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Ocean Promontory Estates

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Ocean Promontory Estates CABRILLO HWY 1 WESTLINE DR PALMETTO AVE Ocean8 Single-Family Promontory Detached Lots Estates & ±10,454 Sq Ft Lot (up to 4 units) City of Pacifica | San Mateo County, CA N OFFERING MEMORANDUM The THE HOFFMAN COMPANY BROKER CONTACT Hoffman NORTHERN CALIFORNIA OFFICE CA BRE #01473762 Cameron Fowler, CA BRE #01851622 ompany C 2121 North California Blvd, Ste 290 T 925.478.8429 T 925.478.8429 | [email protected] Land Brokers Walnut Creek, California 94596 www.hoffmanland.com Realty Advisors DISCLAIMER The information contained in this offering material (“Brochure”) is furnished solely for the purpose of a review by prospective purchaser of any portion of the subject property in the City of Pacifica, County of San Mateo California (“Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of Scheel Dallape Inc. d/b/a The Hoffman Company Organization (“The Hoffman Company”). The material is based in part upon information obtained by The Hoffman Company from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, The Hoffman Company, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site. This Brochure was prepared by The Hoffman Company. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by The Hoffman Company or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. Seller and The Hoffman Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to ter- minate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any condi- tions to Seller’s obligations there under have been satisfied or waived. The Hoffman Company is not authorized to make any representations or agreements on behalf of Seller. This Brochure is the Property of The Hoffman Company and may be used only by parties approved by The Hoffman Company. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to The Hoffman Company immediately upon request of The Hoffman Company or Seller and (ii) that this Bro- chure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of The Hoffman Company and Seller. Please be advised, Buyer acknowledges that The Hoffman Company Organization, may (1) act as an agent for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting The Hoffman Company to submit an offer on its behalf acknowl- edges the foregoing disclosures and agrees to the described agency relationships with other prospective Buyers. The terms and conditions set forth above apply to this Brochure in its entirety. TABLE OF CONTENTS 1 Property Overview 4-6 2 Aerials, Maps & Photos 7-12 3 Area Overview 13-14 4 Market Overview 15-16 PROPERTY OVERVIEW 1 Site Detail Ocean Promontory Estates is a 12 unit residential project comprising: The 7 single family lots which are subject of the Certificate of Compliance range (a) 8 single family detached lots composed of 7 single family detached lots from slightly over 5,000 square feet to approximately 8,500 square feet and can having Certificates of Compliance plus 1 single family lot created when the ad- be found within the table below. The 8th Lot is slightly over 5,000 sq. ft.: jacent Farallon Avenue was vacated in or about 2003. Lot No. APN Lot Size 1 009-035-140 6,799 (b) a +/- 10,454 square foot lot (the “Strip”) zoned medium density allowing for 2 009-035-150 5,023 up to 4 units. 3 009-035-160 5,015 4 009-035-170 5,067 5 009-035-180 6,395 Location 6 009-035-190 6,818 The subject project is located at the 4000 block of Palmetto Avenue in Pacifica, 7 009-035-200 6,534 + @2,000 from adjacent street vacation = 8,534 bounded on the south by State Route 1, on the west by Palmetto Avenue. 8 009-031-010 @5,146 THE STRIP 009-402-310 10,454 (suitable for 4 units) Access The project will be accessed from Palmetto Avenue via Edgemar Road. The re- Per the City of Pacifica’s mega ordinance that limits the size of homes based construction of Edgemar Road will be an improvement required by the City in upon the sizes of the lots the average allowable home size would be approxi- order to receive the issuance of a building permit. mately 3,200 square feet. The minimum size of a home would be 2,800 sq.ft. on a 5,000 sq.ft. lot. The formula is calculated by taking the minimum house Zoning size on a 5,000 square foot lot (2,800 sq.ft.) plus 12x the square root of (Lot size The General Plan land use designation is medium density development of 10 – 5,000). Therefore, if the lot size is 8,000 sq.ft., then the maximum house size to 15 units per acre. would be 2,800 plus the square root of 12 x (8000-5000) = 2,800 + 600 = 3,400. Therefore, on an 8,000 sq. ft lot, the maximum house size would be 3,400. Project Description Ocean Promontory Estates comprises a 12 unit residential project (the “Proj- The 8th Lot was formed upon the legal vacation of the adjacent Farallon Av- ect”) consisting of 8 single family detached lots: 7 single family detached lots enue, in or about 2003, by which approximately 1/2 of the square footage of with a Certificate of Compliance recorded in the Official Records of San Ma- the vacated Farallon Avenue was added to the pre-existing portion of that 8th teo County Doc. #1999-1743888 plus 1 single family lot, formed when an ad- lot, rendering it approximately 5,146 sq. ft. and one half was added to Lot 7, jacent street (Farallon Avenue) was vacated in or about 2003. The project also making lot 7 approximately 8,534 sq. ft. includes an additional adjacent +/- 10,454 square foot lot (the “Strip”) zoned medium density allowing for up to 4 units of approximately 1,500 sq. ft. each. The “Strip”, comprising APN No. 009-402-310 is +/- 10,454 sq. ft. and is the va- cated remnant of Edgemar Road. The site is zoned R-3 multiple family zoning The Offering Memorandum 4 Ocean Promontory Estates | PACIFICA, CA Hoffman Company PROPERTY OVERVIEW 1 Site Detail City of Pacifica Development Standards with the General Plan Designation requiring a minimum of 10-15 units per acre and would accommodate up to 4 units of approximately 1,500 sq. ft. each. The Strip, which R1-Low Density Residential (8 Single Family Residential Lots) is approximately 30-34 ft deep and approximately 320 » Lot Area (Min): 5,000 sq.ft. » Rear Setback (min): 20’ feet wide, has its broadest side directly facing the Pacific » Lot Area Per Dwelling Unit (Min): 5,000 SF » Maximum Lot Coverage: 40% Ocean, affording spectacular ocean views to each of the » Lot Width (min): 50’ » Landscape Area Min: 20% units to be constructed. » Front Setback (min): 15’ » Usable Open Space Per Unit: N/A » Front Setback to Gargage (min): 20’ » Height Max: 35’ Engineer » Side Setback (min): 5’ » Parking Spaces (min): 2 covered Ruggeri – Jensen-Azar & Associates (RJA) Utilities R-3 Medium Density (+/-10,454 Doelger Strip Parcel) Water Service: North Coast County Water District » Lot Area (Min): 5,000 sq.ft. » Maximum Lot Coverage: 60% Sanitary Sewer: City of Pacifica » Lot Area Per Dwelling Unit (Min): 2,075 SF » Landscape Area Min: 20% Electric: Pacific Gas and Electric (PG&E) » Lot Width (min): 50’ » Usable Open Space Per Unit: 400 SF » Front Setback (min): 15’ » Height Max: 35’ » Front Setback to Gargage (min): 20’ » Parking Spaces (min): 1 per studio; » Side Setback (min): 5’ 1.5 per 1 BR; 2 per 2+BR; and » Rear Setback (min): 20’ 1 guest per 4 units.
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