Contacts
Andrew Meyers
Avison Young
(858) 519-3242
Property Details
- Property Type Office - General Office
- Property Size 18,178 SF
- Units 1
- Lot Size 0.12 Acre
- Property Tenancy Multi-Tenant
- Building Class B
- Year Built 1925
- Year Renovated 2017
- Date Updated Apr 20, 2024
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Reach out to the broker for more info on lease terms and amenities
Highlights
- Two scenarios:
- FULLY LEASED INVESTMENT
- 100% leased to four tenants with long remaining lease terms
- Strong upside in rents: 4.5% annual increases for all creative office tenants and 3% increases for the ground floor
- Pro forma leveraged IRR of approx 11.4% and projected gain on investment of approx $4.3 million. Current cap rate of 5.6%, higher after rent increases in July, August, and Sept 2024
- OWNER / USER PURCHASE
- Seller is an entity related to tenancy on the 2nd and 3rd floors, will vacate if requested. The buyer could occupy floors 2 and 3 and collect rents from floors 1 and 4
- Desirable SBA financing can be available, downpayment of just 10% required, long-term below-market fixed interest rates
- With SBA financing, after collecting rents and deducting depreciation costs and operating expenses, an owner/user’s net projected after-tax cost of occupancy is just $.79 per sq. ft. per month
Attachments
Getting around
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99/100
Walk Score ®
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81/100
Transit Score ®
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90/100
Bike Score ®
Location
- City San Diego, CA
- Neighborhood East Village
- Zip Code 92101
- Market San Diego
Points of Interest
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Gaslamp Quarter
0.25 miles
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Park & Market
0.25 miles
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Convention Center
0.33 miles
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12th & Imperial Transit Center
0.42 miles
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5th Avenue
0.46 miles
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City College
0.47 miles
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Civic Center
0.51 miles
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Seaport Village
0.62 miles
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Courthouse
0.64 miles
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America Plaza
0.76 miles
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Top tier Gasoline
0.53 miles
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Petromerica
0.54 miles
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Arco
0.54 miles
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Blink
0.58 miles
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Shell
0.60 miles
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Chevron
0.93 miles
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ChargePoint Charging Station
1.04 miles
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Mobil
1.29 miles
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Blink
1.53 miles
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Valero
1.60 miles
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633 Seventh Ave Parking
0.10 miles
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Park it on Market
0.12 miles
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8th & G
0.15 miles
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Padres Parcade
0.18 miles
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6th and K Parkade
0.18 miles
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San Diego Central Library Parking
0.23 miles
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MTS AutoPark
0.39 miles
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Symphony parking close to hotel churchil
0.41 miles
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Hilton Bayfront Parking Garage
0.42 miles
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U.S. Grant Hotel Parking
0.47 miles
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Solamar San Diego
0.05 miles
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Hotel Z - A Piece of Pineapple Hospitality
0.06 miles
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Pendry
0.10 miles
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Hotel Indigo
0.11 miles
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Residence Inn San Diego Downtown/Gaslamp Quarter
0.12 miles
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San Diego Marriott Gaslamp Quarter
0.12 miles
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Hostelling International San Diego
0.12 miles
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Gaslamp Quarter Hotel
0.17 miles
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Pacifica Hotel
0.17 miles
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Comfort Inn Gaslamp Convention Center
0.18 miles
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Grocery Outlet
0.21 miles
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Ralphs
0.33 miles
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Albertsons
0.39 miles
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Popular Grocery
0.43 miles
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Smart & Final
0.45 miles
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Ross
0.48 miles
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Walmart Neighborhood Market
0.85 miles
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The Market By Buon Appetito
1.01 miles
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Northgate Market
1.08 miles
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Smart & Final
1.17 miles
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
Contact Listing Broker
Andrew Meyers
Avison Young
(858) 519-3242
