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2451 Greenwich Street Offering Memorandum

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2451 Greenwich Street Offering Memorandum 2451 Greenwich Street Offering Memorandum Multifamily Investment Opportunity | Cow Hollow - San Francisco, CA 2451 GREENWICH STREET Offering Memorandum - pg. 1 Table of Contents Offering Summary ................................3-4 Financial Overview ...............................5-6 Property Photographs ..........................7-11 Amenities Map ......................................12 Public Transportation ...........................13 Location Map ........................................14 Aerial of Subject Property ...................15 Showing Schedule Tuesday June, 26 | 10:00 AM - 11:30 AM Thursday June 28, 2018 | 4:00 PM - 5:00 PM Tuesday July 3, 2018 | 10:30 AM - 12:00 PM Thursday July 5, 2018 | 4:00 PM - 5:00 PM Tuesday July 10, 2018 | 10:30 AM - 12:00 PM Call for Offers To be determined. Colliers International 101 2nd Street, 11th Floor San Francisco, CA 94105 James Devincenti | lic 00951916 +1 415 288 7848 | [email protected] Brad Lagomarsino | lic 01058500 +1 415 288 7847 | [email protected] Dustin Dolby | lic 01963487 +1 415 288 7869 | [email protected] www.theDLTeam.com Offering Summary - Overview The subject property is a well maintained apartment building located at 2451 Greenwich Street (between Pierce and Scott Streets) in the heart of Cow Hollow, one of San Francisco’s most affluent and chic neighborhoods. It’s northern location within San Francisco, provides easy access to the financial district and numerous shops and restaurants on Union, Fillmore and Chestnut Street; as well as, easy access to the 101 freeway to Silicon Valley to the south and Marin County to the north. Cow Hollow is known for its proximity to Pacific Heights, Marina District and the iconic Golden Gate Bridge. 2451 Greenwich Street is a 21 Unit, Cape Cod style apartment building, comprised of 15 One-Bedrooms and 6 Two Bedrooms, and an enclosed parking garage that accommodates 21 parking spaces for tenants use. Due to its easy access to public transportation and the use of ride-sharing services, such as Uber and Lyft, tenants in this building can get to most parts of the city in 10 minutes or less. The building’s common areas are well maintained and the building is serviced by an elevator. The building also has a common area laundry room with 2 washers and 2 dryers, for the tenants convenience. Most of the building systems (the roof, the meters rooms, the boiler/hot water systems and the elevator) appear to be in excellent condition, and are reflective of the long term and caring nature of the current ownership. The units are spacious, with abundant natural light, and have carpeted floors, walk-in closets and private decks with city views or water views. This property offers an investor the opportunity to buy a large, well maintained and well located apartment build- ing, in a core San Francisco location, with the potential to increase cash flow and equity growth, via renovating and upgrading the units. 2451 GREENWICH STREET Offering Memorandum - pg. 3 Offering Summary - Property Details Property Information Property Information Address: 2451 Greenwich Street, San Francisco, CA Unit Mix: 3-1 bedroom/1 bath lofts, 12-1 bedroom/1 bath, (cross streets Pierce & Scott) 6-2 bedroom/1 bath, 21-parking District: Cow Hollow Property Type: Apartment building Kitchens: Original wood cabinetry (ample storage) APN: 0513-021 Tiled counters and preparation area Building Square Feet: 17,650 square feet Large single basin sinks Lot Size: 8,357 square feet Electric stoves & ovens Floors: 4 floors over Garage Hotpoint (freezer over refrigerator) Constructed: 1962 (per tax record) Freezer over refrigerator Zoning: RH-2 Badger garbage disposal Building Systems Bathrooms: Marble counters Foundation: Concrete foundation Tiled floors Structure: Wood-frame building / Steel beams in garage Built in counter / sink area Tub-shower Combination / glass doors Soft-story: Building is in compliance with the soft-story ordinance Façade: Shiplap exterior (wood) Bedrooms: Carpeted floors Roof System Rolled Composite Roof System (2016) Ample sized bedroom areas Electrical Service: 600 Amp / 3 Phase power (individually Sliding door closets (bedroom and hallway) metered) Abundance of Natural light Gas Service: Separately metered Fire Protection System: Hard-Wired Smoke Detection System in Living Room Area: Carpeted Common Areas (Battery Operated CO2/Smoke Ample electrical outlets detectors in apartments) Heat Source: Gas wall heat system, Atlas forced-air systems Full height sliding glass doors in the loft apartments Hot Water: 2 X 119 Gallon Storage Tanks (Bradford & White, Other: Large garage with the potential to add American Standard) accessory dwelling units. Water Heater: AO smith water heating