san francisco opportunity zone waterfront 44% roi · 2020-02-10 · 15 ft. or 15% of lot depth 45%...
TRANSCRIPT
1298 Fitzgerald AvenueOffering Memorandum 1
WATERFRONTSAN FRANCISCO OPPORTUNITY ZONE 44% ROI
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 2
PLANNING CODE SUMMARY
Buyer responsible for own investigation of zoning, development regulations and guidelines.
ZONINGDISTRICT
MAXIMUMDWELLING
UNIT DENSITYOTHER PRINCIPAL USES
(Permitted as of Right)
OTHERCONDITIONAL USES
(Subject to CommissionApproval)
MINIMUMLOT SIZE
BASIC FLOORAREA RATIO(Other thanDwellings)
FRONTSET-BACK
REQUIREMENTSREAR YARD
REQUIREMENTS
USABLE OPEN SPACE REQUIREMENTS FOR
DWELLING UNITSOTHER SPECIALREQUIREMENTS
(§209.1) (§§209–209.9) (§§209–209.9) (§121) (§124) (§132) (§134) (§135)
RH-1(D)
House, One-Family(Detached Dwellings)(§206.1)
One dwelling unit per lot.
Width:33 ft.Area:4000 sq.ft.
1.8 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
25% of lot depth, but no less than 15 feet.
300 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
(§133)Side yards: requirement based on lot width.
(§261)Use district height limit – 35 ft.; 30 ft. at front of property.
RH-1
House, One-Family(§206.1)
One dwelling unit per lot; up to one unit per 3000 sq.ft. of lot area (maximum of 3 units) with conditional use approval.
Width:25 ft.Area:2500 sq.ft.
1.8 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
25% of lot depth, but no less than 15 feet.
300 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
(§261)Use district height limit – 35 ft.; 30 ft. at front of property.
RH-1(S)
House, One-Familywith Minor Second Unit(§206.1)
Same as RH-1; or 2 dwelling units per lot with second unit limited to 600 sq.ft. of net floor area.
Width:25 ft.Area:2500 sq.ft.
1.8 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
25% of lot depth, but no less than 15 feet.
300 sq.ft. for first unit and 100 sq.ft. for second minor unit, if all private; common space substituted must be 1/3 greater.
(§261)Use district height limit – 35 ft.; 30 ft. at front of property.
RH-2
House, Two-Family(§206.1)
Two dwelling units per lot; up to one unit per 1500 sq.ft. of lot area with conditional use approval.
Width:25 ft.Area:2500 sq.ft.
1.8 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
45% of lot depth, except of reductions based upon average of adjacent buildings; if averaged, last 10 ft. is limited to height of 30 ft. and a minimum of 25% of lot depth, but no less than 15 feet.
125 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
(§144)Limits on parking entrances and blank facades.
(§261)Use district height limit – 40 ft.; 30 ft. at front of property.
RH-3
House, Three-Family(§206.1)
Three dwelling units per lot; up to one unit per 1000 sq.ft. of lot area with conditional use approval.
Width:25 ft.Area:2500 sq.ft.
1.8 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
45% of lot depth, except of reductions based upon average of adjacent buildings; if averaged, last 10 ft. is limited to height of 30 ft. and a minimum of 25% of lot depth, but no less than 15 feet.
100 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
(§144)Limits on parking entrances and blank facades.
RM-1
Mixed (Apartments and Houses), Low Density(§206.2)
Three dwelling units per lot or one dwelling unit per 800 sq.ft. of lot area
Width:25 ft.Area:2500 sq.ft.
1.8 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
45% of lot depth, except of reductions based upon average of adjacent buildings; if averaged, last 10 ft. is limited to height of 30 ft. and a minimum of 25% of lot depth, but no less than 15 feet.
100 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
(§144)Limits on parking entrances and blank facades.
(§145)Building stepping or multiple pedestrian entrances on wider lots.
RM-2
Mixed (Apartments and Houses), Moderate Density(§206.2)
Three dwelling units per lot or one dwelling unit per 600 sq.ft. of lot area
Width:25 ft.Area:2500 sq.ft.
1.8 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
45% of lot depth, except of reductions based upon average of adjacent buildings; if averaged, last 10 ft. is limited to height of 30 ft. and a minimum of 25% of lot depth, but no less than 15 feet.
80 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
(§144)Limits on parking entrances and blank facades.
(§145)Building stepping or multiple pedestrian entrances on wider lots.
RM-3
Mixed (Apartments and Houses), Medium Density(§206.2)
Three dwelling units per lot or one dwelling unit per 400 sq.ft. of lot area
Width:25 ft.Area:2500 sq.ft.
3.6 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
25% of lot depth, but no less than 15 feet.
60 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
RM-4
Mixed (Apartments and Houses), High Density(§206.2)
Three dwelling units per lot or one dwelling unit per 200 sq.ft. of lot area
Width:25 ft.Area:2500 sq.ft.
4.8 times lot area
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
25% of lot depth, but no less than 15 feet.
36 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
RC-3
Residential-CommercialCombined, Medium Density(§206.3)
Three dwelling units per lot or one dwelling unit per 400 sq.ft. of lot area
Width:25 ft.Area:2500 sq.ft.
3.6 times lot area No requirement.
