701 Island Ave - Loft/Creative Space FOR SALE


San Diego, CA 92101- East Village
$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 | 7.71% Cap Rate

701 Island Ave
San Diego, CA 92101
East Village


HIGHLIGHTS

  • UNPARALLELED SIGN EXPOSURE! TWO BUILDING-TOP SIGN POSITIONS AVAILABLE, ONE FACING 7TH AVE AND ONE ON ISLAND AVE, PROVIDING HIGH VISIBILITY
  • The building's signs will be seen by the 3.5 million people who annually visit Petco Park, 2 blocks away. On intersection with 23,200 cars per day
  • 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 $.75 per SF per month
  • “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

PREMIERE SIGNAGE! No other property in the area can provide such prominent exposure for your company's name. +20-foot long backlit signs may be installed facing 7th Avenue and Island Avenue at their intersection which has approx 23,200 cars per day. Two blocks from Petco Park which has over 3.5 million visitors per year, providing high levels of visibility for your signage. An owner/user may occupy one, two, three, or all four 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 who occupies two floors and collects rent from tenants on the other two floors, the projected net cost after receiving rents and deducting expenses is projected at approx $.75 per square foot per month. For an investor, on a 10-year hold the pro forma leveraged IRR is approx 14.4% and the projected gain on investment is approx $5.7 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

$440 USD /SF

CAP RATE

7.71%

% 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

Bar, Restaurant, Office/Residential

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 Notice.