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1407 University Ave 1,843 SF Retail Building San Diego, CA 92103 $1,975,000 ($1,071.62/SF) 4.36% Cap Rate
INVESTMENT HIGHLIGHTS
- Single-Tenant, Net-Leased Retail with 5 Years Remaining on Lease
- Prime Location on University Avenue in Hillcrest
- CPI Rental Increases
- Outdoor Storage Available for Lease
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present 1405 University Ave, in the Hillcrest neighborhood of San Diego, CA. This 1,834 sqft retail building
sits on University Avenue, the neighborhood’s main street with more than 20,000 vehicles passing per day. The property is 100% leased on
a NNN lease to Romantix, an Adult Book Store, who recently exercised a 5-year renewal option. The tenant has been occupying the space
since 2008. The property is in close proximity to the 163 freeway and is just half a mile away from Balboa Park and two miles from Fashion
Valley mall and the San Diego International Airport.
Landlord recently reached an agreement with tenant to break out back storage area of 1,600 SF from the lease agreement. Tenant to
continue paying same rent schedule as previously, meaning that new owner can lease this space out of additional income.
sits on University Avenue, the neighborhood’s main street with more than 20,000 vehicles passing per day. The property is 100% leased on
a NNN lease to Romantix, an Adult Book Store, who recently exercised a 5-year renewal option. The tenant has been occupying the space
since 2008. The property is in close proximity to the 163 freeway and is just half a mile away from Balboa Park and two miles from Fashion
Valley mall and the San Diego International Airport.
Landlord recently reached an agreement with tenant to break out back storage area of 1,600 SF from the lease agreement. Tenant to
continue paying same rent schedule as previously, meaning that new owner can lease this space out of additional income.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
1,843 SF
Building Class
C
Year Built
1985
Price
$1,975,000
Price Per SF
$1,071.62
Cap Rate
4.36%
NOI
$86,110
Tenancy
Single
Building Height
1 Story
Building FAR
0.53
Lot Size
0.08 AC
Zoning
CC-3-8
Parking
2 Spaces (1.09 Spaces per 1,000 SF Leased)
Frontage
39’ on University Ave
AMENITIES
- Signage
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Romantix
- Retailer
-
99,999 SF
- -
-
Jan 0000
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Romantix | Retailer | 99,999 SF | - | Jan 0000 |
Walk Score®
Walker's Paradise (96)
Bike Score®
Very Bikeable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 452-152-01 | Improvements Assessment | $19,603 |
| Land Assessment | $51,494 | Total Assessment | $71,097 |
PROPERTY TAXES
Parcel Number
452-152-01
Land Assessment
$51,494
Improvements Assessment
$19,603
Total Assessment
$71,097
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1407 University Ave
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