Post on 27-Apr-2022
1445 MASON STREET Offering Memorandum - pg. 1
Offering Memorandum1445 Mason StreetMult i fami ly Investment Opportunity | Nob Hi l l - San Francisco, CA
Table of Contents
Showing Schedule
Call for Offers
Offering Summary ................................3-4
Financial Overview ...............................5-6
Property Photographs ..........................7-10
Amenities Map & location ....................11
Public Transportation ...........................12
Aerial of subject property ....................13
To be determined.
Brad Lagomarsino | lic 01058500 +1 415 288 7848 | brad.lago@colliers.com
James Devincenti | lic 00951916 +1 415 288 7848 | j.d@colliers.com
Dustin Dolby | lic 01963487 +1 415 288 7869 | dustin.dolby@colliers.com
www.theDLTeam.com
Colliers International 101 2nd Street, 11th Floor San Francisco, CA 94105
Tuesday September 17, 2019 - 9:00 to 10:30 AM
Tuesday September 24, 2019 - 9:30 to 11:00 AM
Tuesday October 1, 2019 - 9:30 to 11:00 AM
1445 MASON STREET Offering Memorandum - pg. 3
Offering Summary - OverviewColliers International is pleased to present 1445 Mason Street (between Broadway St and Pacific Ave) at the top of the Broadway Tunnel and the entrance to the Nob Hill District of San Francisco. Constructed in the early 1900’s, this well maintained property features fifteen (15) spacious units. Six (6) of the fifteen (15) units have been remodeled and outfit-ted with GE washers and dryers, Haier refrigerators, GE dishwashers, forced air heating and new flooring throughout.
The current owners have invested over $1.25 Million in capital improvements to the property including seismic upgrades, compliance with Fire Alarm Sleeping Area Requirements (SFFC Section 1103.7.6.1), new flooring and lighting in the common areas and adding three (3) accessory dwelling units. As apartments have become vacant, ownership has been converting the formal 1-bedrooms into 3-bedroom units with brand new bathrooms and kitchens.
Located a few blocks from the Financial District, 1445 Mason Street provide residents easy access to work and trans-portation throughout the city. Mason Street is a short walk from the incredible dining, retail and entertainment options offered around Washington Square Park and on Polk Street. With a walk score of ninety-nine (99) and transit score of one hundred (100), 1445 Mason Street is a renter’s paradise – situated a few minutes from the many amenities San Francisco has to offer.
1445 Mason Street provides an investor the opportunity to add value through converting 1-bedroom units into 3-bed-room units – increasing cash flow and equity growth while owning an asset in the centrally located Nob Hill District.
1445 MASON STREET Offering Memorandum - pg. 4
Property Information Building Composition
Building Systems
Address: 1445 Mason Street, San Francisco, CA 94133
District: Nob Hill
Property Type: Apartment building
APN: 0158-003
Building Square Feet: 13,132 square feet (per measurement)
Lot Size: 5,497 square feet (per tax record)
Constructed: 1913
Zoning: RM-2
Unit Mix: 10-one bedroom, 1 bath3-two bedroom, 1 bath2- three bedroom, 1 bath
*Kitchens: Stainless steel appliances
Haier refrigerator
Granite countertops
GE dishwashers
Gas stove/oven with Broan fan
Stainless steel sink
Microwave in remodeled units
*Bathrooms: Cabinet vanity
Granite countertops
Shower with tile surrounds
Tile flooring
*In remodeled units
*Bedrooms: Vinyl wood plank flooring
Mirrored sliding door closets
Large windows with mini blinds in remodeled units
Miscellaneous: Current owners invested over $1,250,000 to add additional three (3) ADUs to the property and complete seismic work
Units 5, 9, 4, 14, 15, 16 have been fully remodeled.
Foundation: Concrete (seismic retrofit completed)
Structure: Wood-frame
Soft Story: CFC issued
Façade: Brick and wood façade with decorative accents
Windows: Wood-frame
Roof Composition: Tar & gravel (10 years old)
Electrical Service: Separately metered, circuit breakers (in basement and remodeled units), 400 amps of service
Gas Service: Separately metered
Fire Protection System: Fire sprinklers in basement and ground floor common areas. AES-Intellinet 2.0 cellular fire alarm system throughout property. Property complies with fire alarm sleeping area require-ments (SFFC Section 1103.7.6.1).
