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225 Taylor Street I San Francisco, CA Offering Memorandum
225 Taylor Street I San Francisco, CA
Offering Memorandum
OFFERING MEMORANDUM | 225 TAYLOR STREET P.2 COLLIERS INTERNATIONAL
Table of ContentsOFFERING SUMMARY 3
FINANCIAL OVERVIEW 4-5
PROPERTY PHOTOGRAPHS 6-7
LOCAL & REGIONAL MAP 8
AERIAL OF SUBJECT PROPERTY 9
SHOWING SCHEDULE- Tuesday September 19, 2017 from 9:00 to 10:30 am- Tuesday September 26, 2017 from 9:30 to 11:00 pm- Tuesday October 3, 2017 from 9:30 to 11:00 pm
BRAD LAGOMARSINO1 415 288 [email protected] Lic. 01058500
JAMES DEVINCENTI1 415 288 [email protected] Lic. 00951916
www.theDLTeam.com
Colliers International
OFFERING MEMORANDUM | 225 TAYLOR STREET P.3 COLLIERS INTERNATIONAL
225 Taylor Street is a 24-unit apartment building located in the Tenderloin District of San Francisco (cross streets Ellis & Eddy). The building is walking distance to the central business district, South of Market and City Hall. This is a tremendous opportunity for an investor to purchase a well-maintained asset in the heart of the City with tremendous income upside potential.
Property Information: Address:
District: Property:
APN:Building Square Feet:
Lot Size: Constructed:
Zoning:
Building Systems:Foundation:
Structure:
Façade: Windows:
Rear of Building: Roof Composition:
Electrical Service: Gas Service:
Water Service:Fire Protection System:
Fire Escapes:Heat Source:
Hot Water:
Plumbing: Common Area Lights:
Circuit Breakers:
Common Areas:Door Entry System:
Security:Front Landing/Lobby:
Unit Access:Landing Areas/Hallways:
Garbage: Skylight:Laundry:
Basement:
225 Taylor Street, San Francisco (Cross streets: Ellis & Eddy Streets)TenderloinTwenty-four (24) unit apartment building0332-02212,825 square feet (per tax records)3,354 square feet1910RC4
Concrete foundationWoodframe (evidence of steel substructure)BrickWoodframeConcreteRolled composite200 Amp service (master metered)Master meteredMaster meteredIn-unit detectors/sprinkler system in basement & common area hallways/local fire alarm systemFront & rear of buildingSteam heat system (Peerless boiler)Large cast iron storage tank (AO Smith hot water heater)Copper and galvanizedTimer systemLocated in hallway on each floor & basement area
Buzzer systemGated entryTerazzoWalk-up buildingCarpeting flooringIn basement area (active chute system)YesStubbed for washer/dryer serviceUnimproved basement area (owner controlled)
Offering Summary
Building Composition:Unit Mix:
Kitchens:
Bathrooms:
Bedrooms:
Note:
Miscellaneous:Public Transportation:
Restaurants:
Bars:
Twenty two (22) studio/1 bath units &two (2) one bedroom/one bath apartments (5 renovated units)
Gas ranges with ovenStainless steel sinksOver-under refrigerators Vinyl flooringWood cabinetry (ample cabinets, counters, drawers plus storage)Quartz countertops in renovated units
Marble & tiled floors and subway brick tile surroundsCabinet sinksStorage mirrorMix of tub/shower combinations & shower onlyWindow ventilation
Ample size bedroom areasLaminate/hardwood floorsLarge windowsAmple closet space
Full unimproved basement areaADU potential in rear portion of basement
Powell Bart Street StationBus # 31 - Eddy @ Taylor St, Eddy @ Mason St, Eddy @ Jones StBus # 27 - Ellis @ Jones St, Ellis @ Leaven-worth StBus # 7X & 31 - Turk @ Taylor St
Farmer Brown, The Douglas Room, Jasper’s Corner Tap & Kitchen, Taste on Ellis, Kin Khao Thai Fare
