A five (5) story building with a freight elevator, parking, immediate access to Interstate 15 and 805, and a wide array of nearby amenities including restaurants, retail centers, gyms, parks, and recreation facilities.
Current NOI of $335,368 (6.33% cap rate) growing to a proforma NOI of $536,849 (10.13% cap rate) at the $5,300,000 asking price,
leading to a 60% NOI growth path driven by lease-up of vacant suites and mark-to-market rent increases.
71 individually-metered units spanning five stories of flexible creative studio, maker space, and micro-storage suites, a use type with very limited comparable inventory in North Park's evolving commercial base.
84.5% occupied across a highly diversified rent roll of 71 tenants, none of which represent outsized concentration risk, providing evidence of durable, broad-based demand for the space.
In-place rents sit meaningfully below the market-rent column throughout the roll (e.g., current $36,090/mo vs. $51,170/mo market), with CAM recovery structure already in place to capture additional upside on turnover.
The Property also has two (2) cell phone Antennas. These have been valued at $2,100,000 which is included in the Purchase price for a total offering of $7,400,000 or sold separately by Seller.