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CONFIDENTIAL OFFERING MEMORANDUM 309 311 BAY NORTH WATERFRONT SAN FRANCISCO, CA BAY + POWELL: FULLY ENTITLED NORTH WATERFRONT DEVELOPMENT OPPORTUNITY 309 311 BAY

CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

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Page 1: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

CO

NF

IDE

NT

IAL

OF

FE

RIN

G M

EM

OR

AN

DU

M

309311B A Y

N O R T H W A T E R F R O N TS A N F R A N C I S C O , C A

B A Y + P O W E L L : F U L LY E N T I T L E D N O R T H W A T E R F R O N T D E V E L O P M E N T O P P O R T U N I T Y

309311B A Y

Page 2: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

EXCLUSIVELY OFFERED

BY BECKETT CAPITAL INC

INVESTMENT CONTACTS:

DAVID NORAVIANLic 01419471

[email protected]

+1 415 627 8364

BECKETT CAPITAL INC156 2nd Street | 6th Floor

San Francisco, CA 94105

C R E D I T S Building Rendering by // Ian Birchill & Associates // ibadesign.com// * Aerial Photography by // Todd Quam Digital Sky Aerial Imaging // Digitalsky.us

C O N F I D E N T I A L I T Y AG R E E M E N TThis is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the

acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the

Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may

require to evaluate a purchase of real property.

All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general

economy, market conditions, competition and other factors beyond the control of the Owner and Beckett Capital Inc. Therefore, all projections,

assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and

other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and

qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These

summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to

review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or Beckett Capital Inc, nor any of their respective directors, officers, affiliates or representatives make any representation or

warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation

shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the

Property in evaluating a possible purchase of the real property.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to

terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall

have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written

agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s

obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the

strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization

of the Owner or Beckett Capital Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the

interest of the Owner or Beckett Capital Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Beckett Capital Inc.

D I S C L A I M E R© 2018 Beckett Capital Inc. The information contained in this document has been obtained from sources believed reliable. While Beckett Capital

Inc does not doubt its accuracy, Beckett Capital Inc has not verified it and makes no guarantee, warranty or representation about it. It is your

responsibility to independently confirm its accuracy and completeness.

Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the

property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors.

You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

309311B A Y

2

309-

311 BAY

Page 3: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

T A B L E O F C O N T E N T S

S E C T I O N I .

E X E C U T I V E

S U M M A RY

S E C T I O N I I .

P R O P E R T Y

OV E R V I E W

S E C T I O N I I I .

M A R K E T

OV E R V I E W

4 1 2 2 2

3

Page 4: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

309311B A Y

Page 5: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

S E C T I O N I .

E X E C U T I V E S U M M A R Y

Page 6: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

E X E C U T I V E S U M M A R Y

Beckett Capital Inc as exclusive advisor is pleased to offer

for sale the 100% fee simple interest of 309-311 Bay Street

(the “Property”), an outstanding development opportunity

located in San Francisco’s North Waterfront submarket.

Located on the corner of Bay and Powell Streets, the

Property comprises a 6,875 sf parcel and is fully entitled

for 17 condominium units and one ground floor retail unit.

The Property provides a rare opportunity for developers to

acquire a prime site that is fully entitled for new residential

product (for sale or for rent). The Property could also be

an ideal new boutique hotel development opportunity

allowing for approximately 80 hotel rooms.

The Property is currently entitled for a four story new

condominium development with Type V construction over

Type I podium. The design allows for significant cost savings

with no subterranean levels and six parking spaces at grade.

The Property is located in the amenity-rich North

Waterfront submarket and is directly across the street from

the NorthPoint Shopping Center which features Safeway,

Walgreens and a 24 Hour Fitness as well as restaurant

and banking options. It is also one block from Trader

Joes and Cost Plus World Market. Major employers in the

North Waterfront area include Williams Sonoma, hulu,

Giant Creative Magazine and San Francisco Magazine. The

Property is a short walking distance from the world famous

attractions and restaurants at Fisherman’s Wharf as well as

North Beach, Coit Tower and the scenic Embarcadero.

The Property offers investors and developers a rare opportunity

to develop a fully-entitled Type V development site in one of

the most supply-constrained markets in the United States.

