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794-796 Hayes Street & 604 Webster Street San Francisco, CA
Offering Memorandum
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.2 COLLIERS INTERNATIONAL
794-796 Hayes Street & 604 Webster Street
Table of ContentsOFFERING SUMMARY 3
FINANCIAL OVERVIEW 4-5
PROPERTY PHOTOGRAPHS 6-9
FLOOR PLANS 10-11
LOCAL & REGIONAL MAP 12
AERIAL OF SUBJECT PROPERTY 13
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.3 COLLIERS INTERNATIONAL
Colliers International is pleased to present 794-796 Hayes and 604 Webster Street for sale. The property is within easy walking distance to vibrant Hayes Valley shops and restaurants and the Civic Center. Hayes Valley is central to almost everything in San Francisco. The area has easy access to the freeway via the new Octavia Blvd on-ramp and is walking distance to both Muni and Bart Stations. Over the past decade, Hayes Valley has developed into a thriving residential and commercial district, a haven for trendy fashion boutiques, SoHo-style funky art galleries, top-notch restaurants, and hip night spots. In spite of the fast build-up Hayes Valley has managed to retain a sense of community with a quaint neighborhood feel. The combination results in a wide diversity of clientele.
This is a unique opportunity for an investor to acquire a well maintained 3 unit building consisting of three (3) four bedroom with 2 bath units (one of which is not under rent control), two unwarranted units, a bike storage area, and a 2 car garage. For the savvy investor, the unwarranted units present an immediate upside opportunity to monetize the space either by adding ADU’s or reconfiguring the space and adding it to the square footage of 604 Webster. In addition with 62% upside in rents this asset provides long term rent growth potential.
Property Information:Address:
District: Property:Sub Type:
APN:Building Square Feet:
Lot Size: Constructed:
Zoning:
Building Systems:Foundation:
Structure: Façade:
Rear of Building: Roof Composition & Age:
Electrical Service:
Gas Service: Fire Protection System:
Heat Source: Hot Water: Plumbing:
Common Areas:Door Entry System:
Front Landing/Lobby/Stairs:
Garbage: Laundry:
794-796 Hayes Street & 604 Webster Street (2 addresses on one lot)Hayes Valley3 unit building (One is non-rent controlled) 0805-0196,938 Square Feet (based on floor plans)2,700 Square Feet 1885RH-3
Concrete FoundationWoodframe Structure Victorian wood sidingWood siding Tar & gravelSeparately metered (in-unit circuit breakers)Separately metered In-unit smoke & Co2 detectorsForced air heatSeparate in-unit water heatersGalvanized
Door buzzer/intercom systemCarpet over hardwood/stained glass entry doorsRecycling/garbage in tradesman areaIn-unit washer/dryer
Offering Summary
Building Composition:Unit Mix:
Kitchens:
Bathrooms:
Bedrooms:
Note:
Three (3) 4 bedroom/2 bath apartments (one is non-rent controlled)
Tile countersTile floors Gas stoves/ovens Stainless steel sinksDishwasherStandard refrigerator Wood cabinets
