top of twin peaks, sutro tower, panoramic views · 2020. 1. 24. · kw commercial 27290 madison...

KW COMMERCIAL27290 Madison Ave., Suite 200Temecula, CA 92590 ROBYN L WONNELL

Multifamily Sales Specialist0: 951.304.1200 X3351C: [email protected] DRE #01353690

Top Of Twin Peaks, Sutro Tower, Panoramic Views

OFFERING MEMORANDUM

PRESENTED BY:

74 CRESTLINE DRIVE, SF CA 94131

OFFERING MEMORANDUM

Each Office Independently Owned and Operated kwcommercial.com

KW COMMERCIAL

27290 Madison Ave., Suite 200

Temecula, CA 92590

Confidentiality & Disclaimer

ROBYN L WONNELLMultifamily Sales Specialist0: 951.304.1200 X3351C: [email protected] DRE# #01353690

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Temecula Valley in compliance with all applicable fair housing and equal opportunity laws.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.

OFFERING MEMORANDUM

PRESENTED BY:

SAN FRANCISCO, CA

http://www.kwcommercial.com


OFFERING SUMMARY

SALE PRICE: $8,100,000

NUMBER OF UNITS: 12

CAP RATE: 2.85%

NOI: $230,456

LOT SIZE: 9,583 SF

YEAR BUILT: 1965

BUILDING SIZE: 9,544 SF

RENOVATED: 2019

ZONING: RM1

MARKET: San Francisco

SUBMARKET: Twin Peaks

PRICE / SF: $848.70

PROPERTY OVERVIEWExclusive 12 unit apartment community adjacent to the Sutro Tower NatureReserve is for sale for the first time in 35 years.Contemporary Design, Well Maintained, Soft Story Retrofit Complete8 One Bed One Bath, 4 Two Bed, Two Bath UnitsRetiring Owners, with one unit being kept back.All Financials reflect Income for 11 units.

PROPERTY HIGHLIGHTS• Greatest Panoramic Views in San Francisco

• Highest Properties, Located next to the Sutro Tower Nature Trail Entrance

• Clean, Light, Bright, Open Area of Twin Peaks with Greatest Views Available....

• Large, Open Floor Plans

• Retrofit Pass Through Income Not Included in Current Income

• Rent Controlled Units. Several far below market

• Suburban area -3 minutes from the Market Street Hub and most other districts

• 50% higher median area household income than many other districts

• 1031 Exchange, Flexible Terms

• Scheduling Tours for Thursday, January 30th and Friday January 31st

Executive Summary

74 CRESTLINE DRIVE |



PROPERTY OVERVIEW

Exclusive 12 unit apartment community adjacent

to the Sutro Tower Nature Trail Reserve Entrance

is for sale for the first time in 35 years.

Contemporary Design, Well Maintained, Soft

Story Retrofit Complete

8 One Bed One Bath, 4 Two Bed, Two Bath Units

Retiring Owners, with one unit being kept back.

All Financials reflect Income for 11 units.

LOCATION OVERVIEW

Located at the height of Twin Peaks, adjacent to the

Sutro Tower Nature Trail Entrance. The property

faces the Nature Trails on the west and a panoramic

view of San Francisco Bay, the Market Street Day

and Nightlife (SOMA) on the east. Excellent location

for the best and highest views from the top of Twin

Peaks. Centered between Hwy 1, 280 and Interstate

101, this area is in the very center of San Francisco.

Just down the hill is The Castro, Noe Valley and The

Haight @Ashbury, with many others within a short

drive or walk. This location is ideal for those wanting

a very short commute to work and to the best

nightlife and attractions. The SFO airport is 22 miles

from the property.

Property Description




SALE PRICE $8,100,000

LOCATION INFORMATION

Building

Name

74 Crestline Drive

Street

Address

74 Crestline Drive

City, State,

Zip

San Francisco, CA 94131

County/

Township

San Francisco

Market San Francisco

Sub-market Twin Peaks

Cross

Streets

Vista Lane, Parkridge, Burnett

Market

Type

Rent Controlled /Market Rate

Nearest

Highway

Centered between hwys 1 to the west, 101, and

280 to the east, and 280 to the south (central

location overall of SF)

Nearest

Airport

SFO (San Francisco Oakland)

BUILDING INFORMATION

Building Size 9,544 SF

NOI $230,456

Cap Rate 2.85%

Price / SF $848.70

Year Built 1965

Last Renovated 2019

Occupancy % 100%

Tenancy Multiple

Number Of Floors 6

Number Of Buildings 1

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Mid-Rise

Zoning RM1

Lot Size 9,583 SF

APN# 2845-004

Sub-market Twin Peaks

Property Details




Additional Photos




74 Crestline Drive

Regional Map




Location Maps




74 Crestline Drive

Aerial Map




Above Summary includes income and expenses for 11 units. It covers the current income schedule, not including

tenant pass through income or rent increases that will be received in May of approximately 2-3 percent.

INVESTMENT OVERVIEW

Price $8,100,000

Price per Unit $736,364

CAP Rate 2.9%

OPERATING DATA

Current Actual Gross Scheduled Income $287,989

Other Income $1263

Total Scheduled Income $289,252

Operating Expenses 58,795

Net Operating Income $230,457

Brief Financial Summary




Current Rents do not include tenant pass through income for the soft-story retrofit, or the scheduled rent increases that occur in May2020. Market rents reflect new residents with upgraded units including washer dryers installed in each unit. Newest move in does nothave washer dryer installed and therefore the rent reflects this reduction. There is currently a community laundry room with one machinethat generates the total 'other income' category. There is storage for each unit located in the laundry room and the building is petfriendly but does not currently charge for pets. Each resident pays its own utilities.

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE

(SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER

SF)

MARKET

RENT

MARKET

RENT/

SF

SECURITY

DEPOSIT

ONE 1 1 700 MTM $1,096 $1.57 $2,850 $4.07

TWO 1 1 700 MTM $1,501 $2.14 $2,850 $4.07

THREE 1 1 751 MTM $1,270 $1.69 $3,200 $4.26

FOUR 1 1 751 MTM $1,265 $1.69 $3,200 $4.26

FIVE 1 1 700 MTM $1,345 $1.92 $3,400 $4.86

SIX 1 1 700 MTM $2,765 $3.95 $3,400 $4.86

SEVEN 1 1 751 MTM $2,670 $3.56 $3,600 $4.79

EIGHT 1 1 751 MTM $2,126 $2.83 $3,600 $4.79

NINE 2 1 900 MTM $2,718 $3.02 $4,050 $4.44

TEN 2 1 970 MTM $3,350 $3.45 $4,125 $4.23

ELEVEN 2 1 900 1/21/

2020

01/20/

2021

$3,890 $4.32 $4,125 $4.61

Totals/

Averages

8,574 $23,999 $2.80 $38,350 $4.48 $0

Rent Roll - Actual And Market Rents


top of twin peaks, sutro tower, panoramic views · 2020. 1. 24. · kw commercial 27290 madison...

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