701 Island Ave - Loft/Creative Space FOR SALE


San Diego, CA 92101
$8,000,000 USD
858-519-3240
701 Island Ave, San Diego, CA for Sale
$8,000,000 USD
Loft/Creative Space - FOR SALE
1/24
null | 5.6% Cap Rate

701 Island Ave
San Diego, CA 92101


HIGHLIGHTS

  • Tenants on floors 2 and 3 willing to vacate. An owner/user can occupy those floors and collect rents from floors 1 and 4
  • An owner/user could obtain desirable SBA 504 financing, downpayment of just 10%, long-term below-market fixed rate financing
  • The projected owner/user's net occupancy cost, after collecting rents and writing off expenses, would be approx $.79 per SF per month
  • Zoning allows residential. May convert part or all of the property to apartments or condos in the future, if desired
  • “Retro Chic” property built 1925, original hardwood floors, operable windows, modernized with new TPO roof, new elevator, restrooms, & internet
  • Class A+ location in trendy East Village, blocks from Gaslamp Quarter, Petco Park, the Convention Center, restaurants, and nightlife

OVERVIEW

An owner/user may occupy two floors and collect rent from tenants on the other two floors. Or, all tenants can remain in place on long-term leases and a buyer may acquire this as a high-yielding investment property. For an owner/user, the projected net cost after collecting rents and deducting expenses is approx. $.79 per SF per month. For an investor, on a 10-year hold the pro forma leveraged IRR is approx. 11.4% and the projected gain on investment is approx. $4.3 million. The property is also zoned for residential, so part or all of the spaces may be converted to apartments or condos in the future, if desired

FOR SALE DETAILS

PRICE

$8,000,000 USD

PRICE/SF

$400 USD /SF

CAP RATE

5.6%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

701 Island Ave, Downtown San Diego

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Loft/Creative Space

ADD'L SUBTYPES

Office/Residential, Office Live/Work Unit

TOTAL BUILDING SIZE

-

STORIES

4

BUILDING CLASS

B

YEAR BUILT

1925

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

CCPD-ER

APN/PARCEL ID

535-115-09

ASK ABOUT THIS PROPERTY

Andrew MeyersAvison YoungMore Info
858-519-3240

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Andrew MeyersAvison YoungMore Info
858-519-3240

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.