FOR SALE 1884-1886 UNION STREET - PRIME UNION STREET PROPERTY FOR SALE - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FOR SALE 1884-1886 UNION STREET PRIME UNION STREET PROPERTY FOR SALE San Francisco, CA 94123 PRESENTED BY: STEVEN RING O: 415.985.8606 steven.ring@ajaxrea.com CalDRE #00842601
Property Overview
The property offers an opportunity to purchase a mixed-use building on
one of the best retail streets in San Francisco. www.unionstreetsf.com.
Located one building from Laguna Street, the immediate neighborhood
offers Starbucks, the Bus Stop Saloon, Sunglass Hut, UNTUCKit, Wells
Fargo and a host of high foot and vehicle traffic stores nearby. This
rare opportunity includes two floors of retail and a large 3-bedroom
apartment on the upper floor being delivered vacant for possible
owner-user, with the street level space on a temporary lease.
OFFERING SUMMARY
OFFERING PRICE: $2,200,000
YEAR BUILT: 1900
RENTABLE SQUARE FEET: 2,880
LOT SQUARE FEET: 1,176
STEVEN RING CalDRE #00842601 PROFORMA CAP RATE: 5.8%
Office: 415.985.8606
steven.ring@ajaxrea.com APN: 0530-017
Executive Summary 1884-6 Union Street (a.k.a 1886 and 1888 and 1888a Union Street) consists of a mixed-used retail building located on three levels in the heart of San Francisco’s Cow Hollow. Considered one of the best shopping areas in San Francisco, the tree lined Union Street consists of some of the best neighborhood, regional, and national tenants servicing two of the most expensive neighborhoods in San Francisco, Pacific Heights and the Marina District. This high foot and vehicle trafficked street is a mixture of stores, restaurants, bars, and services that attract a crowd year-round to take advantage of a diverse mixture of retail and office uses. Located one building east of Laguna Street, this property features a southern facing storefront directly across the street from Starbucks and adjacent to the Union/Laguna Street bus stop. This area of Union Street features retailers such as Sunglass Hut, UNTUCKit, Wells Fargo, the Bus Stop Saloon, Karma Yoga, and Perry’s Restaurant. Built in 1900, the building has been updated over the years, including a new roof and skylights installed in late 2020. The apartment consists of high ceilings and nearly floor to ceiling south facing windows with vinyl, operable double panes. The apartment is separately serviced by a gas and electric meter and the water is supplied by the Landlord with one meter. With a zero-lot line footprint of 1,176 square feet, exterior maintenance is minimal. The property consists of a street level retail storefront, formerly Papyrus, a subterranean retail space, and a large three-bedroom apartment located on the second floor. PerfectFit occupies the subterranean space and is occupying the street level space. The rentable square footage is measured at 2,880 on the three levels.
Property Description The top floor of the two-story building is a vacant three-bedroom approximately 1,150 sf apartment with a separate living and dining area located in the front along Union Street. The rear bedroom has a view of Angel Island and a separate bathroom with shower over tub. The other two bedrooms share a common bathroom with a shower. The kitchen is newly renovated with new stainless-steel appliances and updates to the cabinets, sink, and faucet. The apartment is served by its own tankless water heater and forced air heating unit. The street level floor space consists of approximately 1,000 sf with an office and ADA designed bathroom in the rear of the space. The current tenant, PerfectFit, Personal Training is temporarily occupying the space as a “pop-up.” A rear, internal staircase exists that can service the basement space or be locked off. The space features high ceilings and hardwood floors. A CASp inspection is available for review. The subterranean retail space consists of 730 sf with a bathroom in the rear of the space and has a street front entrance as well as a rear, internal staircase that can access the street level space, if necessary. The current tenant, PerfectFit, Personal Training is occupying the space. A CASp inspection is available for review.
