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331 Pennsylvania Avenue San Francisco, CA ……………………………………………………………………… OFFERING MEMORANDUM 331 Pennsylvania Avenue San Francisco, CA ……………………………………………………………………… A very rare opportunity to purchase an extremely unique one of a kind buildings in the heart of Potrero Hill with breathtaking views overlooking Dog Patch , Mission Bay , Downtown and the San Francisco Bay 331 Pennsylvania Avenue is a onetime chance to purchase this one of a kind potentially historic piece of San Francisco Exclusive Agent Edward Maiello (415) 543-2002 [email protected] BRE LIC # 00974529 OFFERING MEMORANDUM 331 Pennsylvania Avenue Table of Contents 1. Executive Summary 2. The Neighborhood (Potrero Hill) 3. Existing Improvements 4. Zoning 5. Floor Plans 6. Survey 7. The Sales Process 8. Terms of Offering 9. Contact Information and Open House Schedule Dates Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Citivision Commercial Real Estate and should not be made available to any other person or entity without the written consent of Citivision Commercial Real Estate. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Citivision Commercial Real Estate has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Citivision Commercial Real Estate has not verified, and will not verify, any of the information contained herein, nor has Citivision Commercial Real Estate conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. 2 | Page OFFERING MEMORANDUM 331 Pennsylvania Avenue This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for all Inaccuracies Executive Summar y Citivision Commercial Real Estate, as Exclusive Agent is pleased to offer the opportunity to purchase a 100 percent fee simple interest in 331 Pennsylvania Avenue, San Francisco, California. 331 Pennsylvania Avenue was originally built as a hospital by Bethlehem Steel Company in 1916 for the Iron Workers Union. All employees who paid $.50 a month were eligible for treatment at the hospital. The hospital was designed by Frederick H. Meyers, who was the son of a German immigrant, was born in San Francisco in 1876. Meyers designed a wide variety of buildings types throughout his career including single family residences, office buildings, civic buildings, apartment buildings, schools, and tall office buildings. Meyer also designed the Union Iron Works administration building located at nearby 20th and Illinois Streets. In 1948 a group of investors purchased the building, among them was Henry Kaiser. By 1954 the building operated as a Kaiser – Permanente Foundation Hospital until the 60’s. In the 1960’s Kaiser sold the property to a doctor who operated a convalescent home there until February of 2014. PROPERTY OVERVIEW & OFFERING SUMMARY Location 331 Pennsylvania Avenue Height Limit 40 Feet APN 4040-026 Frontage 100 Feet along Pennsylvania Ave Lot Area 10,000 sqft Stories Three stories Gross Square Feet 9643 sqft Zoning RH-2 Year Built 1916 Current Use Hospital ( As per City of San Francisco) Price $6,000,0000 3 | Page OFFERING MEMORANDUM 331 Pennsylvania Avenue The Neighborhood 331 Pennsylvania Avenue is located on the north slope Potrero Hill district of San Francisco. Potrero Hill is located on the eastern side of the city, east of the Mission District and south of SOMA (South of Market) and the newly designated district Showplace Square.[2] It is bordered by 16th Street to the north, Potrero Avenue and U.S. Route 101 (below 20th Street) to the west and Cesar Chavez Street to the south. The city of San Francisco considers the area below 20th Street between Potrero Ave and Route 101 to be part of Potrero Hill as well, as outlined in the Eastern [3] Neighborhood Plan. Potrero Hill is one of the sunniest neighborhoods in San Francisco, located on the eastern side of the peninsula and flanked by the San Francisco Bay. It is insulated from the fog and chill of the Pacific Ocean that is typical on the western side of the city. It is a residential neighborhood and not considered a tourist destination. Although it is not the most walkable neighborhood in San Francisco due to its hills, it is generally considered a very convenient location due to its proximity to offices, shopping, dining, entertainment, freeways and a Caltrain station. Despite being surrounded by busy neighborhoods, Potrero Hill is quiet and sleepy. The area east of Highway 280 is Dogpatch. Dogpatch was originally part of Potrero Nuevo and its history is closely tied to Potrero Hill. Some consider Dogpatch to be its own neighborhood while others disagree. Dogpatch has its own neighborhood association but shares merchant associat ion, Democratic caucuses, and general neighborhood matters with Potrero Hill. Potrero Hill started as a Caucasian working-class neighborhood in the 1850s. Its central location attracted many working professionals during the dot-com era in the 1990s. Today, it is mostly an upper-middle-class family-oriented neighborhood. In addition to Freeway 101 and 280, Caltrain also runs through this area, making it popular with commuters. Most homes in Potrero Hill have views of the downtown skyline, the San Francisco Bay or Twin Peaks. Potrero Hill has a North and a South Slope, with the North Slope generally more coveted due to its proximity to downtown. There is no clear dividing line between North and South as the hill apexes in various places. 4 | Page OFFERING MEMORANDUM 331 Pennsylvania Avenue The Existing Improvements 331 Pennsylvania Avenue is a 9,643, three-story, reinforced-concrete, Renaissance Revival - style hospital building finished in stucco and capped with a flat roof. The top floor consist of approximately 3,748 sqft, the 1st floor consists of approximately 3,421 sqft and the lower level of approximat ely 2,474 sqft. The building occupies a 10,000 sq ft sloping lot on the east side of Pennsylvania Avenue between 18th and 19th streets. The ground level is finished in scored stucco and features three pairs of 1/1 aluminum sash windows with hopper sash transoms and a flush metal door with transom on the left side. Dog-leg concrete steps lead to the main entrance and form a solid base at the first floor level that features three narrow windows on the front and left side of the base. The steps have a decorative metal railing and the landing features corner posts with bas- relief urns. The main entrance features an elaborate door hood with fluted pilasters supporting a decorative cornice with sculpted cherubs and a shield. The entrance consists of a decorative leaded glass door with leaded glass sidelights framed in marble and clear glass transoms. The first story i s predominantly characterized by pairs of 1/1 aluminum sash windows and the second story features arched 1/1 aluminum sash windows with keystones. Metal fire stairs lead to a flush metal door on the right side of the facade and an automatic sliding glass and aluminum framed entrance below. The building terminates with a frieze and molded projecting cornice. 5 | Page OFFERING MEMORANDUM 331 Pennsylvania Avenue Zoning (RH-2) RH (Residential, House) District These districts are intended to recognize, protect, conserve and enhance areas characterized by dwellings in the form of houses, usually with one, two or three units with separate entrances, and limited scale in terms of building width and height. Such areas tend to have similarity of building styles and predominantly contain large units suitable for family occupancy, considerable open space, and limited nonresidential uses. RH-2 District These districts are devoted to one-family and two-family houses, with the latter commonly consisting of two large flats, one occupied by the owner and the other available for rental. Structures are finely scaled and usually do not exceed 25 feet in width or 40 feet in height. Building styles are often more varied than in single-family areas, but certain streets and tracts are quite uniform. Considerable ground-level open space is available, and it frequently is private for each unit. The districts may have easy access to shopping facilities and transit lines. In some cases, group housing and institutions are found in these areas, although nonresidential uses tend to be
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