Tile floorsPedestal/drop in/cabinet sinksTub/shower combinations Shower door with tile surroundsTile counter tops
Hardwood floorsBlinds
Two (2) car garage & bike storage roomThere are (2) unwarranted efficiency units in the basement of the property
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.4 COLLIERS INTERNATIONAL
LOCATION: 794-796 HAYES STREET & 604 WEBSTER STREET, SAN FRANCISCO, CA 94102
Financial Overview
Sale Price $3,295,000Down Payment $1,482,750
Number of Units 3
Price/Unit $1,098,333
Gross Square Feet 6,938
Price/Square Foot $475
CAP Rate-Current 3.09%
CAP Rate-Pro Forma 6.48%
GRM-Current 17.81
GRM-Pro Forma 10.96
Year Built 1885
Lot Size 2,700
ANNUAL GROSS INCOMEFINANCIAL SUMMARY
Loan Amount $1,812,250
Loan Type Proposed New
Interest Rate 3.60%
DCR 1.56
Program 5 Year Interest Only
Loan to Value 55%
Unit Type # of Units Current Rents Monthly Income Market Rents Monthly Income
4 Bedroom/2 Bath 3 $3,599-$7,450 $15,020 $7,450 $24,350
Total 3 Total Monthly Income for Units $15,020 $24,350
SCHEDULED INCOME
Current Market
Gross Potential Income $185,036 $300,600
Gross Potential Rent $180,236 $292,200
Vacancy (3.5%) $6,308 $10,227
AGI $178,728 $290,373
Expenses $76,798 $76,798
NOI $101,930 $213,575
Expense Categories Current Exp/Unit % of Exp Market Exp/Unit % of Exp
Property Taxes $38,855 $12,952 51% $38,855 $12,952 51%
Special Assessment Tax $816 $272 1% $816 $272 1%
Insurance $4,446 $1,482 6% $4,446 $1,482 6%
*Direct Expenses $18,134 $6,045 24% $18,134 $6,045 24%
Repairs & Maintenance $3,637 $1,212 5% $3,637 $1,212 5%
Inspections $310 $103 0% $310 $103 0%
PG&E/Water/Garbage $7,925 $2,642 10% $7,925 $2,642 10%
Permits & Fees $561 $187 1% $561 $187 1%
General & Administrative $613 $204 1% $613 $204 1%
Reserves $1,500 $500 2% $1,500 $500 2%
Total Operating Expenses $76,798 $25,599 100% $76,798 $25,599 100%
*Direct Expenses include: hauling, janitorial,leasing commissions, management fee, pest control, supplies, alarm monitoring & locksmith
Current Market
Less Debt Service $65,241 $65,241
Cash Flow $36,689 $148,334
Cash on Cash Return 2.47% 10.00%
Expenses as % of Gross 42% 26%
Expenses per Unit $25,599 $25,599
FINANCING
ANNUAL OPERATING EXPENSES
First Republic Bank - 5 Year Interest Only at 3.60% June 29, 2017 (loan information is time sensitive & subject to change)
CASH FLOW
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.5 COLLIERS INTERNATIONAL
RENT ROLL
UNITS(Unwarranted) Studio - 1
(Unwarranted) 1 Bedroom - 1
4 Bedroom - 3
Parking - 2
Storage - 1
Financial Overview
NOTES*Units 606 Webster & 606A Webster are unwarranted spaces with development potential
contiguous to the unit above - Currently deriving $950/Month for unit 606
Projected rents based on Current rents & Craigs List asking rents
Projected parking @ $300 per space
Projected storage @ $200
** Unit 604 Webster had been rented for $10,000 from November of 2014 to October 2015
Unit No. Unit Type Base Rent Parking Market Rents
Gross Sq Ft
Move In Date Status