25% of lot depth, but no less than 15 feet. (at dwellings levels only)
60 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
RC-4
Residential-CommercialCombined, High Density(§206.3)
Three dwelling units per lot or one dwelling unit per 200 sq.ft. of lot area
Width:25 ft.Area:2500 sq.ft.
4.8 times lot area No requirement.
25% of lot depth, but no less than 15 feet. (at dwellings levels only)
36 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
RED
Residential Enclave District(§813)
One dwelling unit per 400 sq.ft. of lot area
SRO units; child care facility; live/work unit where work activity is an arts activity; automobile parking lots; open recreation and horticulture; walk-up facilities except ATMs
Residential care facility; educational services,religious facility; assembly or social service; automobile parking garages; retail sales and services and office uses when in a landmark building or a contributory building in a historic district.
Width:25 ft.Area:2500 sq.ft.
1.0 times lot area No requirement. 25% of lot depth, but no less
than 15 feet.
60 sq.ft. per unit if all private; 80 sq.ft. if common space. 36 sq.ft. per unit for live/work units
RTO
Residential Transit Oriented Development (§206.4)
Permitted 1 dwelling unit per 600 square feet of lot area; may exceed this limit for BMR units, affordable housing, or other special uses (§209.1(m)). With a conditional use permit density may exceed 1 unit per600 and is then limited by height, bulk and unit mix requirements.
(§230)Neighborhood serving commercial uses permitted on corner lots only. Limit 1,200 gross sq.ft. total per corner; NC-1 rules generally apply.
Residential care facility for 6 or fewer; child care facility for 12 or fewer; open space for horticulture or passive recreation; public structure or use of non-industrial character; sale or lease sign
(§209.4)Community facilities
Width:25 ft.Area:2500 sq.ft.
Not Applicable
Based upon average of adjacent buildings; up to 15 ft. or 15% of lot depth
45% of lot depth, except of reductions based upon average of adjacent buildings; if averaged, last 10 ft. is limited to height of 30 ft. and a minimum of 25% of lot depth, but no less than 15 feet.
100 sq.ft. per unit if all private; common space substituted must be 1/3 greater.
(§151.1)No residential parking required; Permitted 3 spaces for every 4 units maximum; conditional use for 1 space per unit. Not permitted above.
(§207.6)Minimum dwelling unit mix – 40% 2-bedroom for buildings with 5 or more units.
(§144)Limits on parking entrances and blank facades. Parking must be set back and screened.
NOTES:
This chart is only a summary of the Planning Code provisions. The Code sections referred to in the chart should be consulted for the complete requirements, and for detailed methods by which these requirements are applied to specific property situations.
For answers to questions concerning this summary chart and the Code provisions, contact the Planning Department at 558-6377 or visit the Department at 1650 Mission Street, Suite 400, San Francisco, 94103.
Other Code provisions of general application to Residential districts that are not referred to in this chart are the following:
● Height and Bulk districts (§122, Article 2.5 and the HT-numbered series sheets of the Zoning Map ● Off-street parking requirements (Article 1.5)● Review of buildings exceeding a height of 40 feet in R districts (§253) ● Off-street loading requirements (Article 1.5)● Legislated set-back lines, which may be more restrictive than §132 (§131 and ordinances and resolutions for specific streets. ● Accessory uses permitted for listed principal and conditional uses (§§204-204.5)● Obstructions permitted over streets and alleys and in required set-backs, yards and usable open space (§136) ● Temporary uses permitted by the Commission or Zoning Administrator (§§205-205.2● Requirement that all dwelling units face on an open area (§140) ● Nonconforming uses (§§180-187)● Street trees required for new development (§143) ● Density limitations for group housing (§208)● Screening of rooftop features (§141) ● Density limitations for group housing (§208)● Screening of parking features (§142)
Chart corrected to 09/2008
U:\SDowdee\Documents\Residential Standards Summary.xls
SUMMARY OF THE PLANNING CODE STANDARDS FOR RESIDENTIAL DISTRICTS
Same uses as above, plus: Group housing, boarding; group housing, religious orders.
Same uses as above, excluding those listed in previous column as principal uses.
Same uses as above, plus: Group housing, boarding; group housing, religious orders; group housing, medical and educational institutions; hotel up to 5 rooms.
Residential care facility for 6 or fewer; child care facility for 12 or fewer; open space for horticulture or passive recreation; public structure or use of non-industrial character; sale or lease sign.
Medical institution; residential care facility for 7 or more; child care facility for 13 or more; elementary school; secondary school; religious institution; community facility; open recreation area; greenhouse or plant nursery; utility installation or public service facility; community garage; access driveway to C or M district; non-accessory parking for a specific use; Planned Unit Development; C-2 use in structure on designated landmark site.
Same uses as above, plus: Hotel up to 5 rooms, open recreation area; access driveway to C or M district; The following uses in or below the ground story: philanthropic facility; childcare facility for 13 or more; elementary school; secondary school; religious institution; community facility; private recreation facility; greenhouse or plant nursery; plus any C-2-zoned commercial establishment.
Same uses as above, excluding those listed in previous column as principal uses, plus: Hotel or 6 or more rooms; uses restricted in previous column to location in or below ground story, if located above ground story; plus C-2-zoned commercial establishment above ground story.
