- erty 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.

OFFERING MEMORANDUM | 168-170 CORBETT AVE & 4371 17TH ST P.11 COLLIERS INTERNATIONAL 101 Second Street, 11th Floor San Francisco, CA 94105 1 415 788 3100 www.colliers.com

PAYAM NEJAD 1 415 288 7872 [email protected] Lic. 1372042

JAMES DEVINCENTI 1 415 288 7848 [email protected] Lic. 00951916

BRAD LAGOMARSINO 1 415 288 7847 [email protected] Lic. 01058500 www.theDLTeam.com