Heat Source: Electric wall heat (forced air systems in ADU units)
Hot Water: Fifteen (15) Bradford & White 40-gallon tanks
Plumbing: Mix of copper & galvanized
Common Areas: Vinyl plank flooring or carpeted
Door Rntry System: DKS Doorking telephone entry system
Front Landing: Marble tile
Lobby: Vinyl plank flooring
Lobby Lighting: Dome lighting with wall sconces
Landing Areas/Hallways: Carpeted
Garbage: Located in tradesman alley
Laundry: 6 of the 15 units have in-unit washer and dryers. No common area laundry on-site.
Offering Summary - Property Details
Common Areas
1445 MASON STREET Offering Memorandum - pg. 5
Expense Categories Current Proforma
Property Taxes $82,061 $82,061
*Special Assessment Tax $2,052 $2,052
*Insurance $7,296 $7,296
*Repairs & Maintenance $7,500 $7,500
Utilities- PG&E $1,224 $1,224
Water & Sewer $16,800 $16,800
Scavenger/Recycling $6,485 $6,485
*Management Fees $15,710 $28,921
Janitorial $2,724 $2,724
*Reserves $7,500 $7,500
Total Operating Expenses $149,352 $162,562
*Expenses are estimated
Financial Overview1445 Mason Street, San Francisco, CA 94133
Sale Price $7,000,000
Down Payment $3,450,000
Number of Units 15
Price/Unit $466,667
*Gross Square Feet 13,132
Price/Square Foot $533
CAP Rate - Current 3.29%
CAP Rate - Pro Forma 7.65%
GRM - Current 17.82
GRM - Pro Forma 9.68
Year Built 1913
Lot Size 5,497
Financial Summary
Financing
Annual Gross Income
Annual Operating Expenses
Cash Flow After Debt Service
Current Proforma
Gross Potential Income $392,755 $723,024
Gross Rental Income $384,320 $714,600
Vacancy (3.5%) $13,451 $25,011
AGI $379,303 $698,013
Expenses $149,352 $162,562
NOI $229,952 $535,451
Loan Amount $3,500,000Loan Type Proposed New
Interest Rate 4.00%
Program 5 Year Interest Only
Loan to Value 51%
Quote: TBD (Buyer to have banking relations with First Republic Bank)
Current Proforma Less Debt Service $142,000 $142,000
Cash Flow $87,952 $393,451
Cash on Cash Return 2.55% 11.40%
Expenses as % of Gross 38% 22%
Expenses per Unit $9,957 $10,837
*Square Footage includes ADU Square Footage
1445 MASON STREET Offering Memorandum - pg. 6
Financial Overview (cont.)1445 Mason Street, San Francisco, CA 94133
Unit No. Unit Type Rent Cap Imp Pass Thru Market Rent Move In Date Note
1 1 Bedroom, 1Bath $1,770.19 $118.05 $4,250 5/1/1991
2 1 Bedroom, 1Bath $1,554.00 $4,250 10/1/1998 Sec 8
3 2 Bedroom, 1Bath $1,499.81 $118.05 $4,400 1/29/2011
4 3 Bedroom, 1Bath $4,250.00 $4,250 5/24/2019 remodeled
5 2 Bedroom, 1Bath $3,524.15 $4,250 10/1/2017 remodeled
6 1 Bedroom, 1Bath $1,554.00 $4,250 5/5/2011
7 1 Bedroom, 1Bath $1,584.44 $118.05 $4,250 2/21/2012
8 1 Bedroom, 1Bath $723.04 $69.33 $4,250 10/1/2002
9 3 Bedroom, 1Bath $4,250.00 $4,250 8/1/2018 remodeled
10 1 Bedroom, 1Bath $1,116.76 $108.70 $4,250 8/21/2009
11 1 Bedroom, 1Bath $770.68 $74.10 $4,250 1/1/1963
12 1 Bedroom, 1Bath $995.99 $96.63 $4,250 4/3/2010
14 1 Bedroom, 1Bath $2,516.79 $2,500 5/16/2018 ADU
15 2 Bedroom, 1Bath $3,516.79 $3,500 6/1/2018 ADU
16 1 Bedroom, 1Bath $2,400.00 $2,400 6/10/2018 ADU
Monthly Income $32,026.64 $702.91 $59,550
Cap Imp Pass Thru $702.91 $702.00
Total Monthly Income $32,729.55 $60,252
Annual Total $392,755 $723,024 Upside 84%
Rent Roll
NotesProjected rents based on most recent rents
Market rent assumes converting units into 3 bedroom units
Units1 Bedroom- 10
2 Bedroom - 3
3 Bedroom - 2
1445 MASON STREET Offering Memorandum - pg. 7
1445 MASON STREET Offering Memorandum - pg. 8
1445 MASON STREET Offering Memorandum - pg. 9