T H E O P P O R T U N I T YBay & Powell offers developers a rare opportunity to acquire a fully-entitled

17 unit, Type V over podium residential development opportunity in one of

the most dynamic and supply-constrained markets in the United States.6

309-

311 BAY

Page 7: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

O F F E R I N G S U M M A R Y

A D D R E S S

309-311 Bay Street2293-2299 Powell StreetSan Francisco, CA 94133

PA R C E L A R E A

6,875 SF

A P N

0041/154

E N T I T L E M E N T S TAT U S

Fully-Entitled

P R I C E

Best Offer

Z O N I N G

C-2* (Community Business)* Allows for Residential, Hotel, Senior

Housing, Group Housing, Formula Retail

U N I T C O U N T

17 Total (12 1-BD & 5 2-BD)

H E I G H T L I M I T

40 Feet

C U R R E N T T E N A N C Y

N/A

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Page 8: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

M A J O R S A N F R A N C I S C O L A N D M A R K S A N D A T T R A C T I O N S

FINANCIALDISTRICT

MARIN HEADLANDS

MARINAGREEN

THE MARINA

RUSSIANHILL

AQUATICPARK

FISHERMAN’S WHARF

WASHINGTONSQUARE PARK

NORTH BEACH

JACKSON SQUARE

COIT TOWERTELEGRAPH HILL

CABLE CARTURNAROUND

PIER 39

ALCATRAZ

CRUISE TERMINAL

EXPLORATORIUM

THE

EMBA

RCA

DER

O

309311B A Y

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Page 9: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

I N V E S T M E N T H I G H L I G H T S

R A R E T Y P E V D E V E L O P M E N T O P P O R T U N I T Y

The Property is fully entitled for a four story residential development

featuring 17 units (12 1-BD & 5 2-BD) as well as one commercial

unit. The current design is Type V wood frame construction over

Type I podium which allows for significant cost savings. There is

no below grade level, and the six parking spaces are at grade.

L OW B M R C O M P O N E N T AT 1 2 %

The Property is fully entitled and is grandfathered

with a 12% onsite BMR component.

P O T E N T I A L H O T E L D E V E L O P M E N T

The Property could be a new boutique hotel

development for approximately 80 rooms in one

of the most popular tourist areas of San Francisco.

C-2 zoning (Community Business) allows for new

hotel product with a conditional use permit.

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Page 10: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

L O C A T I O N O V E R V I E W

H I G H V I S I B I L I T Y L O C AT I O N

The Property is situated at the corner of Bay and Powell Streets

in San Francisco’s North Waterfront submarket. It is walking

distance to the restaurants and shops at Fisherman’s Wharf as

well as vibrant restaurants and bars in North Beach.

A M E N I T Y R I C H A R E A

The Property is directly across the street from the NorthPoint

Shopping Center featuring Safeway, CVS and 24 Hour Fitness. It

is also one block from Trader Joe’s and Cost Plus World Market.

P R OX I M I T Y TO M A J O R S A N F R A N C I S C O AT T R AC T I O N S

The Property is centrally located and has close proximity to

some of San Francisco’s most notable attractions including the

Fisherman’s Wharf/Pier 39 area, North Beach, Coit Tower, the

Embarcadero and scenic Jackson Square.

E XC E L L E N T AC C E S S T O P U B L I C T R A N S I T

The Property benefits from excellent access to MUNI (Transit

lines – Muni “F” line; Powell-Mason cable car; Muni 8BX, 8, 30,

39, 47, 91; Golden Gate Transit 4, 18, 24, 27, 38, 44, 54, 58, 72, 74,

76) as well as the Golden Gate Bridge to the north.

P R OX I M I T Y T O M A J O R E M P L OY E R S

The Property is located walking distance to the following major

companies: Williams Sonoma, hulu, Giant Creative Strategy

and San Francisco Magazine.