● Sign regulations, including Special Sign districts (Article 6, especially §606 and §§608-608.10 and the SS-numbered series sheets of the Zoning Map
The chart above covers only the Residential zoning districts. Other use districts not covered by the chart are the Commercial and Industrial districts (§§210-227, Articles 7 & 8) Public Use districts (§§234-234.2) and Special Use districts (§§235-249.99 and the SU-numbered series sheets of the Zoning Map.
(§209.8)Commercial establishments exclude those designed primarily for customers arriving at that establishment by private motor vehicle.
BAYVIEW, SAN FRANCISCO2 DEVELOPMENT PARCELS
1298 FITZGERALD AVENUE
MATTHEW C. SHERIDANDirectorLicense [email protected]
LOT B: $1,100,000 - 3,061 SQ FT LOTLOT C: $900,000 - 2,520 SQ FT LOT1,890 SQ FT
2,296 SQ FT
18.75 FT
16.6
0 FT
OPPORTUNITY ZONE
Buyer responsible for own investigation of zoning, development regulations and guidelines.
RM-1
1298 Fitzgerald AvenueOffering Memorandum 4
HIGHLIGHTS
Blocks from Muni Metro's T Line
PARCELS DETAILSPricing Lot Square Feet Potential Sq Ft Units Address
Lot B $1,100,000 3,061 8,000 4* Neighborhood Bayview
Lot C $900,000 2,520 4,800 3* Cross Street Jennings St
Parcels 2
Potential Units 7
Land Area 5,581
Lot B 4913-023
Lot C 4913-024
Zoning RM-1
PROPERTY HIGHLIGHTS2 Adjacent, Ready to Build Parcels, Sold Separate or Together
Within San Francisco's Designated Opportunity Zone
Development Opportunity for 3 & 4 Condominiums*
Lennar at The San Francisco Shipyard Short Distance Away
1298 Fitzgerald Avenue
*Buyer to Verify Zoning and Full Scope of Development Opportunities
Zoned RM-1 (800 Sq Ft for 1 Unit)
Blocks from Muni Metro's T Line
PARCELS DETAILSPricing Lot Square Feet Potential Sq Ft Units Address
Lot B $1,100,000 3,061 8,000 4* Neighborhood Bayview
Lot C $900,000 2,520 4,800 3* Cross Street Jennings St
Parcels 2
Potential Units 7
Land Area 5,581
Lot B 4913-023
Lot C 4913-024
Zoning RM-1
PROPERTY HIGHLIGHTS2 Adjacent, Ready to Build Parcels, Sold Separate or Together
Within San Francisco's Designated Opportunity Zone
Development Opportunity for 3 & 4 Condominiums*
Lennar at The San Francisco Shipyard Short Distance Away
1298 Fitzgerald Avenue
*Buyer to Verify Zoning and Full Scope of Development Opportunities
Zoned RM-1 (800 Sq Ft for 1 Unit)
Pricing Lot Sq Ft Building Footprint Potential Sq Ft UnitsLot B $1,100,000 3,061 2,296 8,000 4
Lot C $900,000 2,520 1,890 4,800 3
PARCELS
Blocks from Muni Metro's T Line
PARCELS DETAILSPricing Lot Square Feet Potential Sq Ft Units Address
Lot B $1,100,000 3,061 8,000 4* Neighborhood Bayview
Lot C $900,000 2,520 4,800 3* Cross Street Jennings St
Parcels 2
Potential Units 7
Land Area 5,581
Lot B 4913-023
Lot C 4913-024
Zoning RM-1
PROPERTY HIGHLIGHTS2 Adjacent, Ready to Build Parcels, Sold Separate or Together
Within San Francisco's Designated Opportunity Zone
Development Opportunity for 3 & 4 Condominiums*
Lennar at The San Francisco Shipyard Short Distance Away
1298 Fitzgerald Avenue
*Buyer to Verify Zoning and Full Scope of Development Opportunities
Zoned RM-1 (800 Sq Ft for 1 Unit)
Blocks from Muni Metro's T Line
PARCELS DETAILSPricing Lot Square Feet Potential Sq Ft Units Address
Lot B $1,100,000 3,061 8,000 4* Neighborhood Bayview
Lot C $900,000 2,520 4,800 3* Cross Street Jennings St
Parcels 2
Potential Units 7
Land Area 5,581
Lot B 4913-023
Lot C 4913-024
Zoning RM-1
PROPERTY HIGHLIGHTS2 Adjacent, Ready to Build Parcels, Sold Separate or Together
Within San Francisco's Designated Opportunity Zone
Development Opportunity for 3 & 4 Condominiums*
Lennar at The San Francisco Shipyard Short Distance Away
1298 Fitzgerald Avenue
*Buyer to Verify Zoning and Full Scope of Development Opportunities
Zoned RM-1 (800 Sq Ft for 1 Unit)
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 5
ZONING
Zoning District
RM-1Mixed (Apartments and Houses), Low Density (§206.2)
Maximum Dwelling Unit Density (§209.1)
Three dwelling units per lot or one dwelling unit per 800 sq. ft. of lot area.
Other Principal Uses (§209 - §209.9)(Permitted as of Right)
Same uses as above, plus: Group housing, boarding; group housing, religious orders.