Tenancy Description The top floor apartment underwent a renovation that includes new paint and carpet, kitchen appliances and updated bathrooms. The apartment consists of three bedrooms and two full baths and a separate living and dining room. The unit consists of hardwood and newly carpeted floors and high ceilings. The apartment is being held vacant with a market rent estimate of $5,200 per month. The street level floor space consists of approximately 1,000 sf with an office and an ADA bathroom in the rear of the space. The current tenant, is temporarily occupying the space at $3000 per month with a lease ending date of January 31, 2022. Previously, occupied by the now bankrupt Papyrus, the current tenant signed a short-term lease during the COVID period as a “pop-up” store. The street level rent is currently, $3000 per month, full service. The estimated market value for the space in 2022 is $62.00 sf, full service. Current tenant may have interest in a longer-term extension if Buyer is interested. A CASp inspection is available for review. The basement retail space consists of approximately 730 sf with an office and non-ADA bathroom in the rear of the space and has a street front entrance and a rear, internal, staircase that can access the street level space. The current tenant lease expires 7/31/24. The current rate is $2,800 per month with a 3% annual increases. The 2020 and 2021 increases were temporarily banked due to COVID. A CASp inspection is available for review.
Building Summary
Address 1886 – Apartment
1888 and 1888a - Retailers
Offering Price $2,200,000
APN 0530-017
Rentable SF 2,880
Year Built 1900
Zoning NCD
Construction Type Wood Frame
Electric/Gas Separate for commercial and
residential units
Water Single meter
Parking No
Roof Type and Age Flat torch down less than 1
year old
Rear Staircase
between street
Subterranean Space
level floor and
Bathroom
subterranean
space
Subterranean Space
Street Level Space
2nd Floor Apartment 2nd Floor Apartment
Bathroom
Financial Analysis Annualized Operating Data Current Proforma Rental Income 1886 Apartment ($5,200 per month) Vacant $62,400 1888 Street Level Storefront ($67.20 sf) $36,000 $62,400 1888a Sub Level Storefront (48.43 sf) $33,600 $35,646 *Commercial leases are and assumed full-service Total Income $160,446 Water & Trash (trash to revert back to tenant) $1,900 $800 Repairs (stabilized normal repair budget) $1,500 $1,200 Property Insurance $5013 $5,000 Property Taxes (assumes 1.16%) $32,082 $25,520 Total Operating Expenses $40,515 $32,520 Net Operating Income $127,926
The information contained in the offering is confidential, furnished solely for the purpose of review by a prospective purchaser of the subject property. The material is based in
part upon information supplied and in part upon information obtained by Steven Ring and/or Ajax Real Estate Advisors from sources it deems reasonably reliable. No warranty
or representation, expressed or implied, is made by the owner, Steven Ring and/or Ajax Real Estate Advisors, or any of their respective affiliates, as to the accuracy or
completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the
Property. No legal liability is assumed or to be applied in connection with the information or such other communications. Without limiting the generality of the foregoing, the
information shall not be deemed a representation of the state of affairs of the subject property or constitute an indication that there has been no change in the business or
affairs of the subject property since the date of preparation of the information. Prospective purchasers should make their own projections and conclusions without reliance upon
the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property
and the existence of any potentially hazardous material located at the site. The Offering Memorandum was prepared by Steven Ring and/or Ajax Real Estate Advisors. It
contains select information pertaining to the subject property and does not purport to be all inclusive or to contain all of the information which a prospective purchaser may
desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors
beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the subject property will be made available to qualified prospective
purchasers. In the Offering certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate
descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.
The Offering is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the
value of the Property by Steven Ring and/or Ajax Real Estate Advisors or the owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment
as to the advisability of purchasing the subject property described herein. The owner and Steven Ring and/or Ajax Real Estate Advisors expressly reserve the right, at their sole
discretion, to reject any or all expressions of interest or offer to purchase the subject property and/or to terminate discussions with any party at any time with or without notice.
The owner shall have no legal commitment or obligation to any interested party reviewing the Offering or making an offer to purchase the subject property unless a written
agreement for the purchase of the subject property has been fully executed and delivered by the owner and such party and any conditions to the owner’s obligations there
under have been satisfied or waived and then only to the extent expressly provided for therein.
STEVEN RING CalDRE #00842601
Office: 415.985.8606
steven.ring@ajaxrea.com
You can also read