1 0

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311 BAY

Page 11: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

San FranciscoBay

AquaticParkVan N

ess Ave

FRANCISCO ST

COLUMBUS AVE

POWELL-MASON CABLE CAR

CHESTNUT ST

BAY ST

NORTH POINT ST

BEACH ST

JEFFERSON ST

LOMBARD ST

KEA

RN

Y ST

FRANCISCO ST

STO

CK

TON

ST

POW

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ST

MA

SON

ST

MID

WAY

ST

GR

AN

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E

KEA

RN

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WIN

THR

OP

ST

MO

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OM

ERY

STPFEIFFER STBEL

LAIR

PL

WHITING ST

JULI

US

ST

GR

AN

T AV

E

THE EMBARCADERO

E-EMBARCADERO / HISTORICAL STREETCAR

JON

ES S

T

TAYL

OR

ST

JON

ES S

T

LEAV

ENW

OR

TH S

T

HYD

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/ PO

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CA

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CA

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LAR

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ST

LAR

KIN

ST

POLK

ST

VAN

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S AV

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FRANCISCO ST

CHESTNUT ST

LOMBARD ST

BAY ST

NORTH POINT ST

BEACH ST

MO

NTC

LAIR

TER

BR

ET H

AR

TE T

ER

HOUSTON STWATER ST

VANDEWATER ST

VEN

AR

D A

LY

NEW

ELL

ST

WO

RD

EN S

T

PioneerPark

RussianHill Park

Golden GateNat’l Rec. Area

FortMason

TheCannery

North BeachPlayground

Pier39

Pier45

Pier 47

Pier41

Pier43 1/2

Pier35

1

2

1

3

2

9

2

6

113

12

10

8

741

5

2

4

8 109

3

5

1

11

6

7

2

4

14

5

310 12

9

6

13

15

11

16

17

8

18

7

1

ATTRACTIONS DINING HOTELS TRANSPORTATION

1 San Francisco Maritime Museum 8 Musee Mecanique 15 Sea Lion Center 1 The Buenavista Café 8 Boudin Bakery & Bistro at Baker’s Hall 1 Fairmont Heritage Place 8 Pier 2620 Hotel 1 Powell-Hyde Cable Car Turnable

2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2 E-Embarcadero / F-Market & Wharves

3 Aquatic Park 10 Ripley’s Believe It or Not Museum 17 Aquarium of the Bay 3 Eight AM 10 Boudin Bakery & Bistro at Baker’s at Baker’s Hall 3 Courtyard by Marriot 10 The Wharf Inn 3 Powell-Mason Cable Car Turnaround

4 Hyde Street Pier 11 Madame Tussauds 18 Cost Plus Plaza 4 Scoma’s Restaurant 11 Albona Restaurant 4 Holiday Inn 11 Hotel Zephyr

5 Anchorage Suqare Mall 12 San Francisco Dungeon 5 In-N-Out Burger 5 Marriot 12 Sheraton VISITOR CENTERS

6 Fisherman’s & Seamen’s Mem’l Chapel 13 Pier 43 6 Surisan 6 Travelodge 1 SF Maritime National Historical Park

7 Historic Fishing Fleet 14 NorthPoint Centre Shopping 7 Seafood Stands 7 Holiday Inn Express 2 California Welcome Center

309311B A Y

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309311B A Y

Page 13: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

P R O J E C TO V E R V I E W

S E C T I O N I I .

Page 14: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

309311B A Y

P R OJ E C T O V E R V I E W

C o n s t r u c t i o n Ty p e Ty p e V ( Wo o d Fr a m e )

O v e r Ty p e I P o d i u m

S t o r i e s Fo u r

R e s i d e n t i a l U n i t C o u n t 1 7

Av e r a g e U n i t S i z e 6 9 4 S F

O n s i t e A f f o r d a b l e R e q u i r e d 2 U n i t s ( 1 2 % )

To t a l S a l e a b l e S F 1 1 , 7 9 0

R e t a i l S a l e a b l e S F 1 , 6 8 2 S F

P a r k i n g 6 S p a c e s A t G r a d e

B i c y c l e P a r k i n g 2 5 S p a c e s

To t a l B u i l d i n g A r e a 2 3 , 7 7 3 G S F

U N I T M I X

T Y P E 1 - B D 2 - B D T O TA L

# U n i t s 1 2 5 1 7

% o f To t a l 7 1 % 2 9 % 1 0 0 %

A v e r a g e U n i t S i z e 6 2 0 S F 8 7 0 S F 6 9 4 S F

1 4

309-

311 BAY

Page 15: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

P A R C E L M A P

309311B A Y

B AY S T R E E T

VA N D E WAT E R S T R E E T

PO

WE

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ST

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ET

MA

SO

N S

TR

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A P N 0 0 4 1 / 1 5 4

S Q UA R EF E E T 6 , 8 7 5 S F

A C R E S 0 . 1 6

F R O N TA G E :B AY 1 1 4 ’ -7 ”

F R O N TA G E :P O W E L L 6 0 ’

Z O N I N G C-2 / COMMUNITY BUSINESS

H E I G H TL I M I T 4 0 ’

S I T E O V E R V I E WThe Property consists of a single parcel with

frontage on Bay and Powell Streets. It is currently

improved with a one and two story building, both

of which are vacant.

