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6 2-Bedroom Romeo Flats in Mission Mid-20’s Inner-Mission 992-998 Florida Street San Francisco, CA 94110 Introducing Below Market Price: $2,910,000 For more information about this fabulous opportunity: Please call Fred Lewis at (209) 522-9999 Visit us @ www.hotdealsanfrancisco.comwww.hotdealsanfrancisco.com Or email info@hotdealsanfrancisco.com 49%+ or $138,858 Upside in the Annual Rents Existing GRM- 19.56; Market GRM- 10.12 Great Corner Lot Victorian Architecture Built in 1900 Clear Section 1 and 2 Pest Clearances Great Add Value Investment
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992-998 Florida Street San Francisco, CA 94110 Complex Description: 992-998 Florida Street is comprised of 6 Romeo 2 bedroom flats in the Mission Mid-20’s of the Inner Mission. This 5,106 square foot multi-family home sits on a 1,750 square foot lot and features 12 bedrooms and 12 bathrooms. This property was built in 1900. There are excellent bike lanes and the terrain is flat as a pancake. 992 Florida Street is a bikers Paradise, daily errands can be accomplished on a bike. The exterior of the complex is tastefully painted (with colors selected by color consultant Bob Buchter) on the inside and outside, with new floor coverings throughout the common areas. Each unit is separately metered for gas and electricity. There are separate hot water heaters and sub meters for the water for each unit. Complex Potential: This complex boasts six large two-bedroom, one bath Romeo flats. Two of the units have turned over through tenant buy-outs, their rents raised to $3495 and $3995. The balance of the four units’ rents range between $957 and $1393, in time may be able to be turned over through tenant buy-outs and, in doing so, will increase the income over $140,000 annually. This is one of the neighborhoods where all the tech workers want to be, as it is very close to transportation, tech bus lines, nightlife, restaurants, and recreation. Approximately $100,000 of exterior and common area improvements have been spent and not passed through to the current residents. The two units that were renovated have new hardwood floors, cherrywood cabinets, granite countertops, tile backsplashes, tile tub surround, appliances, kitchen and bathroom tile, dual pane windows and window coverings, and were tastefully painted with Bob Buchter, color consultant. Pest clearance: There is a clear Section 1 and Section 2 Pest Clearance on the subject property. The property is clean as a whistle. Complex Location: Nearby schools include George R. Moscone Elementary School, Bryant Elementary School and Cesar Chavez Elementary School. The closest grocery stores are King’s Market, Mission Groceteria and Local Mission Market. Nearby coffee shops include Progressive Grounds, Rheas Café and Atlas Café. Nearby restaurants include El Metate Restaurant, Bistro L’Aviateur and Dona Teres Market. 992 Florida Street is near Parque Ninos Unidos, 24 th & York Mini Park and Jose Coronado Playground. This Multi-Family Home located at 992 Florida Street, San Francisco, CA. 992-998 Florida Street is in the Mission neighborhood in San Francisco, CA. Commission: Owner is a Principal and not a Broker. A selling commission of $90,000 will be paid for the procurement and actual consummation of the transaction. If a buyer is procured and the sale is not consummated for any reason a commission will not be due or payable. Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions. Down Payment:$1,164,000Market Cash on Cash:12.01% Capitalization Rate:3.2%Market Cap. Rate:8% Gross Rent Multiplier:19.66Market GRM:10.12 Price per Square Foot:$569Price per Unit:$485,000 Price:$2,910,000 Assessor’s Parcel Numbers 015A-4146
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Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions. Annual Property Operating Data PURPOSE:Property AnalysisPRICE: $ 2,910,000 Down Payment $ 1,164,000 LOCATION:992-998 Florida Street San Francisco, CA 94110 TYPE OF PROPERTY:(6) 2 Bedroom Romeo Flats ASSESSED APPRAISED VALUESLAND: $ 582,000 IMPROVEMENTS: $ 2,299,000 PERSONAL PROPERTY: $ 29,000 TOTAL $ 2,910,000 PROPOSED: 1ST 60% LTV$1,746,000@ 3.40%30 Years$7,743 EXISTINGPOTENTIAL GROSS RENTAL INCOME $ 148,782 $ 287,640 LESS OPERATING EXPENSES Property Insurance $ 4,250 Real Estate Taxes (Value of $2,910,000.00) $ 34,570 Repairs & Maintenance $ 6,000 SERVICES Rubbish $ 3,993 UTILITIES Water & Sewer $ 4,800 TOTAL OPERATING EXPENSES $ 53,553 NET OPERATING INCOME $ 95,229 $ 234,087 LESS: TOTAL ANNUAL DEBT SERVICE $ 92,916 CASH FLOW $ 2,313 $ 141,171
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Summary Rent Roll Florida Street 992-998 Florida Street San Francisco, CA 94110 Unit Move InCurrentMarket #MixDateRent 992A2/101/01/04 $ 1,343 $ 3,995.00 9922/101/13/15 $ 3,995 $ 3,995.00 994A2/107/01/01 $ 1,181 $ 3,995.00 9942/106/01/15 $ 3,495 $ 3,995.00 9962/103/30/76 $ 975 $ 3,995.00 9982/108/01/04 $ 1,409 $ 3,995.00 6UnitsMonthly $ 12,399 $ 23,970 Annually $ 148,782 $ 287,640 Property Breakdown Property Value: $ 2,910,000=$485,000 Per Unit Property Sq Ft:5,106=$569 Per Sq Ft Existing GRM:19.66Market Cap: 8% Market GRM:10.12Market Cash on Cash: 12% Upside in Rents:49% Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions.
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Sales Comparables Subject Property Address # of UnitsUnit Mix Sales Price Cost Per Unit Building Size Cost Per FootGRMCAP Close of Escrow 992-998 Florida Street66- 2/1$2,910,000$485,0005,106$56919.663.2%Active 139-145 Dore Street6 6-3/2 $ 5,250,000 $ 875,000 6,219 $ 844.1910.37.3%6/23/2015 190-198 Hermann Street5 1-2/1 4-3/1 $ 3,700,000 $ 740,000 7,756 $ 477.0514.884.5%12/9/2014 136 Noe Street9 2-2/1 4-3/2 $ 5,225,000 $ 580,556 9,990 $ 523.02 3.2%8/30/2015 650 Church Street12 5-1/1 7-1/1 $ 6,600,000 $ 550,000 11,960 $ 551.8417.63.8%1/21/2015 123 Ripley Street5 2-2/2 4-3/2 $ 2,750,000 $ 550,000 5,107 $ 538.4816.64.3%6/9/2015 135-139 Dore Street @ Minna7 5-1/1 1-2/1 1-Com $ 3,495,000 $ 499,286 5,720 $ 611.0110.995.5%Active 402-412 Duboce Avenue9 2-S/1 3-1/1 3-2/1 1-3/1 $ 4,100,000 $ 455,556 9,399 $ 436.2213.94.6%1/30/2015 Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions.
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Rent Comparables Surveyed Property2 Bedrooms Near 992-998 Florida Street San Francisco, CA 94110 $957-3,995 160 15th Street San Francisco, CA $ 6,636 2600 18th Street San Francisco, CA $ 6,250 617 Carolina Street San Francisco, CA $ 5,500 730 Florida Street San Francisco, CA $ 5,000 Liberty Street @ Church Street San Francisco, CA $ 4,700 1021 York Street San Francisco, CA $ 3,950 2270-2272 Bryant Street San Francisco, CA $ 2,845 2615-2619 Harrison Street San Francisco, CA $ 2,453 876 Treat Avenue San Francisco, CA $ 1,342
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