1298 Fitzgerald Ave
Other Conditional Uses (§209 - §209.9)(Subject to Commission Approval)
Same uses as above, excluding those listed in previous column as principal uses.
Minimum Lot Size (§121)
Width: 25 ft.
Area: 2500 sq. ft.
Basic Floor Area Ratio (§124)(Other than Dwellings)
1.8 times lot area.
Front Set-Back Requirements (§132)
Based upon average of Adjacent buildings; up to 15 ft. or 15% of lot depth.
Rear Yard Requirements (§134)
45% of lot depth, except of reductions based upon average of adjacent buildings; if averaged, last 10 ft. is limited to height of 30 ft. and a minimum of 25% of lot depth, but no less than 15 feet.
Usable Open Space Requirements For Dwelling Units (§135)
100 sq. ft. per unit if all private; common space substituted must be 1/3 greater.
Other Special Requirements
(§144) Limits on parking entrances and blank facades.
(§145) Building stepping or multiple pedestrian entrances on wider lots
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 6
OPPORTUNITY ZONE
1298 Fitzgerald Ave
Opportunity Zones
The U.S. Investing in Opportunities Act, passed in 2018, created tax incentives for investment in designated census tracts called Opportunity Zones and was designed to spur growth in low-income communities by encouraging reinvestment of capital gains into certified Opportunity Funds.
With minor exceptions, the federal statute is not prescriptive in terms of the types of qualified investments, from affordable housing to clean energy to infrastructure to small business to workforce. This provides flexibility—as well as the need—to craft local and state strategies that will focus these investments to ensure they deliver living wage jobs, increase affordable housing, prevent unwanted gentrification and build resilient communities.
Opportunity Zones provide the following capital gains incentives:
• No up-front tax bill on federal capital gains rolled into a Qualified
Opportunity Fund
• When investments are held for five years, 10% increase in rolled-over federal capital gains basis
• When investments are held for seven years, 15% increase in rolled-over federal capital gains basis
• Investors can defer their original tax bill until December 31, 2026 at the latest, or until they sell their Opportunity Fund investments, if earlier.
• Opportunity fund investments held in the fund for at least 10 years are not taxed for federal capital gains.
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 7
PARCELS
Buyer responsible for own investigation of zoning, development regulations and guidelines.
18.75’
16.6
0’
PARCEL B3,061.7 +/- SQ FT
FOOTPRINT2,296 SQ FT
PARCEL C2,520 +/- SQ FT
FOOTPRINT1,890 SQ FT
56.25 FT
1298 Fitzgerald AvenueOffering Memorandum 8
PARCEL PHOTOGRAPHS
PARCEL C
PARCEL B
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 9
PARCEL PHOTOGRAPHS
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 10
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25th
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Lockwood
Partridge
Waterville
Mercury
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Drummond
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Mesa
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Mareng
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Flower
De Wolf
Gilroy
Bre
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Nelson Rising
Mission Bay Blvd S.Mission Bay Blvd N.
China Basin
South St
Illinois
Brenham
In
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Sou
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Marshall
BirminghamThornburg
Claude
Colu
Pedestrianoverpass
Pedestrianoverpass
Pedestrianoverpass
CoitTower
FortMason
MosconePlayground
UnionSquare
UCSF MissionBay
EspritPark
LafayettePark
KimbellPlayground
HamiltonRec Center
AltaPlazaPark
Panhandle
Universityof SanFrancisco
Universityof SanFrancisco
AlamoSquare
BuenaVistaPark
Golden GateNationalRecreationArea
LincolnPark
Land’sEnd
Legionof Honor
ChinaBeach
BakerBeach
SutroHeightsPark
GoldenGatePark
CoronaHeights
DubocePark
Muni MetroChurch St
MuniMetroVanNess
BART/Muni MetroCivic Center
CaltrainDepot
AT&TPark
BART/Muni MetroPowell St
BART/Muni MetroMontgomery St
BART16th St
BART24th St
S.FGeneralHospital
MissionDoloresPark
BernalHeightsPark
HollyPark
BayViewPark
McLarenPark
BARTMuni MetroGlen Park
BARTMuni MetroBalboa Park