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Z O N I N G O V E R V I E W

Z o n i n g D i s t r i c t C - 2 ( C o m m u n i t y B u s i n e s s )

H e i g h t D i s t r i c t 4 0 - X

D w e l l i n g U n i t D e n s i t y L i m i t a t i o n 1 D U / 4 0 0 S F o f l o t a r e a

FA R L i m i t a t i o n 3.6 to 1 for C-2 District - Commercial Uses No FAR limitation for residential uses

P a r k i n g R e q u i r e m e n t ( R e s i d e n t i a l ) 1 s p a c e / D U

P a r k i n g P r o v i d e d ( R e s i d e n t i a l ) 6 s p a c e s

P a r k i n g P r o v i d e d ( R e t a i l ) 0 a u t o s p a c e s

B i c y c l e P a r k i n g P r o v i s i o n R e q u i r e d

B i c y c l e P a r k i n g ( N e w C o m m e r c i a l ) 2 r e q u i r e d

B i c y c l e P a r k i n g ( R e s i d e n t i a l ) 1 C l a s s 1 b i ke s p a c e / D U

C a r S h a r e P a r k i n g N o n e r e q u i r e d

B i c y c l e P a r k i n g P r o v i s i o n P r o v i d e d 2 5 b i ke s p a c e s

R e a r Ya r d R e q u i r e m e n t ( B a s e ) 2 5 % s e t b a c k , 1 5 ' m i n

R e a r Ya r d P r o v i d e d P r o v i d e a t l e v e l o f r e s i d e n t i a l u n i t

6 0 ' l o t d e p t h x 0 . 2 5 = 1 5 ' r e a r s e t b a c k

R e a r Ya r d R e q u i r e m e n t ( R e d u c t i o n s ,

C o r n e r L o t , S p e c i a l S i t u a t i o n s )

N o t a p p l i c a b l e i n C - 2 D i s t r i c t

R e a r Ya r d P r o v i d e d 2 5 % o f l o t a r e a

(Open area = 25% of lot area)(depth of rear building wall of adjacent building)

R e s i d e n t i a l O p e n S p a c e R e q u i r e m e n t Fo r C - 2 , s a m e a s r e s i d e n t i a l d i s t r i c t

R e s i d e n t i a l O p e n S p a c e P r o v i d e d R M -3 = 6 0 s f/ D U ( N e a r e s t P r i v a t e ) x 1 . 3 3 ( C o m m o n )

1 7 X 6 0 X 1 . 3 3 = 1 , 3 5 6 . 6 S F

P r i v a t e O p e n S p a c e S t a n d a r d s M i n 1 0 0 S F/ D U i f a t c o u r t o r g r a d e l e v e l

C o m m o n O p e n S p a c e S t a n d a r d s M i n 3 0 0 S F & i n 1 5 ' i n e v e r y h o r i z o n t a l d i m e n s i o n

C o m m o n O p e n S p a c e S t a n d a r d s

( I n n e r C o u r t )

M i n 4 0 0 S F a n d m i n 2 0 ' i n e v e r y h o r i z o n t a l d i m e n s i o n & b u i l d i n g w a l l h e i g h t

l i m i t e d t o " a s w i d e a s h i g h " 1 : 1 r a t i o t o o p e n s p a c e w i d t h w h e n 3 - s i d e s e n -

c l o s e d f o r 7 5 % o f p e r i m e t e r

S o u r c e : I a n B i r c h a l l & A s s o c i a t e s

1 6

309-

311 BAY

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1 7

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F L O O R P L A N S

DN

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STEEL BEAM

ST

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L B

EA

MS

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EA

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B A Y S T R E E T

F I R S T F L O O R

S E C O N D F L O O R

1 8

309-

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Page 19: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

M

DN

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STEEL BEAM

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T H I R D F L O O R

F O U R T H F L O O R

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E L E V A T I O N S

E A S T E L E VAT I O N

2 0

309-

311 BAY

Page 21: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

SIM.

N O R T H E L E VAT I O N

S O U T H E L E VAT I O N

2 1

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309311B A Y

Page 23: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

M A R K E TO V E R V I E W

S E C T I O N I I I .

