Development Site For Sale:


156-158 SPROULE LANE

Introduction
Pacific Union / GMAC Commercial has been exclusively retained by the ownership to sell the fee simple property at 156-158 Sproule Lane. This property is in the renowned Nob Hill area of San Francisco, one of the premier locations in the world, just one block from the beautiful Huntington Park.

The Opportunity
The under utilized property is partly vacant (used as a parking lot) and partly occupied with an unoccupied two-unit residential structure.

The site has the potential for development of a 65’ high project consisting of 8.7 residential units:
The property is not entitled (no plans available). The San Francisco Planning Code allows for residential development, however, it is the responsibility of prospective buyer to confirm if and what can be built on the property.

Property:... ..Block 0222 Lot 038

Lot: 3,480 sf (per map) - [3,563 sf per Metroscan – buyer to confirm]

Building: 2,630 sf per Metroscan.
The building consists of two flats over a basement area that has approx.
7’ clearance. The foundation appears to be of original vintage and is of brick construction. Date of construction is reported to be 1907. Both units are vacant and of fairly original condition.

Zoning: RM-3
Residential Density: 1/400 sf of lot area
Height Limit: 65’

Proposed Transaction
Offers should be faxed, emailed or delivered to Pacific Union Commercial Brokerage, 601 California St. 2nd Floor, San Francisco, CA 94108 attention Doug Shaw or Richerson Farnsworth.

Bid date: Thursday, May 22, 2008
The value has been estimated at $2,795,000. To assist in the analysis of offers, Prospective Buyers should provide information relative to constructing properties similar to that which would be proposed for the site if there is a feasibility to be included in the offer. This includes experience with local contractors, market values, funding and the ability to close escrow in a reasonable time frame. Sellers shall be selling the property in its as-is condition. The seller reserves the right to accept or reject any offers.