701 Island Avenue, Downtown San Diego

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Video added by Avison Young San Diego | Date Uploaded: February 20, 2024 | Date Created: February 19, 2024

Description

This attractive mixed-use property offers the following: • Approx 18,178 rentable sq. ft., 3 floors of creative office with high-end buildouts above a ground floor restaurant and brewery • “Retro Chic” property built in 1925 with original hardwood floors and operable windows • Modernized with a new TPO 20-year super roof, new elevator, new restrooms, and high-speed internet • Class A+ location in East Village, downtown San Diego’s largest and fastest growing market • One block from the world-famous Gaslamp Quarter, two blocks from Petco Park, five blocks from the San Diego Convention Center • Asking price of $8,000,000 It’s offered under two different 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 For more information, please contact Andrew Meyers at andrew.meyers@avisonyoung.com, direct line 858-519-3242. Thank you.


Categories:
Commercial Properties for Sale
Property Types:
Office, Retail, Mixed-Use: Office / Retail, Restaurant
States:
CALIFORNIA
Regions:
Southern California, San Diego County
Cities:
San Diego


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