Page 24: CONFIDENTIAL OFFERING MEMORANDUM 309311...2 Ghiradelli Square 9 USS Pompanito & SS Jeremiah O’Brien 16 Pier 39 2 Gary Danko 9 Fog Harbor Fish House 2 The Argonaut Hotel 9 Hyatt 2

R E S I D E N T I A L M A R K E T O V E R V I E W

The San Francisco market is an extremely desirable and supply-

constrained market, and as a result it boasts the highest

residential rents in the nation. Market vacancy is currently in the

high 3% range for apartments.

The tech sector has continued to fuel job growth, and the

current unemployment rate for the City of San Francisco is at

2.6%, down from 3.1% one year earlier. These strong market

fundamentals have all helped San Francisco earn its current title

as the world’s most expensive city with respect to housing costs.

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A PA R T M E N T

» Highest rent worldwide at $3,500 for a one bedroom (ahead of NYC, Hong Kong, London and Singapore)

» San Francisco continues to have a high percentage of renters at approximately 56%

» Perennially constrained supply with very limited new delivery

» Occupancy marketwide above 96%

Sources: CoStar; The Mark Company; Vanguard Properties; RentCafe; www.numbeo.com; Bureau of Labor Statistics

S I G N I F I C A N T R E S I D E N T I A L M A R K E T T R E N D S

AVERAGE RENTAL PRICES IN MAJOR CITIES WORLDWIDE

COST PER MONTH* C I T I E S * *

$3,500 San Francisco

$3,400 Hamilton, Bermuda

$3,050 Manhattan

$2,500 San Jose

$2,450 Oakland, Hong Kong

$2,400 Berkeley, Boston

$2,350 London, Brooklyn

$2,250 Washington, DC

$2,200 Santa Barbara, Singapore, Geneva

$2,100 Los Angeles, Sydney

$2,050 Doha, Qatar; Dubai, UAE; Bellevue, WA

$2,000 Irvine; Zurich; Jersey City, NJ; Queens, NY

$1,950 Seattle; Abu Dhabi, Miami; Rockville, MD

$1,900 San Diego; Honolulu; Arlington, VA; Luxembourg, Lux.; Dublin, Ireland

Notes: * Average cost of a one bedroom in the City Center of major cities worldwide. ** Cities in red font are California cities. Source: www.numbeo.com

C O N D O

» Median new condominium pricing is $1,370 psf, a 6% year-over- year increase

» New condo supply remains limited with only 546 units available, a 38% year-over-year decrease

» Condo resales are strong with very limited supply (approximately 1.5 months of inventory)

» Historically low interest rates

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S A N F R A N C I S C O S U B M A R K E T S

THE

EMBA

RCADER

O

COLUM

BUS

NORTHWATERFRONT

PIER 39

FISHERMAN’SWHARF

RUSSIANHILL

NORTHBEACH

JACKSONSQUARE

FINANCIALDISTRICT

SOMA

309311B A Y

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RUSSIANHILL

C O N D O M I N I U M C O M P A R A B L E S

P R O P E R T Y I N F O R M AT I O N

Address 815 Tennessee

Number Of Units 69

Year Delivered 2017

Developer DM Development

PROPERTY INFORMATION

Address 288 Pacific

Number Of Units 33

Year Delivered 2018

Developer Grosvenor

8 1 5 T E N N E S S E E 2 8 8 PAC I F I C

P R O P E R T Y OV E R V I E W

The building features one-, two-

and three-bedroom residences.

All units contain high-end finishes

throughout. Amenities include a

roof terrace with BBQ, a lobby

attendant, a bicycle parking

and repair station as well as

automated package lockers.

P R O P E R T Y OV E R V I E W

Grosvenor presents thirty-three tailored

condominium residences with striking,

timeless, contextual exterior and interiors

by Handel Architects echo the past while

delivering contemporary, light-filled

homes, with ceilings that soar up to eleven

feet, bronze framed window walls, and a

bespoke level of finishes.

