The Franco Realty Group is proud to exclusively present for sale the mixed-use commercial property located at 1146-48 Garnet Avenue in Pacific Beach. The mixed-use property retail/office and residential property has 2 retail/office units and 1 detached house. The house is a 4 bedroom / 3 bath, newly remodeled short term vacation rental that generates between $125k to $144k per year. There is a roof top deck, a balcony, private yard and two garage parking spaces. For underwriting purposes, we used long term rental income and still have a 5%+ CAP Rate. Short term income boosts the CAP Rate to 5.46% with a 20% management fee and a 43% expense ratio.
One of the retail units is a former restaurant that has a history of getting between $3,000 to $4,000 per month plus triple net (NNN). The restaurant has a grease trap and hood. This space has a unique patio overlooking Garnet Avenue with excellent signage exposure.
The other retail unit is 470 sqft and is currently vacant, allowing a buyer to occupy this portion of the property.