SeaCoast Square Retail FOR SALE


San Diego, CA
$31,000,000 USD
858-717-1697
, San Diego, CA for Sale
$31,000,000 USD
Retail - FOR SALE
1/28
null | 4.51% Cap Rate

SeaCoast Square
San Diego, CA


HIGHLIGHTS

  • Asking $31,000,000 4.51% CAP Rate with Major Upside Potential
  • First Time on the Market in Decades, Rare Coastal Trophy Asset in Southern California
  • Owner-User, Investor or Development Opportunity
  • Signalized Corner of Garnet Avenue and Mission Boulevard
  • Next to PB Farmer's Market, Crystal Pier and Pacific Ocean
  • 38,103 SF Building ($814) and 62,500 SF of Land ($496) (Potential of 112,500 SF of Land!!!)

OVERVIEW

The Franco Realty Group is proud to exclusively present the fee simple coastal trophy asset known as The Seacoast Center in Pacific Beach. This coastal property is made up of various restaurants and office space, with a total building size of 38,103 square feet. Downstairs you will find three restaurants, a clothing store and the 7,100 vacant retail space that was previously occupied by Sketchers. All of the ground floor leases are on triple net lease agreements. Upstairs is filled with about 45 executive offices, an onsite manager, a printing room and a large conference room. The executive suites all have less than one year left on the term of their lease. Some of the offices have interior views of the ground floor anchor retail space and some of the offices have views of Garnet Avenue and the ocean. The total land size of the 6 parcels totals 62,500 square feet, or 1.43 acres of land. Due to the land’s proximity to the ocean and Crystal Pier, the parking generates a tremendous amount of income across 121 parking spaces. This is an excellent opportunity for an Owner-User to relocate their headquarters at this amazing location with tremendous signage amongst strong foot and vehicle traffic. A company can occupy over 18,000 square feet of space or more than 51% of the building size, which qualifies for SBA Financing. An investor can reposition the Seacoast Center by leasing out the vacant spaces, improving the parking lot and gradually raising rents over time. A developer can collect a decent return on investment while entitling the property into a mixed-use development. The property is zoned CC-4-2 which allows for most mixed-use projects and CV-1-2 which allows for beautiful hotel development. The offices could likely be converted into residential units, which has become a rising trend throughout San Diego. A developer can take advantage of the transit corridor and the proposed complete communities project of San Diego. The owner-user, investor or developer who purchases this coastal trophy asset, will have the opportunity to greatly influence the vibrant community of Pacific Beach by repositioning one of the most popular corners in all of Southern California.

ASK ABOUT THIS PROPERTY

Tony FrancoFranco Realty GroupMore Info
858-717-1697

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Tony FrancoFranco Realty GroupMore Info
858-717-1697

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