Mikkeller Bar, Keystone, Union Square Sports Bar, Johnny Foley’s Irish House, Redfor
OFFERING MEMORANDUM | 225 TAYLOR STREET P.4 COLLIERS INTERNATIONAL
LOCATION: 225 TAYLOR STREET, SAN FRANCISCO, CA 94102
Financial Overview
Sale Price $4,500,000Down Payment $2,400,000
Number of Units 24
Price/Unit $187,500
Gross Square Feet 12,825
Price/Square Foot $351
CAP Rate-Current 3.59%
CAP Rate-Pro Forma 8.16%
GRM-Current 14.02
GRM-Pro Forma 8.30
Year Built 1910
Lot Size 4,268
ANNUAL GROSS INCOMEFINANCIAL SUMMARY
Loan Amount $2,100,000
Loan Type Proposed New
Interest Rate 3.60%
Program 5/1 Arm
DCR 1.41
Loan to Value 47%
Unit Type # of Units Current Rents Monthly Income Market Rents Monthly Income
Studio/1 Bath 22 $384-$1,850 $25,032 $1850 $40,700
1 Bedroom/1 Bath 2 $595-$1,646 $1,724 $2,250 $4,500
Total 24 Total Monthly Income for Units $26,756 $45,200
SCHEDULED INCOME
Current Market
Gross Potential Income $321,075 $542,400
Vacancy (3%) $9,632 $16,272
AGI $311,443 $526,128
Expenses $149,943 $158,796
NOI $161,500 $367,332
Expense Categories Current Exp/Unit % of Exp Market Exp/Unit % of Exp
Property Taxes $53,064 $2,211 35% $53,064 $2,211 33%
Special Assessment Tax $990 $41 1% $990 $41 1%
Insurance $9,971 $415 7% $9,971 $415 6%
Repairs & Maintenance $7,200 $300 5% $7,200 $300 5%
Property Management $12,843 $535 9% $21,696 $904 14%
On Site Manager $6,000 $250 4% $6,000 $250 4%
Pest Control $1,092 $46 1% $1,092 $46 1%
Utilities $51,583 $2,149 34% $51,583 $2,149 32%
Reserves $7,200 $300 5% $7,200 $300 5%
Total Operating Expenses $149,943 $6,248 100% $158,796 $6,616 100%
Current Market
Less Debt Service $114,571 $114,571
Cash Flow $46,929 $252,762
Cash on Cash Return 1.96% 10.53%
Expenses as % of Gross 47% 29%
Expense per Unit $6,248 $6,616
FINANCING
ANNUAL OPERATING EXPENSES
Quote: September 14, 2017 - First Republic Bank - 5/1 Arm /30 Year Amort at 3.60% / adjusts to COFI plus margin of 1.75% adjusts monthly after initial fixed period - (loan information is time sensitive & subject to change)
CASH FLOW AFTER DEBT SERVICE
OFFERING MEMORANDUM | 225 TAYLOR STREET P.5 COLLIERS INTERNATIONAL
RENT ROLL
UNITSStudio - 22
1 Bedroom - 2
Total - 24
Financial Overview
NOTESCurrent rents reflect allowable rent increases implemented as of 10/1/2017 Market rents based on Berendt Properties
Unit No. Unit Type Current Rents Market Rent Move In Date
101 (Mgr) Studio $1,850.00 $1,850
102 Studio $1,175.52 $1,850 9/12/2013
103 Studio $1,088.96 $1,850 9/1/2012
104 Studio $1,550.00 $1,850 5/20/2017
105 Studio $580.50 $1,850 11/1/1995
106 Studio $1,068.66 $1,850 2/1/2013
107 Studio $580.50 $1,850 1/25/1996
108 Studio $580.00 $1,850 7/15/2002
201 1 Bedroom $845.25 $2,250 2/1/1996
202 Studio $384.16 $1,850 7/31/2002
203 Studio $1,850.00 $1,850 Vacant COE
204 Studio $1,088.96 $1,850 8/11/2012
205 Studio $1,595.00 $1,850 3/15/2017
206 Studio $1,124.00 $1,850 6/7/2010
207 Studio $930.35 $1,850 8/6/2007
208 Studio $1,675.51 $1,850 12/13/2013
301 1 Bedroom $879.07 $2,250 11/25/1998
302 Studio $1,481.32 $1,850 7/1/2014
303 Studio $1,175.52 $1,850 8/1/2013
304 Studio $998.69 $1,850 7/1/2011
305 Studio $1,650.00 $1,850 5/8/2017
306 Studio $1,054.16 $1,850 9/15/2011
307 Studio $969.61 $1,850 8/1/2008
308 Studio $580.50 $1,850 11/7/1995
Monthly Rent $26,756.24 $45,200
Monthly Total $26,756.24 $45,200
Annual Income $321,074.88 $542,400
OFFERING MEMORANDUM | 225 TAYLOR STREET P.6 COLLIERS INTERNATIONAL
Property Photographs
OFFERING MEMORANDUM | 225 TAYLOR STREET P.7 COLLIERS INTERNATIONAL