SanFranciscoGolfClub
BARTDaly City
OlympicCountryClub
HardingPark
San FranciscoStateUniversity
StonestownGalleria
SternGrove
PineLakePark
SanFranciscoZoo
MtDavidson
GlenPark
SanFranciscoCityCollege
Fisherman’sWharf
Exploratorium/Palace ofFine Arts
JuliusKahnPlayground California
PacificMedicalCenter
CityHall
St Mary’sCathedral
GeneralDouglasMacArthurTunnel
MountainLakePark
CrissyField
JeffersonSquare
MonsterPark &Stadium
CowPalace
CrockerAmazonPlayground
GleneaglesGolfCourse
OceanviewRecreationCenter
BalboaPark
FortFunston
MtSutro
WestSunsetPlayground
LagunaHondaHospital
StowLake
SpreckelsLake
RidingStables
DutchWindmill
BeachChalet
SealRocks
OceanBeach
MurphyWindmill
GolfCourse
LincolnParkMunicipalGolfCourse
GoldenGate ParkStadium
McLarenLodge
de YoungMuseum
CaliforniaAcademyof Sciences
SharonMeadows
BotanicalGarden
KezarStadium
MuniMetroCastro
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University ofCaliforniaMedicalCenter Tank
Hill
SouthPark
FranklinSquare
PresidioGolfCourse
Caltrain
Caltrain
Caltrain
Reservoir
SunsetReservoir
San FranciscoBay
PacificOcean
SouthBasin
PacificOcean
IndiaBasin
LakeMerced
ChinaBasin
(9 holes)
To SFInternationalAirport
SAN FRANCISCO CITY & COUNTY
SAN MATEO COUNTY
SAN FRANCISCO CITY & COUNTY
SAN MATEO COUNTY
0 1/2 mile 1 mile
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82
Haight Ashbury
W
FinancialDistrict
Nob Hill
Mason
Powell
Beach
North Beach
1298 Fitzgerald AveS
2677 Harrison St$1,295,0002,300 Sq FtSold Sep-17
325 29th Ave$1,300,0002,996 Sq FtSold Feb-18
284 Roosevelt Way$1,100,0003,123 Sq FtSold Dec-17
363 21st Ave$1,750,0002,996 Sq FtSold Aug-17
2175 Hayes St$1,650,0003,868 Sq FtSold Mar-18
COMPARABLE SALES - LAND
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 11
SALES COMPS SUMMARY - LAND
Comp Address Zoning Sale Price Lot Sq Ft Lot Price / Sq Ft Potential Units Price / Unit
1 325 29th Ave RH-2 Feb-18 $1,300,000 2,996 $434 2 $650,000
2 284 Roosevelt Way RH-2 Dec-17 $1,100,000 3,123 $352 3 $366,667
3 363 21st St Ave RM-1 Aug-17 $1,750,000 2,996 $584 3 $583,333
4 2677 Harrison St RH-3 Sep-17 $1,295,000 2,300 $563 3 $431,667
5 2175 Hayes St RH-3 Mar-18 $1,650,000 3,868 $427 3 $550,000
Comparable Averages $1,419,000 3,057 $472 3 $516,333
1 2
3 4 5
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 12
PRICING - LAND
Price / Sq Ft $472 Parcel B 3,061 Sq Ft
Price / Unit $516,333 Parcel C 2,520 Sq Ft
AVERAGES APPLIED (LOT B)
Price / Sq Ft $307 Discounted 35%* X 3,061 Sq Ft = $939,061
Price / Unit $335,617 Discounted 35%* X 4 Units = $1,342,467
VALUE INDICATION (LOT B) $1,140,764
AVERAGES APPLIES (LOT C)
Price / Sq Ft $307 Discounted 35%* X 2,520 Sq Ft = $773,091
Price / Unit $335,617 Discounted 35%* X 3 Units = $1,006,850
VALUE INDICATION (LOT C) $889,971
SUGGESTED PRICE (LOT B) $275,000 $1,100,000
SUGGESTED PRICE (LOT C) $300,000 $900,000
COMPARABLE AVERAGES
$359
Price / Sq FtPrice / Unit
*Discounted Pricing due to Neighborhood
$357
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 13
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Whitney
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La Salle
Third
La Salle
Dormitory
Access
Harbor
Rosie Lee
Osceola
Spear
Robinson
Van Keuren
Nimitz
I St
C St
H St
Hussey
Cochrane
Morrell
J St
E St
Blandy
6th
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LockwoodGalvez
Fishe
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Engl
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Colem
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Fried
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Beatty
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Vern
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Alemany
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El Camino del Mar
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Woodw
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Adair
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Alameda
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Clinton Park
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San Carlos
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Mission Bay Blvd S.Mission Bay Blvd N.
China Basin
South St
Illinois
Brenham
In
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Marshall
BirminghamThornburg
