Berkeley, CA 947031224-1226 11TH AVENUEEXCLUSIVE OFFERING MEMORANDUM
SAN FRANCISCO, CA 94122
Matt [email protected]: 01938745
101 2nd St. Suite 300 San Francisco, CA 94105
CA BROKERAGE LIC 01263636
www.transwestern.com
San Francisco, CA 94122
PRESENTED BY
MATT REAGANVice [email protected] LIC 01938745
1224-1226 11TH AVENUE
Copyright © 2019 Transwestern. California Brokerage License #01263636. The following opinion is rendered to you with the disclosure and understanding that while Transwestern is experienced in marketing and evaluating commercial real estate, Transwestern employees do not hold themselves out as professional appraisers of real property and are not licensed as such in any jurisdiction. This opinion is not, and should not be deemed as, an appraisal of the property. It may not be relied upon by any other person or entity for any purpose whatsoever. The addressee is not authorized to divulge or disseminate this opinion, or the contents thereof, to any persons or entities other than its own employees, representatives, and contractors without the prior consent of Transwestern. All data is derived from sources deemed to be reliable but is not guaranteed. The assumptions used in this analysis are based on market norms and are subject to change upon receipt of actual information from the Owner. This may change the Opinion of Value depending on the information provided.
CONFIDENTIAL OFFERING MEMORANDUMPLEASE DO NOT DISTURB TENANTS. CONTACT AGENT FOR SHOWINGS.
Executive Summary................................3
Property Photos.......................................4
Aerials & Maps........................................7
Operating Summary..............................9
Sales Comps..........................................11
Market Overview...................................13
Transwestern Advantage.....................14
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122
PRICE ANALYSIS
Sales Price $1,950,000 Value Indicators Current Market
Cap Rate 5.50% 6.41%
GRM 13.97 12.36
Price Per Unit $975,000
Pice Per Sq. Ft. $730.34
PROPERTY OVERVIEW
APN 1740-041
Total Units 2
Year Built 1904
Building Area 2,670 Sq Ft
Land Area 0.07 Acres 3,000 Sq Ft
Stories 3
Parking Street only
Zoning RH-2
Neighborhood Inner Sunset
Exterior Stucco
Foundation Perimeter Concrete
Roof Composition Shingle
Utilities Provider Paid By
Sewer, Water, Water Heater SF Water Tenant Reimburses
Gas & Electric PG&E Tenant Reimburses
Garbage Recology Tenant Reimburses
Transwestern is pleased to present 1224-1226 11th Avenue, a three-story duplex in the heart of the Inner Sunset district. The property boasts two units and a downstairs dwelling extension. The middle flat is vacant and ideal for an owner-user: a spacious 2 bedroom one bath with a large rear deck and backyard. The top and bottom floors are currently generating over $80,000 in gross annual revenue.
The property is a walking paradise; a half block from Golden Gate Park, a short 2 blocks to 9th and Irving transit and shopping center, and a half mile walk to the UCSF Parnassus campus. It is also ideal for commuters to the Financial District, as well as to the North Bay and Peninsula.
The property is served by one water meter and two hot water heaters. The lower and top floor units share Hot Water, PG&E, and trash.
