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1298 Fitzgerald Avenue WATERFRONT SAN FRANCISCO OPPORTUNITY ZONE 44% ROI Buyer responsible for own investigation of zoning, development regulations and guidelines.

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Page 1: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

1298 Fitzgerald AvenueOffering Memorandum 1

WATERFRONTSAN FRANCISCO OPPORTUNITY ZONE 44% ROI

Buyer responsible for own investigation of zoning, development regulations and guidelines.

Page 2: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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.

Page 3: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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

Page 4: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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.

Page 5: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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.

Page 6: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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.

Page 7: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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

Page 8: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

1298 Fitzgerald AvenueOffering Memorandum 8

PARCEL PHOTOGRAPHS

PARCEL C

PARCEL B

Buyer responsible for own investigation of zoning, development regulations and guidelines.

Page 9: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

1298 Fitzgerald AvenueOffering Memorandum 9

PARCEL PHOTOGRAPHS

Buyer responsible for own investigation of zoning, development regulations and guidelines.

Page 10: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

1298 Fitzgerald AvenueOffering Memorandum 10

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Haight Ashbury

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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.

Page 11: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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.

Page 12: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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.

Page 13: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

1298 Fitzgerald AvenueOffering Memorandum 13

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11th

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24th

23rd

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21st

20th

19th

18th

17th

16th

14th

15th

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Lawton Aloha

Lom

ita

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25th

27th

26th

29th

28th

31st

30th

33rd

32nd

35th

34th

36th

24th

23rd

22nd 21

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25th

27th

26th

29th

28th

31st

30th

33rd

32nd

35th

34th

36th

37th

38th

IrvingIrving

JudahJudah

KirkhamKirkham

LawtonLawton

Moraga

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Pacheco

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et

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39th

41st

40th

42nd

43rd

44th

45th

46th

47th

48th

37th

38th

39th

41st

40th

42nd

43rd

44th

45th

46th

47th

Quintara

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Rivera

Rivera

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26th

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Diamond Heights

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St Mary’s

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Murray Porter

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hall

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whall

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nia

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Bayview

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Wayland

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Felton

Sillman

San Bruno

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Brussels

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Ham

ilton Holyoke

Somerset

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Del

ta

Teddy Campbell

Tucker

TiogaWilde

Harkness

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Ankeny

Mansell

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Dwight Olmstead

Keith

Third

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Paul

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wes

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QuesadaRevereShafterThomasUnderwoodVan DykeWallace

YosemiteArmstrongBancroft

CarrollDonner

Cameron

Egbert

GilmanHollisterIngersonJamestown

Le ConteMeade

Key

Fitzgerald

Fitch

Griffin

Nichols

Hunters Point

Innes

Jerrold

Crisp

Earl

Navy

PalouLane

Keith

Hawe

s

Kiska

Hudson

Ingalls

Middle Point

Cashmere

Northridge

West Point

Whitney

Young

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Third

La Salle

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Access

Harbor

Rosie Lee

Osceola

Spear

Robinson

Van Keuren

Nimitz

I St

C St

H St

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Cochrane

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ta

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Visitacion

Leland

RaymondArleta

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Beatty

Blanken

Lathrop

Tunn

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SanB

runo

Wabash

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Bro

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Martin

RolphCurtis

Cordova

Munich

Baltimore

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Polaris

Naylor

BellevueCanyon

South Hill

Ar

de

ndale

Alta Vista

Mira Lista

Car

ter

Geneva Athens

Drake

Cordova

Ca

roline

Southridge

Oakridge

Rolph

Lapham

Robinson

Saddleback

Miss

ion

Amazon

Italy

Mt Vernon

Ellington

Allsion

Morse

Brunswick

Bellevue

Frankfort

Mar

Vist

a

San J

ose

Rhine

Mission

Brunswick

Hanover

Huron

Sears

Whittier

Oliver

Laura

Wilson

Templeton

DeLong

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Hillside

John Daly

Hillcrest

Knowles

Los Olivos

St. C

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Santa Barbara

Santa Cruz

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Westdale

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Skyl

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Blv

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John Muir Drive

ASt

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t

Brotherhood Way

Randolph

Sargent

Hea

d

Ram

sell

Vern

on

19th Ave

Terrace

Dud

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Kobbe

Terr

Kezar Dr

Alemany

Golden Gate Promenade

Bos

wor

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El Camino del Mar

Alhambra

Hts

Southern

Bor

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Cor

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Hagiw

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Amatury Loop

Scenic

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Sunview

Glenview Dawnview

Cityview Longview

Panorama

Starview

Mid

cres

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Gladeview

Bertha

Beatrice

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Bro

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Twin Peaks

Myrtle

Olive

Barnard Q

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Sanc

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Sum

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Hal

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Ham

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Federa

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Welsh

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Colin P. Kelly JrStanford

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Commercial

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Annie

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Steven

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Natoma

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Joice

Waverly

Osgood

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Aladdin

August

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Telegraph Hill

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Steven

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Cosmo

Cyril M

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Jess

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Clemen

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Mary

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Langton

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ShermanColumbia

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HarrietLucerne

Boardman

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Gilbert

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Minna

Steven

son

Jess

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Sherid

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Natoma

Washburn

Grace

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Juniper

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Erie

Trainor

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Woodw

ard

Adair

Weise

Minna

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a

Alameda

Stevenson

Clinton Park

Caledonia

Julian

Albion

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Abbey

San Carlos

Clarion

Sycamore

Chula

Ashbury T

Lexington

Oakw

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Lapidge

Linda

Poplar

Orange

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Osage Lilac

Cypress

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Fair Oaks

Am

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Elizabeth

Hill

Chatanooga

Virgil

Horace

Lucky

Balm

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Hubbell

Daggett

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Mission Bay Blvd S.Mission Bay Blvd N.

China Basin

South St

Illinois

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In

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Marshall

BirminghamThornburg

Claude

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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

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

N

E

S

W

NoeValleyCyclery

BespokeCycles

OceanCyclery

ElectricBicycleOutlet

Pushbike

Mike’sBikes Marin

BikesFactoryOutlet

HeavyMetal

PerformanceBicycle

REI

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2600

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1400

1500

3800

1600

1300

600

1000

500

300

1000

400

500

600

100

40050

0

300

400

40040

0

30030

0

300

4400

1600

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1100

2200

400

400

100

100

100

100

100

100

Bike Barn(attended bikeparking)

101

101

101

101

80

280

280

280

280

1

1

1

1

1

35

1

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.

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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.

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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

X

X

X

X

X

X

Buyer responsible for own investigation of zoning, development regulations and guidelines.

Page 16: SAN FRANCISCO OPPORTUNITY ZONE WATERFRONT 44% ROI · 2020-02-10 · 15 ft. or 15% of lot depth 45% of lot depth, except of reductions based upon average of adjacent buildings; if

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.

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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.

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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.

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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.

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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.