**604 Webster 4 Bedroom/2 Bath $7,450 $7,450 1,429 7/1/2016 Non rent controlled
794 4 Bedroom/2 Bath $3,599 $7,450 1,509 2/1/2002 Rent controlled
796 4 Bedroom/2 Bath $3,971 $7,450 1,468 6/15/2009 Rent controlled
Monthly Rent $15,020 $24,350 6,938
Parking $300 $600 non tenant parking
Storage $100 $100 Vacant
Total Monthly Income $15,420 $25,050
Annual Income $185,036 $300,600 Upside 62%
Unit No. Unit Type Base Rent Parking Market Rents
Move In Date Status
*606 Webster Efficiency/Bath Included $1,000 2/1/2015 Basement unit
*606A Webster Efficiency/Bath $1,000 Vacant Basement unit
Unwarranted Units
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.6 COLLIERS INTERNATIONAL
Property Photographs
CLICK HERE FOR INTERACTIVE VIEW OF UNITS
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.7 COLLIERS INTERNATIONAL
Property Photographs
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.8 COLLIERS INTERNATIONAL
Property Photographs
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.9 COLLIERS INTERNATIONAL
Property Photographs
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.10 COLLIERS INTERNATIONAL
Floor Plans
DN
NEIGHBORING BUILDING
GA
RA
GE
851 SQFT
PRO
PERTY LINE
95'-0"
20'-3"
51'-0"
17'-9"
38'-0"
6'-6 1/2"4'-2 1/2"
23'-1 3/4"
UP
DN
UP
UP
17'-0 1/4"
PROPERTY LINE
NEIG
HBO
RIN
G BU
ILDIN
G
STOR
AG
E740 SQ
FT
BATH
43 SQFT
PRO
PERTY LINE
STOR
AG
E163 SQ
FT
HA
LL210 SQ
FT
BATH
38 SQFT
STOR
AG
E161 SQ
FT
BATH
26 SQFT
36'-7 1/4"
43'-0 3/4"11'-6 1/8"
14'-2"
11'-6 1/8"7'-1 5/8"
4'-2 3/4" 14'-1 7/8"
7'-9"
5'-6"
18'-3 5/8"
6'-0 1/2"
REA
R YA
RD
4'-9"13'-2"
2FIR
ST FLOO
R PLAN
- 604 WEBSTER
STREET
1BASEM
ENT AN
D G
ARAG
E FLOO
R PLAN
01.20.14
1/4"=1'-0"
BASEMEN
T AND
A1
FIRST FLO
OR
PLANS
TITLE
SCALE
DATE
446 PAGE STR
EETSAN
FRAN
CISC
O, C
A 94102P 510.289.4973
timm
SUBM
ISSION
#D
ATER
EV
794 - 796 Hayes Street & 604 Webster StreetSan Francisco, CA
HAYES AND WEBSTER
jeff timm
insD
ESIGN
02
4 FT
SCALE: 1/4"=1'-0"
02
4 FT
SCALE: 1/4"=1'-0"
DN
NEIGHBORING BUILDING
SIDEW
ALK
WEBSTER STREET
DN
DN
NEIG
HBO
RIN
G BU
ILDIN
G
BED
RO
OM
1181 SQ
FT
BED
RO
OM
2128 SQ
FT
SITTING
RO
OM
141 SQFT
BATH
131 SQ
FT
LIVING
RO
OM
267 SQFT
BED
RO
OM
3101 SQ
FTB
EDR
OO
M 4
98 SQFT
KITC
HEN
116 SQFT
BATH
250 SQ
FT
UP
CLO
SET
CLO
SETC
LOSET
CLO
SET
CLO
SET
CLO
SET
DN
SIDEW
ALK
HAYES STR
EET
UP
UP
UP
10'-3 1/2"2'-3"
10'-4"5'-1"
11'-5 3/4"3'-1"
2'-0"8'-4"
7'-2"5'-11"
6'-11 1/4"11'-8"
9'-2 1/2"9'-4"
7'-11 1/4"2'-3 1/4"
25'-11 3/4"13'-6 3/8"
14'-11" 6'-1"
10'-11 3/8"
7'-11 3/4"
7'-7 3/4"
14'-5 3/4"
W/D
REF
DW
PROPERTY LINE
PRO
PERTY LINE
PRO
PERTY LINE
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.11 COLLIERS INTERNATIONAL
Floor Plans
01.20.14
1/4"=1'-0"
SECO
ND
AND
THIR
D
A2
FL PLANS & SQ
FT TOTALS
TITLE
SCALE
DATE
446 PAGE STR
EETSAN
FRAN
CISC
O, C
A 94102P 510.289.4973
timm
SUBM
ISSION
#D
ATER
EV
794 - 796 Hayes Street & 604 Webster StreetSan Francisco, CA
HAYES AND WEBSTER
jeff timm
insD
ESIGN
2TH
IRD
FLOO
R PLAN
- 794 HAYES STR
EET
BATH
35 SQFT
DN
LIVING
133 SQFT
UP
DN
NEIG
HBO
RIN
G BU
ILDIN
G
BED
RO
OM
1186 SQ
FT
UP
STOR