Property Photographs
OFFERING MEMORANDUM | 225 TAYLOR STREET P.8 COLLIERS INTERNATIONAL
Franklin
Gough
Golden Gate
McAllister
Grove
FultonGrove
Hayes
Fell
Oak
P ge
Turk
Willow
Larkin
Opal
Tulip
Decker
Heron
mer
Brush
AhernCleveland
Post Geary
Powell
Sansome
Battery
Front
Was
Clay
Sacramento
California
Pine
BushSutter
Montgom
ery
Laguna
Webster
Farrell
Ellis
Eddy
Turk
Leavenworth
Jones
Market
O’
nes
Taylor
Mason
Stockton
arny
Mason
Howard
Howard
SpeaMainBeale
Fremont
Dela
Hawthorne
1st
2nd
3rd
4th
Folsom
Folsom
Harrison
Harrison
Bryant
Brannan
Townsend
Towns
King
rry
Hyde
Mission
5th
6th
7th8th
Polk
Van Ness
Hickory
Lily
Ivy
Ivy
Birch
Linden
Hemlock
Cleary Ct
Willow
Larch
Cedar
Myrtle
Olive
Fern
Austin
JackLondon
Lapu LapuTandang
Mabini
Rizal
Perry
Stillman
Bonifacio Federal
Elkhart
De Boom
RitchZoe
Lusk
Clyde
Lansin
gGuy
Welsh
Freelon
Bluxome
Varney
Colin P. Kelly JrStanford
EssexCharlestown
Vassar
New Montgomery
Clarence
RinconDover
Sterling
Grote
Zeno
Baysi
de V
ill
Campton
Maiden Lane
Hangah
Burritt
Chelsea
Chatham
Quincy
Belden
Treasury
PetrarchCentury
TrinityLick
Vermehr
Mark
ElwoodSec Pacific
Spring
Leidesdorff
Annie
Ecker
Anthony
Minna
Jessie
Elim
Aldrich
Masse
t
Kaplan
MaldenOscar
ShawSloan
Saint
Tenny
Saint
Francis
Stevenson
Natoma
Tehama
oda
JoicePratt
Sabin
Brooklyn
Sproule
Vine
Kimball
Torrens
d tG
oldenLeroy
Lysette
Helen
Touchard
llerM
les
Freeman
Dawso
Nob H
ill
Nob Hill
Malvina
Ewer
MulfordEmma
Vinton
Tillman
FellaHooker
AnsonDelta
D.H
amm
ett
Hollis
Buchanan
BanneckerInca
Cran
BertieM
inor
LottieBennet
QuickstepGalilee
Zampa
Yorke
S tarr K ing
Stevenson
Cosmo
Hobart
Colin AdelaideI. Duncan Derby
Steveloe
Shannon
Ophir
Agate
Harlem
Meacham
Ada
Amity
Dale
Wagner
Cohen
Breen
Dodge
Cyril Magnin
Jessie
Tehama
Clementina
Minna
Natoma
Mary
Mint
Tehama
Sumner
JuliaLaskie
Falmouth
Gallagher
Rausch
Langton Sherman
Berwick
Chesley
Hallam
Rodgers
Col Square
RussMoss
Morris
MerlinOak Grove
Hulbert
Holland
FargoBoardmGClementin
a
ClaraShipley
inna
Stevenson
Jessie
Washburn
Grace
Pleasant
Troy
Acorn
Eureka
Panton
Lech Walesa
Redwood Redwood
Ash
Elm
DanielBurnham
(Stockton Tunnel)
Taber
Lusk
S Park
HarlanHardie
ClaudeRobertKirk
StGeorge
UnionSquare
MosconeCenter
Metreon
Museum ofModern Art
Centerfor the Arts
LafayettePark
MuniMetroVanNess
BART/Muni MetroCivic Center
CaltrainDepot
PBP
BART/Muni MetroPowell St
BART/Muni MetroMontgomery St
BART/Muni MetroEmbarcadero
TransbayTransitTerminal
JapanCenter
CityHall
DaviesSymphonyHall
OperaHouse
CivicCenter
UNPlaza
St Mary’sCathedral
JeffersonSquare
SouthPark
Zeum
US
101
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t
Regional Map
Location Map
225 Taylor St
225 Taylor St
OFFERING MEMORANDUM | 225 TAYLOR STREET P.9 COLLIERS INTERNATIONAL
CONFIDENTIALITY & DISCLAIMER STATEMENTThis Offering Memorandum contains select information pertaining to the business and affairs of the Property at 225 Taylor Street San Francisco, CA 94102. 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 225 Taylor 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 225 Taylor 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 225 Taylor 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 Prop-erty 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 Map
225 Taylor St
BRAD LAGOMARSINO1 415 288 [email protected] Lic. 01058500
101 Second Street, 11th Floor San Francisco, CA 94105 1 415 788 3100 www.colliers.com
JAMES DEVINCENTI1 415 288 [email protected] Lic. 00951916
www.theDLTeam.com