S A L E S S TAT U S

Date On Market September 2017

Closings Commenced April 2018

Avg. Absorption 6 units/month

Avg. $ PSF $1,488

Avg. HOA Fees Approx. $650/month

CLOSINGS Approx. 96% sold

S A L E S S TAT U S

Date On Market February 2018

Avg. $ PSF $1,816

Avg. HOA Fees $640-$1,140

Closings Commenced May-18

M O S T R E C E N T C LO S E D S A L E S

UNIT MIX SF CLOSING PRICE $/SF CLOSED DATE

2/2 1,050 $1,550,000 $1,476 Q2-2018

3/2 1,200 $2,300,000 $1,917 Q2-2018

2/2 1,050 $1,850,000 $1,762 Q2-2018

2/2 1,050 $1,600,000 $1,524 Q2-2018

2/2 1,105 $1,415,000 $1,281 Q2-2018

2/2 1,105 $1,600,000 $1,448 Q2-2018

2/2 1,104 $1,449,000 $1,313 Q2-2018

2/2 1,104 $1,398,000 $1,266 Q2-2018

2/2 885 $1,219,000 $1,377 Q2-2018

2/2 869 $1,275,000 $1,467 Q2-2018

Averages 1,052 $1,565,600 $1,488

M O S T R E C E N T C LO S E D S A L E S

UNIT MIX SF CLOSING PRICE $/SF CLOSED DATE

2/2.5 1,207 $1,995,000 $1,653 TBD

2/2.5 1,207 $2,300,000 $1,906 TBD

2/2 1,218 $2,300,000 $1,888 TBD

Averages 1,211 $2,198,333 $1,816

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C O N D O M I N I U M C O M P A R A B L E S ( C O N T )

P R O P E R T Y I N F O R M AT I O N

Address 2121 Webster Street

Number Of Units 76

Year Delivered 2016

Developer Trumark Urban

P R O P E R T Y I N F O R M AT I O N

Address 1238 Sutter Street

Number Of Units 37

Year Delivered 2018

Developer Celtic Development

T H E PAC I F I C S U T T E R N O R T H

P R O P E R T Y OV E R V I E W

Designed by Handel Architects, The Pacific is

located at Webster and Sacramento Streets in

Pacific Heights. The site offers walkable access to

fine dining, shopping and everyday services on

Fillmore Street. While the majority of units are sold

as shells, available finishes include hardwood and

marble flooring, marble countertops and Gaggeneau

appliances. The upscale building features a

concierge, fitness center with yoga room, rooftop

lounge and guest suite. There are 95 parking spaces.

P R O P E R T Y OV E R V I E W

Sutter North, a newly constructed 37-

unit condominium building comprised of

studio, one-, and two- bedroom homes

with designer finishes and floor-to-

ceiling windows. Situated directly off

Polk Street’s emerging vibrant corridor,

the neighborhood provides an electric

mix of restaurants, cafes, and boutiques.

Transportation is made easy with access

to nearby bus lines and the San Francisco

cable car line only a few blocks away.S A L E S S TAT U S

Date On Market April 2016

Closings Commenced

August 2016

Avg. $ PSF $2,160

Avg. HOA Fees $2,000- $2,200/month

Sold OutAll unit are in contract

or sold

S A L E S S TAT U S

Date On Market May 2018

Closings Commenced

TBD

Avg. $ PSF $1,458

Avg. HOA Fees $530/month

Avg. Absorption 3 units/monthM O S T R E C E N T C LO S E D S A L E S

UNIT MIX SF CLOSING PRICE $/SF CLOSED DATE

3/3 3,031 $8,501,000 $2,805 Q2-2018

4/4 3,851 $9,899,000 $2,571 Q4-2017

3/3 2,395 $4,700,000 $1,962 Q4-2017

2/2 1,956 $3,550,000 $1,815 Q4-2017

3/3 2,207 $4,595,000 $2,082 Q4-2017

3/2.5 2,122 $4,675,000 $2,203 Q4-2017

3/2.5 2,145 $4,695,000 $2,189 Q4-2017

3/2.5 2,139 $4,878,500 $2,281 Q3-2017

1/1.5 982 $1,450,000 $1,477 Q3-2017

2/2 1,360 $2,995,000 $2,202 Q3-2017

Averages 2,219 $4,993,850 $2,251

M O S T R E C E N T C LO S E D S A L E S

UNIT MIX SF* CLOSING PRICE $/SF CLOSED DATE

0/1 399-448 $599,000 $1,414 Q3-2018

1/1 419-514 $645,000 $1,383 Q3-2018

1/1 419-514 $673,000 $1,443 Q3-2018

1/1 419-514 $713,000 $1,528 Q3-2018

1/1 419-514 $745,000 $1,597 Q3-2018

2/1 676-797 $1,036,000 $1,407 Q3-2018

Averages $735,167 $1,458

Source: The Mark Company; San Francisco MLS* Individual unit sizes are estimates as are $/SF numbers.

