722-728 5th Ave - Storefront Retail/Residential FOR SALE


San Diego, CA 92101
$7,550,000 USD
858-373-3176
722-728 5th Ave, San Diego, CA for Sale
$7,550,000 USD
Storefront Retail/Residential - FOR SALE
1/13
null | 6.25% Cap Rate

722-728 5th Ave
San Diego, CA 92101


HIGHLIGHTS

  • 11,906 SF, 3-Story Building in Gaslamp Quarter
  • 1st Floor – Osteria Paneviro & Asti Ristorante – Average Rent $6.73 / SF NNN
  • 2nd and 3rd Floor Is Home to Gaslamp Hostel - Expiration March 2027
  • All Tenants have Fair Market Value Options with CPI Increases
  • Value-Add Opportunity from Hostel –Rents are 50% of Market Currently, Lease was signed during in 2020

OVERVIEW

Marcus & Millichap is pleased to present the Gaslamp Retail Portfolio, consisting of 3 buildings on 5th Avenue in Downtown San Diego’s Gaslamp District. The portfolio consists of a Restaurant and SRO building, a Restaurant and Apartment Building, and a Restaurant and Office Building. All ground floor units are leased on NNN leases with an average rent of $5.50 per SF. 722-728 5th Avenue is home to Osteria Panevino and Asti Ristorante on the ground level, with Gaslamp Hostel occupying Floors 2 and 3. 762 5th Avenue is home to Red Ivy, a new restaurant expected to open in May 2024, and also has two floors of residentially zoned space, permitted for 8 total apartment units. 826 5th Avenue is home to Sadaf Restaurant and Casa Blanca Restaurant, and has 12 office units on the 2nd floor. The properties are available together as a portfolio as separate transactions. The portfolio is located in the heart of the Gaslamp District in Downtown San Diego. With activities for any occasion, the Gaslamp is the perfect spot for a romantic date night, birthday celebration, bachelor/bachelorette party, bar hopping, or even simply dining out with the family. With a plethora of restaurants, from quick bites to fine dining, there are endless ways to satisfy your taste no matter what you are looking for . After your meal, you can choose from a wide variety of entertainment options, including bars, clubs, cigar lounges, comedy shows, live music performances, and even rooftop escapes to avoid the crowded and busy streets. This is a one stop shop where everything is within a five minute walking distance and will surely make your night unforgettable. Come to the Gaslamp District today and experience the heart and soul of San Diego.

FOR SALE DETAILS

PRICE

$7,550,000 USD

PRICE/SF

$628 USD /SF

CAP RATE

6.25%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1887

SPRINKLERS

-

PARKING SPACES

2

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,792 SF

ZONING

M

APN/PARCEL ID

535-092-07

ASK ABOUT THIS PROPERTY

Ben TashakorianMarcus & MillichapMore Info
858-373-3176

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Ben TashakorianMarcus & MillichapMore Info
858-373-3176

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