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Pedestrianoverpass
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FortMason
MosconePlayground
UnionSquare
UCSF MissionBay
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KimbellPlayground
HamiltonRec Center
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Panhandle
Universityof SanFrancisco
Universityof SanFrancisco
AlamoSquare
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Golden GateNationalRecreationArea
LincolnPark
Land’sEnd
Legionof Honor
ChinaBeach
BakerBeach
SutroHeightsPark
GoldenGatePark
CoronaHeights
DubocePark
Muni MetroChurch St
MuniMetroVanNess
BART/Muni MetroCivic Center
CaltrainDepot
AT&TPark
BART/Muni MetroPowell St
BART/Muni MetroMontgomery St
BART16th St
BART24th St
S.FGeneralHospital
MissionDoloresPark
BernalHeightsPark
HollyPark
BayViewPark
McLarenPark
BARTMuni MetroGlen Park
BARTMuni MetroBalboa Park
SanFranciscoGolfClub
BARTDaly City
OlympicCountryClub
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San FranciscoStateUniversity
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PacificMedicalCenter
CityHall
St Mary’sCathedral
GeneralDouglasMacArthurTunnel
MountainLakePark
CrissyField
JeffersonSquare
MonsterPark &Stadium
CowPalace
CrockerAmazonPlayground
GleneaglesGolfCourse
OceanviewRecreationCenter
BalboaPark
FortFunston
MtSutro
WestSunsetPlayground
LagunaHondaHospital
StowLake
SpreckelsLake
RidingStables
DutchWindmill
BeachChalet
SealRocks
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MurphyWindmill
GolfCourse
LincolnParkMunicipalGolfCourse
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CaliforniaAcademyof Sciences
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MuniMetroCastro
MuniMetroWestPortal
University ofCaliforniaMedicalCenter Tank
Hill
SouthPark
FranklinSquare
PresidioGolfCourse
Caltrain
Caltrain
Caltrain
Reservoir
SunsetReservoir
San FranciscoBay
PacificOcean
SouthBasin
PacificOcean
IndiaBasin
LakeMerced
ChinaBasin
(9 holes)
To SFInternationalAirport
SAN FRANCISCO CITY & COUNTY
SAN MATEO COUNTY
SAN FRANCISCO CITY & COUNTY
SAN MATEO COUNTY
0 1/2 mile 1 mile
1 km1/2 km
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BespokeCycles
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ElectricBicycleOutlet
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82
Haight Ashbury
W
FinancialDistrict
Nob Hill
Mason
Powell
Beach
North Beach
1298 Fitzgerald AveS
532 Hudson Ave$1,195,000$785 / Sq Ft
Active
51 Innes Ct$1,290,000$725 / Sq Ft
Active
1947 Oakdale Ave$1,100,000$815 / Sq FtSold Oct-17
10 Innes Ct$955,000
$781 / Sq FtActive
COMPARABLE SALES - CONDOMINIUMS
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 14
NEIGHBORHOOD DEVELOPMENTS
Comp Address Sale Year Built Price Sq Ft Price / Sq Ft Beds Price / Bed
1 1947 Oakdale Ave, #2 Oct-17 2017 $1,100,000 1,349 $815 2 $550,000
2 51 Innes Ct, #404 Active 2017 $1,290,000 1,780 $725 3 $430,000
3 532 Hudson Ave Active 2018 $1,195,000 1,522 $785 3 $398,333
4 10 Innes Ct, #203 Active 2018 $955,000 1,223 $781 3 $318,333
Comparable Averages 2018 $1,135,000 1,469 $777 3 $424,167
1 2 3 4
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 15
DEVELOPMENT OPPORTUNITY
Price / Unit $1,135,000
Price / Sq Ft $777
Price / Bedroom $424,167
LOT B - 4 THREE BEDROOMS + GUEST QUARTERS
Price / Unit $1,135,000 4 Units = $4,540,000
Price / Sq Ft $777 8,000 Sq Ft = $6,212,312
Price / Bedroom $424,167 12 Beds = $5,090,000
VALUE INDICATION $5,280,771
LOT C - 3 THREE BEDROOMS + GUEST QUARTERS
Price / Unit $1,135,000 3 Units = $3,405,000
Price / Sq Ft $777 4,800 Sq Ft = $3,727,387
Price / Bedroom $424,167 9 Beds = $3,817,500
VALUE INDICATION $3,649,962
Price / Unit Price / Sq Ft Price / Unit
POTENTIAL VALUE (LOT B - 4 UNITS) $1,312,500 $656 $437,500 $5,250,000
POTENTIAL VALUE (LOT C - 3 UNITS) $1,216,667 $760 $405,556 $3,650,000
COMPARABLE AVERAGES
*Buyer to verify zoning and full scope of development opportunity
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Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 16
PROJECT SUMMARY
Project Summary Development SummaryTotal units 7 1,829sf/u $ Amount $/Unit $/NRS # of units pre-leased 0% 2 leasesBMR portion 0 0% Land cost $2,040,000 $291,429 $159 Average absorption 2/moRetail component None Hard cost $3,255,000 $465,000 $254 Lease-up concession 0.0 mth