system No underground storage tank Plumbing: Copper plumbing in all apartments, galvanized plumbing from the street Circuit Breakers: Apartment closets and at main service (garage) Common Areas Door Entry System: Buzzer system Portico: Tiled entry Lobby: Carpet Lobby Lighting: LED flat paneled lighting system Lobby Flooring: Decorative tile Landing Areas: Carpet Skylight: Yes Garbage: Garage/chute system Elevator: Otis hydraulic elevator Laundry: 2 washers / 2 dryers (WEB-month to month rental) 2451 GREENWICH STREET Offering Memorandum - pg. 4 Financial Overview 2451 Greenwich Street, San Francisco, CA 94123 Financial Summary Annual Gross Income Current Proforma Sale Price $12,000,000 Gross Potential Income $688,136 $1,000,980 Down Payment $6,600,000 Gross Rental Income $644,456 $921,600 Number of Units 21 Vacancy (3.5%) $22,556 $32,256 Price/Unit $571,429 AGI $665,580 $968,724 Gross Square Feet 17,650 Expenses $258,648 $271,162 Price/Square Foot $680 NOI $406,932 $697,562 CAP Rate-Current 3.39% CAP Rate-Pro Forma 5.81% GRM-Current 17.44 Annual Operating Expenses Current Proforma GRM-Pro Forma 11.99 Property Taxes $140,676 $140,676 Year Built 1962 *Special Assessment Tax $2,110 $2,110 Lot Size 8,357 Insurance $16,228 $16,228 *Off-Site Management Expenses $27,525 $40,039 *On-Site Management Rent Concession $12,000 $12,000 *Repairs & Maintenance $15,750 $15,750 PG&E $9,255 $9,255 Water $18,827 $18,827 Recology-Garbage $16,277 $16,277 Total Operating Expenses $258,648 $271,162 *Expenses are estimated: Onsite Management at $1000 per Month / Off site mgmt at 4% of gross / R&M $750 per unit Financing Cash Flow After Debt Service Current Proforma Loan Amount $5,400,000 Less Debt Service $247,860 $247,860 Loan Type Proposed New Cash Flow $159,072 $449,702 Interest Rate 4.59% Cash on Cash Return 2.41% 6.81% Program 3 Year Interest Only Expenses as % of Gross 38% 27% Loan to Value 45% Expenses per Unit $12,317 $12,912 Loan Quote: First Foundation Bank 2451 GREENWICH STREET Offering Memorandum - pg. 5 Financial Overview (cont.) 2451 Greenwich Street, San Francisco, CA 94123 Rent Roll Unit No. Unit Type Rent Rent Increase Parking Market Rent Move In Date 1 1 Bedroom/Loft $1,700.00 $215.90 $175.00 $3,800.00 11/1/2009 2 1 Bedroom/Loft $1,700.00 $214.20 $125.00 $3,800.00 2/25/2010 3 1 Bedroom/Loft $813.00 $761.78 Included $3,800.00 1/1/1980 101 1 Bedroom $750.00 $387.75 $50.00 $3,400.00 7/10/1990 102 1 Bedroom $2,650.00 $42.40 No Parking $3,400.00 9/21/2017 103 2 Bedroom $4,100.00 $4,100.00 Vacant 104 1 Bedroom $3,400.00 $3,400.00 Vacant 105 1 Bedroom $1,900.00 $157.70 $150.00 $3,400.00 5/20/2013 106 2 Bedroom $2,050.00 $258.30 No Parking $4,100.00 12/3/2010 201 1 Bedroom $1,700.00 $205.70 $150.00 $3,400.00 10/1/2011 202 1 Bedroom $3,400.00 $3,400.00 Vacant 203 2 Bedroom $4,100.00 $65.60 Included $4,100.00 7/1/2017 204 1 Bedroom $1,725.00 $391.58 $125.00 $3,400.00 1/20/2002 205 1 Bedroom $2,650.00 $100.70 Included $3,400.00 2/20/2016 206 2 Bedroom $1,900.00 $349.60 $150.00 $4,100.00 6/16/2006 301 1 Bedroom $1,700.00 $214.20 $150.00 $3,400.00 9/10/2010 302 1 Bedroom $2,200.00 $224.40 $200.00 $3,400.00 10/20/2012 303 2 Bedroom $2,400.00 $357.60 $100.00 $4,100.00 11/15/2008 304 1 Bedroom $1,775.00 $264.48 $150.00 $3,400.00 12/6/2008 305 1 Bedroom $3,400.00 $3,400.00 Vacant 306 2 Bedroom $3,425.00 $54.80 Included $4,100.00 5/1/2017 Monthly Rent $49,438.00 $4,266.69 $1,525.00 $76,800.00 Banked Rent Increases $4,266.69 15 Occupied Parking $1,525.00 6 Vacant Parking $1,800.00 $6,300.00 Laundry $315.00 $315.00 Monthly Total $57,344.69 $83,415.00 Annual Total $688,136 $1,000,980 Upside 45% Units Notes 1 Bedroom/Loft - 3 Projected rents based on recent rents 1 Bedrooms - 12 *Parking projected at $300 per space 2 Bedrooms - 6 Laundry - Projected @ $10 per Unit Total - 21 2451 GREENWICH STREET Offering Memorandum - pg. 6 2451 GREENWICH STREET Offering Memorandum - pg. 7 2451 GREENWICH STREET Offering Memorandum - pg. 8 2451 GREENWICH STREET Offering Memorandum - pg. 9 2451 GREENWICH STREET Offering Memorandum - pg. 10 2451 GREENWICH STREET Offering Memorandum - pg. 11 Amenities 2451 Greenwich Street, San Francisco, CA 94123 5 23 24 18 6 8 4 3 7 2 19 22 17 9 10 20 11 12 14 13 21 Subject Property 2451 Greenwich St 1 16 15 X Restaurants & Bars X Convenience & Grocery Stores X Banks & ATM’s Neighborhood Amenities 1 Presidio Social Club 9 Chubby Noodle Marina 17 Amici’s East Coast Pizzeria 2 A16 Rustic Italian Fare 10 Mel’s Drive-in 18 Tacolicious 3 Bonita Taqueria 11 Mina Test Kitchen 19 Marina Grocery Market 4 Delarosa 12 Balboa Cafe 20 Walgreens 5 Naked Fish 13 Atelier Crenn 21 Presidio Food Market 6 The Plant Cafe Organic 14 The Matrix 22 United Liquor & Deli 7 Isa Restaurant 15 Rose’s cafe 23 Bank of America 8 Pacific Catch 16 Umami Burger Marina 24 Chase Bank 2451 GREENWICH STREET Offering Memorandum - pg.
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