3969 1st Ave
San Diego, CA 92103
Karma Spa · Office Property For Sale

Marcus & Millichap is pleased to present for sale 3969 1st Ave. San Diego, CA 92103. This Mixed-Use property was built in 1967 from wood frame construction and renovated in 2009. The two-story Office/Retail project is comprised of 9,500 square-feet of rentable building area; situated on over 10,794 square-feet of land, with frontage to 1st Avenue and Washington Street. Currently the property is 48% leased and secured by Karma Spa as a retail tenant on the ground floor. The spa occupies 4,500 SF with an in-place rent of $2.01/ SF (NNN) on a new 5-Year lease. Karma Spa has successfully operated in this location for over 8 years, additionally they operate multiple locations through out San Diego. The remaining 52% of the property is made up of 5,000 SF of 2nd floor office space, which is currently vacant. This presents a rare opportunity for an owner/user to occupy the Office space and cash flow immediately from the ground floor tenant’s rental income. The second floor office space is zoned for Office, Medical, and Retail uses. Includes seven (7) private offices, dedicated restrooms, kitchen, conference room, reception desk and elevator served. The property is within walking distance to the best dining and entertainment urban San Diego has to offer, including Balboa Park and the San Diego Zoo. Conveniently located between Downtown San Diego, Mission Hills, North Park, and the San Diego International Airport. Surrounded by 10+ new housing and mixed-use developments coming to the Hillcrest and surrounding neighborhoods with a strong demographic presence and a population growth of 4.0% in 2017.