AG
E71 SQ
FT
BED
RO
OM
2165 SQ
FTB
EDR
OO
M 3
110 SQFT
BED
RO
OM
4154 SQ
FT
7'-2 1/4" 11'-6"
14'-2"11'-5 3/8"
2'-3"2'-5"
8'-8"2'-0"
12'-0 1/2"7'-3"
BATH
48 SQFT
HA
LL132 SQ
FT
9'-2 3/4"9'-5 1/4"
13'-7 1/2"12'-11 1/4"
11'-6"
7'-0"
11'-6"
9'-10"C
LOSET
CLO
SET
CLOSET CLO
SETC
LOSET
CLO
CLO
SET
KITC
HEN
123 SQFT
12'-3" 6'-6"
WH
W/D
REF
DW
4'-11 3/8"PROPERTY LINE
PRO
PERTY LINE
PRO
PERTY LINE
1SEC
ON
D FLO
OR
PLAN - 796 H
AYES STREET
02
4 FT
SCALE: 1/4"=1'-0"
02
4 FT
SCALE: 1/4"=1'-0"
BATH
35 SQFT
DN
LIVING
138 SQFT
DN
NEIG
HBO
RIN
G BU
ILDIN
G
BED
RO
OM
1184 SQ
FT
STOR
AG
E68 SQ
FT
BED
RO
OM
2167 SQ
FTB
EDR
OO
M 3
122 SQFT
BED
RO
OM
4144 SQ
FT
7'-0 3/4" 11'-5 1/2"
14'-0 1/4"11'-7 7/8"
2'-3"1'-11"
10'-7 1/2"12'-9"
7'-2"
BATH
43 SQFT
HA
LL157 SQ
FT
9'-1 1/2"9'-6 1/2"
13'-8 1/4"14'-3 1/2"
11'-5 1/2"
7'-0"
11'-5 1/2"
9'-7 3/8"
CLO
SETC
LOSET
CLO
SET
CLO
SET
KITC
HEN
123 SQFT
12'-2 1/4" 6'-7"
W/D
REF
DW
4'-10 5/8"
CLO
SET
PROPERTY LINE
PRO
PERTY LINE
PRO
PERTY LINE
FLOO
R PLAN
TOTALS
FULL FLO
OR
2,5322,243
604 WEBSTER
STC
OM
MO
N SPAC
EFU
LL FLOO
R
1,266163
1,429
1,113134
1,247
AR
EAG
RO
SS SFN
ET SFFLB1
796 HAYES ST
CO
MM
ON
SPACE
FULL FLO
OR
1,313155
1,468
1,157130
1,2872
794 HAYES ST
CO
MM
ON
SPACE
FULL FLO
OR
1,345163
1,509
1,181135
1,3163
TOTA
L B
UILD
ING
SF6,938
6,093
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.12 COLLIERS INTERNATIONAL
Franklin
Gough
Golden Gate
Golden Gate
McAllister
McAllister
Fulton
Grove
Grove
Hayes
FultonGrove
Hayes
Fell
Fell
Oak
Oak
Page
Page
Lyon
Baker
Broderick
Divisadero
Turk
Willow
LagunaBuchanan
Webster
Fillmore
Steiner
Pierce
Scott
Steiner
Pierce
Scott
Terra Vista
Market
McCoppin
Gough
12th St
12th St
Van Ness
Hickory
Lily
Rose
Lausatt
GermaniaHaight
Haight
Waller
H mann
Potoma
Carme
Waller
Encanto
St Joseph’s
Fortuna B
ak e r
Ivy
Ivy
Birch
Linden
Larch
Beideman
Bannecker
Cran
Seymour
Pinar
D
Breen
Dodge
Las
Minna
Stevenson
Jessie
Natoma
WashbuGrace
Brady
Plum
LafayetteStevenso
nColto
n
Kiss
ling
Burn
ssi
s
sitOJessie
P
Pink
kP
nigl
E
Eva
Lech Walesa
Redwood Redwood
Ash
Elm
Chase
Colusa
Elm
PlaygroundPermanente
AlamoSquare Muni
MetroVanNess
CityHall
DaviesSymphonyHall
OperaHouse
CivicCenter
UP
JeffersonSquare
DMV
k
b
p
t
Regional Map
Location Map
794-796 Hayes St
794-796 Hayes St
OFFERING MEMORANDUM | 794-796 HAYES STREET & 604 WEBSTER STREET P.13 COLLIERS INTERNATIONAL
CONFIDENTIALITY & DISCLAIMER STATEMENTThis Offering Memorandum contains select information pertaining to the business and affairs of the Property at 794-796 Hayes Street & 604 Webster Street San Francisco, CA 94114. 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 794-796 Hayes Street & 604 Webster 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 794-796 Hayes Street & 604 Webster 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 794-796 Hayes Street & 604 Webster 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
794-796 Hayes 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
JOSEPH GIOVARA1 415 288 [email protected] Lic. 01449059
www.theDLTeam.com