PROPERTY HIGHLIGHTS § VACANT OWNER’S UNIT WITH DECK
§ CENTRAL INNER-SUNSET LOCATION
§ STEPS TO GOLDEN GATE PARK
§ UCSF AND COMMUTER’S PARADISE
§ HIGH RENTAL INCOME DUPLEX
§ LEGAL GROUND-FLOOR LIVING SPACE
PROPERTY OVERVIEW
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122
Unit Unit Type Approx Unit SF Move-in Date Rent Annual Income Rent / Sq Ft Rent Annual Income Rent / Sq Ft
1224 A Single Room 345 Jun 2019 $1,675 $20,100 $4.86 $2,000 $24,000 $5.80
1224 B Single Room 275 Jun 2019 $1,425 $17,100 $5.18 $1,525 $18,300 $5.55
1224 C Single Room 275 Jun 2019 $1,475 $17,700 $5.36 $1,600 $19,200 $5.82
1226 2 Br / 1 Ba 890 Vacant $3,400 $40,800 $3.82 $4,200 $50,400 $4.72
Lower A Single Room 295 Aug 2019 $1,225 $14,700 $4.15 $1,325 $15,900 $4.49
Lower B Single Room 295 Vacant $1,250 $15,000 $4.24 $1,250 $15,000 $4.24
Lower C Single Room 295 Aug 2019 $1,185 $14,220 $4.02 $1,250 $15,000 $4.24
Totals 7 2,670 $11,635 $139,620 $4.52 $13,150 $157,800 $4.98
RENT ROLL CURRENT MARKET
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122LOCAL MAP
JUDAH ST
IRVING ST
12TH
ST
FUN
STO
N A
VE
11
TH S
T
10TH
ST
1224-1226 11TH AVE
GOLDEN GATE PARK
CREPEVINE
IRVING SUBSANDRONICO’S
ST. ANNE SCHOOL
STARBUCKS
DONUT WORLD
ACADEMY OF SCIENCES
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122
1224-1226 11TH AVE
REDWOOD CITY29 MI | 42 MIN
BERKELEY6.2 MI | 14 MIN
CONCORD33.6 MI | 50 MIN
FREMONT44.1 MI | 66 MIN
HAYWARD36.2 MI | 52 MIN
SAN RAFAEL 17 MI | 29 MIN
WALNUT CREEK 28 MI | 45 MIN
SFO14 MI | 26 MIN
OAK15 MI | 32 MIN
REGIONAL MAP & DRIVING TIMES
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122
ANNUALIZED OPERATING SUMMARY
INCOME Current Annual
Current Per Month
CurrentPer Unit
Pro-FormaAnnual
Pro-FormaPer Month
Pro-FormaPer Unit
Gross Rent Income $139,620 $11,635 $19,946 $157,800 $13,150 $22,543
Utility Reimbursement $6,780 $565 $81 $6,780 $565 $81
Vacancy (3%) -$4,392 -$366 -$601 -$4,937 -$411 -$679
EFFECTIVE GROSS INCOME $142,008 $11,834 $19,426 $159,643 $13,304 $21,945
EXPENSES
Property Taxes (Est) $25,672 $2,139 $3,667 $25,672 $2,139 $3,667
Insurance (2019) $1,591 $133 $227 $1,591 $133 $227
Water (2018) $2,477 $206 $354 $2,477 $206 $354
Garbage $763 $64 $109 $763 $64 $109
PG&E $1,839 $153 $263 $1,839 $153 $263
Maintenance (Est) $1,500 $125 $214 $1,500 $125 $214
Reserves (Est) $900 $75 $129 $900 $75 $129
TOTAL EXPENSES $34,742 $2,895 $4,963 $34,742 $2,895 $4,963
Expense Ratio (%EGI) 24.5% 21.8%
Expenses Per Square Foot $13.01 $13.01
NET OPERATING INCOME $107,266 $8,939 $124,901 $10,408
VALUE INDICATORS Current Pro-Forma
CAP Rate 5.50% 6.41%
GRM 13.97 12.36
Price Per Unit $278,571 $278,571
Price Per Sq Ft $730.34 $730.34
PRICE: $1,950,000
OPERATING SUMMARY
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
1224-122611th Avenue
109-111Willard
North St
669 15thAvenue
1223-12257th Avenue
1271 24thAvenue
483 ParkerAvenue
770-77220th Avenue
667-669 9thAvenue
PRICE PER UNIT
Subject: $975,000 Average: $1,006,882
$0.00$100.00$200.00$300.00$400.00$500.00$600.00$700.00$800.00$900.00
$1,000.00
1224-122611th Avenue
109-111Willard North
St
669 15thAvenue
1223-12257th Avenue
1271 24thAvenue
483 ParkerAvenue
770-772 20thAvenue
667-669 9thAvenue
PRICE PER SQUARE FOOT
Subject: $730.34 Average: $638.34
SALES COMPARABLES ANALYSIS | SAN FRANCISCO, CA
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122
1
4
5
3
6
7
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SALES COMPARABLES MAP | SAN FRANCISCO, CA
1224-1226 11TH AVE
2
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122SALES COMPARABLES MAP | SAN FRANCISCO, CA
1224-1226 11th Avenue
Sales Price $1,950,000
Sales Date
# Units 2
Total SF 2,670
Land SF 3,000