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A P A R T M E N T C O M P A R A B L E S

P R O P E R T Y I N F O R M AT I O N

Address 185 Channel St.

Property Type Class A Apartments

Style Mid-Rise

Number Of Units 315

Avg. Unit Size 788 SF

Year Built 2014

STORIES 6

Developer UDR

O N E H E N RY A DA M S C H A N N E L M I S S I O N B AY

P R O P E R T Y OV E R V I E W

Located in Showplace Square,

One Henry Adams features a

rooftop terrace with City views, a

24 hour fitness center, a clubhouse

and ground floor dining with The

Grove restaurant.

P R O P E R T Y OV E R V I E W

Located in Mission Bay Channel

Mission Bay features a freshwater

pool, an outdoor terrace and

grilling area, a three-level fitness

center as well as on-site retail.

A PA R T M E N T R E N TA L P R I C I N G

UNIT MIX AVG SF UNITS ASKING RENT RENT/SF

All Studios 513 35 $3,614 $7.04

All 1 Beds 692 193 $4,283 $6.19

All 2 Beds 1,114 87 $5,811 $5.22

Totals 788 315 $4,631 $5.87

P R O P E R T Y I N F O R M AT I O N

Address One Henry Adams

Property Type Class A Apartments

Style Mid-Rise

Number Of Units 241

Avg. Unit Size 756 SF

Year Built 2017

Stories 6

Developer Equity Residential

R E N TA L I N F O

Asking Rent/Unit $4,151

Asking Rent/SF $5.49

R E N TA L I N F O

Asking Rent/Unit $4,631

Asking Rent/SF $5.87

A PA R T M E N T R E N TA L P R I C I N G

UNIT MIX AVG SF UNITS ASKING RENT RENT/SF

All Studios 579 65 $3,509 $6.06

All 1 Beds 691 110 $3,941 $5.71

All 2 Beds 1,034 64 $5,079 $4.91

All 3 Beds 1,180 2 $6,891 $5.84

Totals 756 241 $4,151 $5.49

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A P A R T M E N T C O M P A R A B L E S ( C O N T )

P R O P E R T Y I N F O R M AT I O N

ADDRESS 923 Folsom

PROPERTY TYPE Class A Apartments

STYLE Mid-Rise

NUMBER OF UNITS 115

AVG. UNIT SIZE 777 SF

YEAR BUILT 2017

STORIES 8

DEVELOPER Trumark

1 4 6 3 L O M B A R D 9 2 3 F O L S O M

P R O P E R T Y OV E R V I E W

Located in the heart of Cow

Hollow, 1463 Lombard offers 14

units and 9 parking spaces.

P R O P E R T Y OV E R V I E W

923 Folsom SoMa features custom

cabinetry, floor-to-ceiling windows,

wood-style plank flooring, resident

lounges and a coffee bar, and a

state of the art fitness center.

A PA R T M E N T R E N TA L P R I C I N G

UNIT MIX AVG SF UNITS ASKING RENT RENT/SF

All Studios 515 8 $3,734 $7.25

All 1 Beds 684 61 $4,010 $5.86

All 2 Beds 945 46 $5,328 $5.64

Totals 777 115 $4,518 $5.82

A PA R T M E N T R E N TA L P R I C I N G

UNIT MIX SF ASKING RENT RENT/SF

1 BD / 1BA 570 $5,000 $8.77

1BD / 1BA 545 $4,900 $8.99

2BD / 2BA 900 $6,500 $7.22

WTD Avg $5,643 $8.14

P R O P E R T Y I N F O R M AT I O N

Address 1463 Lombard

Property Type Class A Apartments

Style Mid-Rise

Number Of Units 14

Avg. Unit Size 623 SF

Year Built 2018

Stories 4

Developer Toboni Group

R E N TA L I N F O

Asking Rent/Unit $5,643

Asking Rent/SF $8.14

R E N TA L I N F O

Asking Rent/Unit $4,518

Asking Rent/SF $5.82

Source: CoStar, Apartments.com

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309311B A Y

EXCLUSIVELY OFFERED

BY BECKETT CAPITAL INC

INVESTMENT CONTACTS:

DAVID NORAVIANLic 01419471

[email protected]

+1 415 627 8364

BECKETT CAPITAL INC156 2nd Street | 6th Floor

San Francisco, CA 94105

309311B A Y