1445 MASON STREET Offering Memorandum - pg. 10
1445 MASON STREET Offering Memorandum - pg. 11
Cafe Isabella House of Nanking V J Grocery
Gallery Cafe Spicy King Grant & Green Market
Cable Car Corner Keiko a Nob Hill S & S Grocery
The Stinking Rose Mr. Jiu’s Giovanni Italian Specialties
Firenze by Night Allegro Romano Chase Bank
The House Venticello East West Bank
E’ Tutto Qua Tonga Room & Hurricane Bar Wells Fargo Bank
R & G Lounge Top of The Mark Bank of the West
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Restaurants & Bars Convenience & Grocery Stores Banks & ATM’sX X X
Neighborhood Amenities
Amenities1445 Mason Street, San Francisco, CA 94133
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St FrancisMemorialHospital
Subject Property1445 Mason St
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Subject Property1445 Mason St
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1445 MASON STREET Offering Memorandum - pg. 12
Public Transportation1445 Mason Street, San Francisco, CA 94133
Subject Property1445 Mason St
Washington Square
BROADWAY ST/VAN NESS AVE
PACIFIC AVE
UNION ST
45 STOCKTON ST
CLAY/SACRAMENTO ST
POWELL ST STATION
MONTGOMERY ST STATION
EMBARCADERO ST STATION
CIVIC CENTER STATION
POWELL/MASON CABLE CAR (to Market St / Union Square /Bart & Muni)
HIGHWAY ACCESS VIA VAN NESS AVE
41 45
10 12
8 30 30
1
Bart & Muni Metro
30X
With Immediate Access to One of the Nation’s Best Public Transit Systems
The area around 1445 Mason Street offers an extensive transportation network which ensures superior regional access
throughout San Francisco and the surrounding Bay Area. Atlantic Cities’ “Access Across America, Transit 2018” ranked San
Francisco second only to Manhattan for public transit efficiency, based on how many jobs a resident can access within a 10 to
30 minute commute during the morning rush hours of 7am to 9am. 1445 Mason Street is within walking distance of a variety
of public transit, including the Civic Center/UN Plaza Bay Area Rapid Transit System (BART) station, the underground MUNI,
and street-level rail—all in addition to a variety of San Francisco’s caravan of ‘Tech Shuttles’ moving busloads of Google,
Genentech, Facebook, and Apple employees from their homes in San Francisco to their job centers in Silicon Valley.
(to Hwy 101 &
Marin County)
1445 MASON STREET Offering Memorandum - pg. 13
Confidentiality & Disclaimer StatementThis Offering Memorandum contains select information pertaining to the business and affairs of the Property at 1445 Mason Street San Francisco, CA 94133. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by 1445 Mason Street from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum from 1445 Mason Street you agree:
1) The Offering Memorandum and its contents are confidential;
2) You will hold it and treat it in the strictest of confidence; and
3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of 1445 Mason Street or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date of this Offering Memorandum.
Aerial Map1445 Mason Street, San Francisco, CA 94133
Subject Property1445 Mason St
Brad Lagomarsino | lic 01058500 +1 415 288 7847 | brad.lago@colliers.com
Dustin Dolby | lic 01963487 +1 415 288 7869 | dustin.dolby@colliers.com
James Devincenti | lic 00951916 +1 415 288 7848 | j.d@colliers.com
www.theDLTeam.com
Offering Memorandum1445 Mason Street
Mult i fami ly Investment Opportunity | Nob Hi l l - San Francisco, CA