MAI Appraisal of $13,700M - North Beach 1618-1632 Mason St 31 Unit Apartment Building $13,700,000 ($441,935/Unit) 4.70% Cap Rate San Francisco, CA 94133

This very nostalgic 3 story property is located at 1618-1632 Mason Street in San Francisco California. The property has a great unit mix of 12 Studios, 7 one-bedroom/one-bathroom units and 12 twobedroom/one-bathroom units, all with private baths and kitchens. The property was built in 1912, with a new concrete perimeter foundation, exterior walls are wood, and the roof is composition shingle. There is laundry on site. 80% of the units have been renovated. All units have separate gas and electric meters and individual hot water heaters minimizing the owners’ expenses. There is 35% upside in the current rents. With 35% upside in rents, this building allows the next owner to increase returns and leverage investment in the hot San Francisco market. This building is located on the cable car route and walking distance to Chinatown. The subject has no deferred maintenance and is in good condition. The property was appraised at $13,700,000 when the income was 25% less a few years ago. The apartment unit mix is outstanding 12 Studios, 7 one-bedroom units and 12 two-bedroom units; and there is street parking. The quality of the building is maintained with pride. The property has a fairly new roof. The units have spectacular views from the entry and living room of upstairs units. The laundry is coin operated for additional income. 1618-1632 Mason Street blends historic charm with urban realities, offering affordable living with great potential and a strong sense of community, particularly appealing to those seeking proximity to medical facilities and a diverse, established neighborhood. Multimillion-dollar homes lines the street with some of San Francisco’s best views. Construction is typical wood framing with concrete foundation walls raised to create a partial basement on the southern portion and slab on grade foundation on the northern portion. The entire foundation was rebuilt for $500,000 for earthquake protection. The exterior finishes consist of painted brick veneer and stucco siding. The flat roof contains built up covering. Units are heated by electric wall heaters. Domestic water lines are copper. Electrical wiring is observed as copper. You will appreciate the neighborhood amenities near Mason Street. This part of San Francisco is bike friendly, so you get around town easily. You can go for a walk in one of the neighborhood parks. If you like to walk, you will find streets lined with trees and sidewalks that are well-lit at night. Residents in this neighborhood consider the area to be the most walkable with stores, public transportation, and shops nearby, and the cable car stops in front of the building. The property at Mason Street in San Francisco, CA has strong investment potential due to its proximity to major employers, transportation routes, shopping centers, dining venues, and entertainment options. It is an attractive option for renters seeking convenience and accessibility. The combination of a robust economy and desirable location make this property a promising investment opportunity in the San Francisco real estate market. Located in the Russian Hill and North Beach district, 1618-1632 Mason Street is just steps away from San Francisco’s famous Little Italy, renowned for its fine Italian dining, live performance venues and bustling nightlife. Our beautiful property is located in the bright North Beach / Russian Hill neighborhood. Stationed near small restaurants & local businesses- this is an ideal area for a true foodie! This property is in a quiet, peaceful & central neighborhood. We have installed new windows throughout the whole building which accentuate the stunning views, allowing plenty of sunshine & natural breeze to flow in. This location is perfect for commuters- as it is highly accessible to the cable & bus line. The Regency Apartments are currently under complete renovation. Starting from the units to the exterior of the building. We will be adding laundry rooms on each floor making it accessible to every tenant on every level. Through these renovations, our property continuously offers dependable security. The Regency Apartments is an apartment community located in San Francisco County and the 94133 ZIP Code. This area is served by the San Francisco Unified attendance zone. The lot is a U-shaped lot. This is a turnkey operation. The management of this property is simple. The tenants directly deposit most of their rent and there is no deferred maintenance. Rents are skyrocketing in the neighborhood. This property can be managed effortlessly as your investment grows. The building is bordered by Northpoint Street to the north, Columbus Avenue to the East, Broadway to the south, and Van Ness Avenue to the West. The area is commonly known as the Russian Hill. This is a residential mixed area and a tourist area with destination on Lombard Street. Columbus Avenue is a commercial strip that extends into the Financial District. The subject area has a mixed-use building along the Grant Avenue and Stockton Street corridor. Powell Street and Mason Street are residential streets with high commercial spaces. North Beach / Russian Hill is a neighborhood in the northeast of San Francisco adjacent to Chinatown, the Financial District, and Russian Hill. The neighborhood is San Francisco's "Little Italy" and has historically been home to a large Italian American population, largely from Northern Italy. It still has many Italian restaurants and a sizeable Italian community, though many other ethnic groups currently live in the neighborhood. It was also the historic center of the beatnik subculture and has become one of San Francisco's main nightlife districts as well as a residential neighborhood populated by a mix of young urban professionals, families, and Chinese immigrants. North Beach is bounded by the former Barbary Coast, now Jackson Square, the Financial District south of Broadway, Chinatown to the southwest of Columbus below Green Street, Russian Hill to the west, Telegraph Hill to the east and Fisherman's Wharf at Bay Street to the north. Main intersections are Union and Columbus, the southwest corner of Washington Square, Grant Avenue, and Vallejo Street. The neighborhood consists of modern, mid-century apartments, duplexes, and Victorian homes and multiplexes.