as % of NOI 0% Soft cost $775,488 $110,784 $61Average rents $6,071 $3.32/sf Financing cost $527,482 $75,355 $41 Project Timeline
Market-rate $6,071 $3.32/sf Rental inc. offset ($383,768) ($54,824) ($30) Month Duration StartBMR $0 $0.00/sf Total cost $6,214,202 $887,743 $485 Marketing of land Month -06 6 mth Jan 2019
Construction type 0 Close escrow on land Month 00 2 mth Jul 2019Product description Type V Construction start Month 06 6 mth Dec 2019Parked At Grade First units delivered Month 12 6 mth Jun 2020
Last unit delivered Month 18 6 mth Dec 2020Total construction 18 mth
Project Return Summary Stabilization Month 15 -3 mth Sep 2020ROC - current 6.1% Sale Month 24 9 mth Jun 2021ROC - trended 6.5%Project LIRR 31.8%Project equity multiple 1.68x5-year average rent growth 3.60%Blended interest rate 5.50%
Sale of Finished ProductExit cap rate 5.00% $ Amount $/Unit
$ Amount $/Unit GSR $510,000 $72,857Gross residual value $8,067,162 $1,152,452 Effective Losses ($25,500) ($3,643)
Selling cost ($60,504) Other Income $17,002 $2,429Net residual value $8,006,658 $1,143,808 Total Income $501,502 $71,643Total project cost $6,214,202 $887,743 Controllable Exp. $18,200 $2,600Unlevered profit $1,792,456 $256,065 Fixed Exp. $105,309 $15,044
Unlevered margin 28.8% Total Exp. $123,509 $17,644NOI $377,993 $53,999
Lease-Up
Apartment NOI - Current
$0
$50
$100
$150
$200
$250
0 5 10 15 20
Thou
sand
s
Month
Costs & Revenue TimingHard Costs Soft Costs Rental Inc. Offset
60.1%
35.9%
4.0%
0%
20%
40%
60%
80%
100%Capital Stack
GP equity
LP equity
Mezz
Const. Debt
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 17
TABLE OF ASSUMPTIONS1298 Fitzgerald>> table of assumptions October 31, 2019
0 Initial Underwriting Draft
Unit Mix
Unit Description Config Restric QTY % of Mix Sq. Ft. Rent PSF TTL SF TTL Rent3x2 (Parcel B) 3x2 Market 4 units 57.1% 2,000 $6,500 $3.25 8,000 $26,0003x2 (Parcel C) 3x2 Market 3 units 42.9% 1,600 $5,500 $3.44 4,800 $16,500Total/Avg 7 units 100% 1,829 $6,071 $3.32 12,800 $42,500
Density 3.11 Net SF 12,800Rent Growth
Market-Rate Units BMR Units Weighted AvgerageGrowth Rent PSF Growth Rent PSF Growth Rent PSF
Year 0 (2019) -- $6,071 $3.32 -- $0 $0.00 -- $6,071 $3.32Year 1 (2020) 5.00% $6,375 $3.49 2.00% $0 $0.00 5.00% $6,375 $3.49Year 2 (2021) 4.00% $6,630 $3.63 2.00% $0 $0.00 4.00% $6,630 $3.63Year 3 (2022) 3.00% $6,829 $3.73 2.00% $0 $0.00 3.00% $6,829 $3.73Year 4 (2023) 3.00% $7,034 $3.85 2.00% $0 $0.00 3.00% $7,034 $3.85Year 5 (2024) 3.00% $7,245 $3.96 2.00% $0 $0.00 3.00% $7,245 $3.96Thereafter 3.00% $7,462 $4.08 2.00% $0 $0.00 3.00% $7,462 $4.08
Sale of the Completed AssetFirst units delivered Month 12 Sale date Month 24 May 2022# of units pre-leased 2 leases Lease-up status at time of sale 100%Average absorption 2/mo 2023 projected NOI $403 $58/uLease-up concession 0.0 mth Exit cap rateTurnover ratio 50% Today's (un-trended) cap rate 4.25%
Spread for future sale 0.75%Projected Timing Residual cap rate 5.00%
Duration Start Gross residual value $8,067 $1,152/uMarketing of land Month -06 6 mth Dec 2019 Selling cost 0.75% ($61)Close escrow on land Month 00 2 mth Jun 2020 Net residual value $8,007 $1,144/uConstruction start Month 06 6 mth Nov 2020 Un-trended value @ 4.25% cap $8,400 $1,200/uFirst units delivered Month 12 6 mth May 2021 Total project cost $6,214 $888/uLast unit delivered Month 18 6 mth Nov 2021 Unlevered profit $1,792 $256/uStabilization Month 15 -3 mth Aug 2021 Unlevered profit margin 28.8%Sale Month 24 9 mth May 2022 Note: large number expressed in thousands
Lease-Up Assumptions
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 18
INCOME & EXPENSE UNDERWRITING
Project SummaryTotal Units 7 units Other Income Growth 3.0%Total Apartment SF 12,800 Expense Growth 2.0%First Full Operating Year 2021 Tax Expense Growth 2.0%Year Finished Bldg Sold 2021 Commercial RSF 0Total Parking Stalls 7 Office Space 0Ancillary Parking Stalls For Rent 0 0
2019 Base Pro Forma 2021 First Operating Calender Year 2021 Buyer's NOI at SaleINCOME Assumption $ Amount $/Unit $/SF % EGI $ Amount $/Unit $/SF % EGI $ Amount $/Unit $/SF % EGI
Gross Scheduled Rent $6,071/u/mo $510,000 $72,857 $40 101.7% $556,920 $79,560 $44 101.8% $556,920 $79,560 $44 101.8%General Vacancy & Credit Loss 5.0% ($25,500) ($3,643) ($2) -5.1% ($27,846) ($3,978) ($2) -5.1% ($27,846) ($3,978) ($2) -5.1%Non-Revenue Units units $0 $0 $0 0.0% $0 $0 $0 0.0% $0 $0 $0 0.0%
