9320 Chesapeake Dr - Office FOR SALE


San Diego, CA 92123- Kearny Mesa
$4,995,000 USD
858-527-2727
9320 Chesapeake Dr, San Diego, CA for Sale
$4,995,000 USD
Office - FOR SALE
1/9
null | 8% Cap Rate

9320 Chesapeake Dr
San Diego, CA 92123
Kearny Mesa


HIGHLIGHTS

  • Click link to download Offering Memorandum: https://bit.ly/9320chesapeakeLN
  • VERY HIGH RETENTION MULTI-TENANT OFFICE WITH UPSIDE
  • KEARNY MESA - SAN DIEGO’S CENTRAL CORPORATE ADDRESS

OVERVIEW

VERY HIGH RETENTION MULTI-TENANT OFFICE WITH UPSIDE * 9320 Chesapeake Drive is a ±23,650 SF multi-tenant office building currently 92.73% occupancy across nine tenants. The existing 9 tenants average a historical occupancy over 18 years at the subject property. * Deep rooted anchor tenant - Esgil Corporation occupies 8,406 SF (35.54% of the building) and has been in continuous tenancy since April 1989 - over 36 consecutive years. This suite recently went through a significant remodel and Esgil invested significant capital into their space. * Priced to an attractive year one 8.00% Cap Rate and increases to a 9.2% cap rate in Year 4. New ownership will enjoy very strong return with minimal headache, management or capital costs. * The building has gone through an extensive remodel including new restrooms, updated lobby, lighting, flooring throughout common area, exterior paint & landscaping. KEARNY MESA - SAN DIEGO’S CENTRAL CORPORATE ADDRESS * Convergence of All Four Central San Diego Freeways | 9320 Chesapeake Drive is positioned within Kearny Mesa - the only submarket in central San Diego served by all four major freeways: I-15, I-805, SR-163, and SR-52. This freeway confluence delivers immediate connectivity to La Jolla, Mission Valley, and Downtown San Diego, and earns Kearny Mesa the #1 ranking for ingress/egress among all San Diego submarkets. * Surrounded by San Diego’s Largest Corporate Employers | The building is proximate to a dense concentration of regional anchor employers including Kyocera, Raytheon, L3 Technologies, Cubic, Solar Turbines (a Caterpillar Company), and SHARP Healthcare. Kaiser Permanente’s recently completed $1 billion, 321-bed regional hospital - the largest Kaiser campus in San Diego, employing 1,000 people - is located minutes from the property. SUPPLY-CONSTRAINED SUBMARKET WITH DEEP INVESTOR DEMAND * Kearny Mesa Buildings Rarely Trade - 80% Owner-User Owned | Kearny Mesa has the highest percentage of owner-user occupied buildings of any San Diego submarket, with approximately 80% of its commercial base owner-occupied.? Multi-tenant investment properties are infrequent to market; 9320 Chesapeake Drive represents a rare point of entry into one of San Diego’s most demand-constrained office corridors.?

FOR SALE DETAILS

PRICE

$4,995,000 USD

PRICE/SF

$216 USD /SF

CAP RATE

8%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Chesapeake Office Bldg

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1979

SPRINKLERS

-

PARKING SPACES

72

LAND DETAILS

LAND ACRES

1.1 AC

LAND SF

47,916 SF

ZONING

IL-2-1

APN/PARCEL ID

369-191-01

ASK ABOUT THIS PROPERTY

Matt PourchoCBRE, Inc.More Info
858-527-2727

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Matt PourchoCBRE, Inc.More Info
858-527-2727

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