Year Built 1,904
$ / Sq Ft $730.34
$ / Unit $975,000
109-111 Willard North St
Sales Price $1,850,000
Sales Date 8/7/19
# Units 3
Total SF 3,240
Land SF 0
Year Built 0
$ / Sq Ft $648.15
$ / Unit $700,000
669 15th Avenue
Sales Price $2,146,350
Sales Date 8/6/19
# Units 3
Total SF 3,240
Land SF 0
Year Built 0
$ / Sq Ft $648.15
$ / Unit $700,000
1223-1225 7th Avenue
Sales Price $1,800,000
Sales Date 7/12/19
# Units 3
Total SF 3,240
Land SF 0
Year Built 0
$ / Sq Ft $648.15
$ / Unit $700,000
1271 24th Avenue
Sales Price $2,390,000
Sales Date 5/24/19
# Units 3
Total SF 3,240
Land SF 0
Year Built 0
$ / Sq Ft $648.15
$ / Unit $700,000
483 Parker Avenue
Sales Price $1,900,000
Sales Date 4/10/19
# Units 3
Total SF 3,240
Land SF 0
Year Built 0
$ / Sq Ft
$ / Unit $700,000
770-772 20th Avenue
Sales Price $1,910,000
Sales Date 3/29/19
# Units 3
Total SF 3,240
Land SF 0
Year Built 0
$ / Sq Ft $648.15
$ / Unit $700,000
667-669 9th Avenue
Sales Price $2,100,000
Sales Date 3/4/19
# Units 3
Total SF 3,240
Land SF 0
Year Built 0
$ / Sq Ft $648.15
$ / Unit $700,000
1 2 3 4
5 6 7
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122DEMOGRAPHICS
POPULATION: 1 MILE 3 MILES 5 MILES
2000 Total Population 50,555 424,366 800,552
2010 Total Population 49,445 422,350 826,240
2019 Total Population 51,718 451,564 902,597
2024 Total Population 52,208 461,151 930,525
2019-2024 Annual Growth Rate 0.19% 0.42% 0.61%
HOUSEHOLDS: 1 MILE 3 MILES 5 MILES
2000 Total Housing Units 21,542 187,643 337,379
2010 Total Housing Units 21,423 188,049 353,051
2019 Total Housing Units 22,211 199,674 385,724
2024 Total Housing Units 22,426 204,121 399,184
2019 Median Household Income $124,769 $127,031 $112,641
2019 Median Home Value $1,358,230 $1,327,780 $1,187,558
2019 Per Capita Income $73,721 $78,618 $68,945
2019 Median Age 39.1 40.3 39.9
2019 Households by Household Income:
<$15,000 4.9% 6.1% 8.6%
$15,000 - $24,999 3.8% 4.8% 6.2%
$25,000 - $34,999 3.6% 4.0% 4.8%
$35,000 - $49,999 4.8% 5.4% 6.1%
$50,000 - $74,999 10.5% 9.1% 9.7%
$75,000 - $99,999 10.8% 9.0% 8.9%
$100,000 - $149,999 19.6% 18.2% 17.1%
$150,000 - $199,999 13.2% 12.7% 11.8%
$200,000+ 28.8% 30.6% 26.7%
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Copyright © 2019 Transwestern.
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1224-1226 11th Ave San Francisco, CA 94122TRANSWESTERN OVERVIEW
WHO WE ARE
PREMIER CLIENT BASE
• Collaborative entrepreneurs delivering a
higher level of personalized service - The
Transwestern Experience.
• Fully integrated global expertise adding value for
investors, owners and occupiers of all commercial
property types.
• Recognized as “A Best Place to Work” across the
country and by Fortune as a Best Place to Work for
Millennials, Women, Camaraderie and Diversity.
OUR STATS
• 33 cities in the U.S.
• 37 Countries through global alliance
• More than 2,300 team members
• 41 projects in pipeline or underway
• 396 million square feet managed and leased
• 1,561 Tenant Advisory transactions
• 3,051 Agency leasing transactions
• $4.21 billion in capital markets transactions*
*Statistics are year end 2017
Combined Strength – 219 offices, 37 countries
DIVERSE, INTEGRATED REAL ESTATE EXPERTISE
The Transwestern family of companies together comprises a diversified real estate operating,
investment and development organization. The privately held, fully integrated enterprise leverages
competencies in office, industrial, retail, multifamily and healthcare to add value for investors, owners
and occupiers of real estate.
TRANSWESTERN OVERVIEW
101 2nd St. Suite 300San Francisco, CA 94105
CA BROKERAGE LIC 01263636T 510.590.3015
www.transwestern.com
Matt [email protected]: 01938745