Effective Rental Income $484,500 $69,214 $38 96.6% $529,074 $75,582 $41 105.5% $529,074 $75,582 $41 105.5%Other Income $200/u/mo $16,800 $2,400 $1 3.3% $17,823 $2,546 $1 3.3% $17,823 $2,546 $1 3.3%
Total Income $501,502 $71,643 $39 100.0% $547,111 $78,159 $43 109.1% $547,111 $78,159 $43 109.1%
OPERATING EXPENSES AssumptionPayroll & Benefits $1,500/u $10,500 $1,500 $1 2.1% $10,924 $1,561 $1 2.0% $10,924 $1,561 $1 2.0%Utilities (Net) $300/u $2,100 $300 $0 0.4% $2,185 $312 $0 0.4% $2,185 $312 $0 0.4%Advertising & Promotion $150/u $1,050 $150 $0 0.2% $1,092 $156 $0 0.2% $1,092 $156 $0 0.2%Administrative $150/u $1,050 $150 $0 0.2% $1,092 $156 $0 0.2% $1,092 $156 $0 0.2%Repairs & Maintenance $200/u $1,400 $200 $0 0.3% $1,457 $208 $0 0.3% $1,457 $208 $0 0.3%Turnover $200/u $1,400 $200 $0 0.3% $1,457 $208 $0 0.3% $1,457 $208 $0 0.3%Contract Services $100/u $700 $100 $0 0.1% $728 $104 $0 0.1% $728 $104 $0 0.1%
Controllable Expenses $18,200 $2,600 $1 3.6% $18,935 $2,705 $1 3.8% $18,935 $2,705 $1 3.8%
Property Management Fee 5.00% $25,075 $3,582 $2 5.0% $27,356 $3,908 $2 5.0% $27,356 $3,908 $2 5.0%Property Taxes 1.1630% $76,734 $10,962 $6 15.3% $79,834 $11,405 $6 14.6% $93,821 $13,403 $7 17.1%Insurance Expenses $300/u $2,100 $300 $0 0.4% $2,185 $312 $0 0.4% $2,185 $312 $0 0.4%Capital Reserves $200/u $1,400 $200 $0 0.3% $1,457 $208 $0 0.3% $1,457 $208 $0 0.3%
Fixed Expenses $105,309 $15,044 $8 21.0% $110,831 $15,833 $9 22.1% $124,818 $17,831 $10 24.9%Total Operating Expenses $123,509 $17,644 $10 24.6% $129,767 $18,538 $10 25.9% $143,753 $20,536 $11 28.7%
Net Operating Income $377,993 $53,999 $30 75.4% $417,345 $59,621 $33 76.3% $403,358 $57,623 $32 73.7%Return on Cost 6.1% 6.7% 6.5%
Buyer responsible for own investigation of zoning, development regulations and guidelines.
1298 Fitzgerald AvenueOffering Memorandum 19
DEVELOPMENT BUDGET
$ Amount $/Unit $/GSF $/NSF % Total Draw Schedule7 15,040 12,800 Start Finish
Land CostsLand Acquisition $2,000,000 $285,714 $133 $156 32.2% Month 00 Month 00Closing Costs/Pre Dev $40,000 $5,714 $3 $3 0.6% Month 00 Month 00
Subtotal: Land Costs $2,040,000 $291,429 $136 $159 32.8% Month 00 Month 00
Hard CostsDemo/Land Dev $25,000 $3,571 $2 $2 0.4% Month 01 Month 02Directs $2,975,000 $425,000 $198 $232 47.9% Month 03 Month 18General Conditions $100,000 $14,286 $7 $8 1.6% Month 01 Month 18Contingency @ 5.00% $155,000 $22,143 $10 $12 2.5% Month 01 Month 02
Subtotal: Hard Costs $3,255,000 $465,000 $216 $254 52.4% Month 01 Month 18
Soft CostsDevelopment Impact Fees $355,000 $50,714 $24 $28 5.7% Month 01 Month 18Developer Fees (3%) $97,650 $13,950 $6 $8 1.6% Month 01 Month 18A&E Fees (3%) $97,650 $13,950 $6 $8 1.6% Month 01 Month 18Property Taxes $23,260 $3,323 $2 $2 0.4% Month 01 Month 18Project Legal $20,000 $2,857 $1 $2 0.3% Month 01 Month 18Project Insurance $50,000 $7,143 $3 $4 0.8% Month 01 Month 18Project Marketing $25,000 $3,571 $2 $2 0.4% Month 01 Month 18FF&E $70,000 $10,000 $5 $5 1.1% Month 01 Month 18Contingency @ 5.00% $36,928 $5,275 $2 $3 0.6% Month 01 Month 02
Subtotal: Soft Costs $775,488 $110,784 $52 $61 12.5% Month 01 Month 18
Total Project Cost $6,070,488 $867,213 $404 $474 97.7% Month 00 Month 18
Financing CostsConstruction Loan Interest $278,816 $39,831 $19 $22 4.5% Month 01 Month 24Construction Loan Fee $18,666 $2,667 $1 $1 0.3% Month 00 Month 00Legal, Lender Dd, Etc. $200,000 $28,571 $13 $16 3.2% Month 00 Month 00Lender's Site Inspection Fees $30,000 $4,286 $2 $2 0.5% Month 00 Month 00
Subtotal: Financing Costs $527,482 $75,355 $35 $41 8.5% Month 00 Month 24Subtotal: Total Project Cost $6,597,970 $942,567 $439 $515 106.2% Month 00 Month 24
Rental Inc. OffsetIncome -$518,074 -$74,011 -$34 -$40 -8.3% Month 12 Month 24Expenses $134,306 $19,187 $9 $10 2.2% Month 12 Month 24
Subtotal: Rental Inc. Offset -$383,768 -$54,824 -$26 -$30 -6.2% Month 12 Month 30
Total Development Costs $6,214,202 $887,743 $413 $485 100% Month 00 Month 24Un-Trended Yield On Cost 6.1%
Buyer responsible for own investigation of zoning, development regulations and guidelines.
20
SAN FRANCISCO655 Montgomery Street, Suite 1705San Francisco, California 94111
MATTHEW C. SHERIDANDirectorLicense [email protected]
Buyer responsible for own investigation of zoning, development regulations and guidelines.