700-750 Front St - Apartments CONDO FOR SALE


San Diego, CA 92101- Gaslamp Quarter
$10,106,000 USD
619-980-1997
700-750 Front St, San Diego, CA for Sale
$10,106,000 USD
Apartments CONDO - FOR SALE
1/5
null | 6.25% Cap Rate

700-750 Front St
San Diego, CA 92101
Gaslamp Quarter


HIGHLIGHTS

  • Prime Marina District location near major demand drivers
  • Value-add opportunity through lease-up and tenant mix optimization
  • Neighboring Developments
  • Trade Area Demographics
  • Strong mixed-use synergy with luxury tower residents
  • Rare ±136-stall public parking for tenant/customer use

OVERVIEW

Newmark Pacific Retail Capital Markets is pleased to present the opportunity to acquire Meridian Place, a 31,993 square foot retail and retail service project located in the heart of downtown at the confluence of F Street, Union Street, Front Street and G Street.   Meridian Place is located on the first level of The Meridian Tower is a landmark residential community in Downtown San Diego's Marina District offering 264 luxury condominiums. Condominiums range from $1,000,000 to upwards of $5,000,000 offering amenities consistent with resort style and white glove living including valet parking, rooftop pool and spa, formal gardens, and state-of-the-art health club.   Meridian Place is currently 70.3% leased and occupied by notable tenants including UCSD, LAZ Parking and longtime San Diego favorite Salvatore's Ristorante. In addition, the balance of the tenant mix is a combination of office, retail and retail service-oriented tenants ideally merchandised to service the residents and daytime population. Unique to Meridian Place are the 136 public parking stalls, operated by LAZ parking. This level of public parking is rare in downtown San Diego and is an attractive amenity for existing and future tenants.   The Meridian is ideally situated to benefit from the resurgence and growth Downtown San Diego is experiencing. Neighboring projects and developments include Manchester Grand Hyatt, IQHQ's 1.7M square foot development, The Headquarters, and Seaport Village. In addition, Meridian Place is .3 miles from the San Diego Convention Center which generates more than 605,000 visitors annually as well as Petco Park which is only .4 miles from Meridian Place with over 3,400,000 visitors per year.   Meridian Place offers a true value-add opportunity for investors to acquire a well-located piece of downtown San Diego with tremendous upside through lease up of existing vacancy. Deal Page Link: https://platform.reverecre.com/project/4bd9d3f9-0344-4994-a39b-21cc0d74de3f

FOR SALE DETAILS

PRICE

$10,106,000 USD

PRICE/SF

$316 USD /SF

CAP RATE

6.25%

# OF UNITS

1

CONDO SIZE

-

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Meridian Place

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

1,288,209 SF

STORIES

27

BUILDING CLASS

A

YEAR BUILT

1986

SPRINKLERS

-

PARKING SPACES

400

LAND DETAILS

LAND ACRES

1.38 AC

LAND SF

60,113 SF

ZONING

CCPD-PC

APN/PARCEL ID

535-053-13-10,535-053-13-15,535-053-13-16,535-053-13-33,535-053-14-04,535-053-14-27,535-053-14-42,535-053-14-50,535-053-14-63,535-053-14-68,535-053-14-69,535-053-14-74,535-053-14-77,535-053-15-02,535-053-15-03,535-053-15-19,535-053-15-43,535-053-15-45,535-053-15-51,535-053-15-56

ASK ABOUT THIS PROPERTY

Rob IppolitoNewmarkMore Info
619-980-1997

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Rob IppolitoNewmarkMore Info
619-980-1997

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