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OFFERING MEMORANDUM:501-509 HAIGHT STREET

237-247 FILLMORE STREET$10,750,000

MIXED-USE BUILDING - 6 COMMERICAL UNITS & 9 RESIDENTIAL UNITS LOWER HAIGHT

EXCLUSIVELY LISTED BY:

Adam FillySenior Vice [email protected] No. 01354775

ADAM Filly | Paragon Commercial Brokerage | 415.874.5031 | [email protected] | License: 01354775

The information contained herein has been provided by various sources which may include the seller, public records, Multiple Listing Service, or others. Paragon Commercial Brokerage has not verified or investigated the accuracy of this information. Respective buyers are advised to conduct their own investigation of the property and the information contained herein, utilizing licensed professionals where appropriate, before purchasing this property.

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OFFERED At: $10,750,000501-509 Haight St & 237-47 Fillmore St

Positioned on the highly trafficked corner of Haight and Fillmore Streets, this is a truly rare

buying opportunity. This prized asset consists of four separate structures situated on one large

parcel. There are three retail spaces along Fillmore Street and three on Haight Street. The mix of

residential units are one 4-bedroom, three 2-bedroom, four 1-bedroom, and a studio. At the rear

of the lot, accessed via easement at 216 Laussat, is a large workshop that is currently used by the

owner. This space may provide ADU potential.

The incredible convenience of this location makes the property attractive to both commercial and

residential tenants. In addition to the countless amenities of Lower Haight, there is also great

access to Hayes Valley, Civic Center, Duboce Triangle, Castro, Divisadero Street, and Upper

Haight.

• Iconic corner mixed-use property

• Two-street retail frontage on Haight and

Fillmore

• Six retail and nine residential units

• Excellent mix of units with established

commercial tenants

• New 400 AMP Electrical service in 2014

• Recent voluntary seismic upgrades

• Four separate structures on one parcel

• Very unique property with tremendous

upside potential

• First time on the market in 40 years!



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PROPERTY LOCATION & AMENITIES | 501-509 HAIGHT STREET & 237-247 FILLMORE STREET



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PROPERTY OVERVIEW

Year Built 1890Parcel Number 0860/061# of Units 15Unit Mix 6 Commercial, 1 Four-Bedroom, 3 Two-Bedroom

4 One-Bedroom, 1 Studio, and a Large Workspace/Storage Room

Sq.Feet* 16,140 Lot Sq. Feet 7,800 Neighborhood Lower HaightZoning NC-2*approximately 3,000sqft of basement space not included in the total

FINANCIAL OVERVIEW | 501-509 HAIGHT STREET & 237-247 FILLMORE STREET

FINANCIAL OVERVIEW

Price: $10,750,000Price per SqFt: $666Price per Unit: $716,667GRM: 16.6CAP Rate: 4.0%

Annual Income: $645,686

Annual Expenses: $201,830

Net Operating Income: $430,803



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FINANCIAL OVERVIEW | 501-509 HAIGHT STREET & 237-247 FILLMORE STREET

New Property Taxes (est. @ 1.1792%) $126,764Insurance (new quote) $9,056Commercial Tenant Buyout (paid monthly)

$12,000

Water, Trash, PG&E $20,822Management 4% $25,688Repairs & Maintenance 500/unit $7,500Total Expenses: $201,830

ESTIMATED ANNUAL EXPENSES

Scheduled Gross Income: $645,686 Less Vacancy Rate: 2.0% $12,914 Gross Operating Income: $632,772Less Expenses: 31.3% $201,969Net Operating Income: $430,803

ESTIMATED OPERATING INCOME



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Unit Type Rent Move-In DateResidential Units

239A Fillmore 2bd $1,501 12/1/1988239B Fillmore 1bd $1,713 7/1/2000239C Fillmore 1bd $3,300 9/1/2015243 Fillmore 4bd $3,400 7/1/2009507A Haight 1bd $3,500 1/8/2016507B Haight 2bd $1,850 2/1/2009507C Haight Studio $1,395 8/1/2012507D Haight 2bd $4,600 5/8/2015507E Haight 1bd $3,000 Vacant/Projected

Monthly Residential Total $24,259Annual Residential Total $291,107

Commercial Units Lease Details

Lease Terms $/SqFt237 Fillmore Restaurant - Iza Ramen $5,934 Lease ends 6/2022 with a

5yr option$3.83

245 Fillmore Retail - Zip-Zap Hair $4,222 Lease ends 5/2020 with a 5yr option

$4.60

247 Fillmore Restaurant - Metro Caffe $3,295 Lease ends 1/2018 with a 5yr option

$8.15

501 Haight Retail - Whole Foods $5,916 Lease ends 6/2020 with a 5yr option

$3.72

505 Haight Retail - Mike Stevens $4,000 Lease ends 1/2021 with a 5yr option

$5.38

509 Haight Restaurant - Stone Kitchen $4,682 Lease ends 2/2020 with a 5yr option

$2.98

216 Laussat St Workshop/Storage - Potential Studio Conversion

$1,500 Vacant/Projected ADU Potential

Monthly Commercial Total $29,548Annual Commercial Total $354,578

Combined Monthly Income $53,807Combined Annual Income $645,686

RENT ROLL | 501-509 HAIGHT STREET & 237-247 FILLMORE STREET



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The information contained in the offering is confidential, furnished solely for the purpose of review by a prospective purchaser of the subject property. The material is based in part upon information supplied and in part upon information obtained by Paragon Commercial Brokerage from sources it deems reasonably reliable. No warranty or representation, expressed or implied, is made by the owner, Paragon Commercial Brokerage, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is assumed or to be applied in connection with the information or such other communications. Without limiting the generality of the foregoing, the information shall not be deemed a representation of the state of affairs of the subject property or constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of the information. 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.

The Offering Memorandum was prepared Paragon Commercial Brokerage. It contains select information pertaining to the subject property and does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. All financial projections 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. An opportunity to inspect the subject property will be made available to qualified prospective purchasers.

In the Offering 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.

The Offering 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 Paragon Commercial Brokerage or the owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the subject property described herein.

The owner and Paragon Commercial Brokerage expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offer to purchase the subject property and/or to terminate discussions with any party at any time with or without notice. The owner shall have no legal commitment or obligation to any interested party reviewing the Offering or making an offer to purchase the subject property unless a written agreement for the purchase of the subject property has been fully executed and delivered by the owner and such party and any conditions to the owner’s obligations there under have been satisfied or waived and then only to the extent expressly provided for therein. Paragon Commercial Brokerage is not authorized to make any representations or agreements on behalf of the owner.

CONFIDENTIALITY & DISCLAIMER

CONFIDENTIALITY & DISCLAIMER | 501-509 HAIGHT STREET & 237-247 FILLMORE STREET

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