The Totah Group of Marcus and Millichap is pleased to present for sale 4630 Mission Bay Drive. San Diego, CA 92109, in the coastal neighborhood of Pacific Beach, California. This offering represents unique opportunity to acquire a strong cash-flowing asset with an established tenant who has a broad client base and rich history.
This industrial building consists of 4,200 SF of rentable space on a (0.21 acre) Lot. In addition, the property is retrofitted with new solar panels to reduce electricity costs. This asset includes office space as well as a 5 bay warehouse allowing up to 6 cars to be serviced concurrently.
The asset is located near the busiest intersection in Pacific Beach on Garnet Ave and Mission Bay Drive. The building is 100% leased to Robert’s Auto Service, which has been at this location for almost 40 Years and a proven track record, with numerous 5 star reviews.
The seller will be perform a sale leaseback transaction and at the close of escrow will sign a new 5 year Absolute Net Lease with Two (2) 5-Year options at $2.77/SF, with 1.5% annual increases during the initial term, at an annual rate of $139,800 NOI in Year 1.
The City of San Diego has included this property in the Coastal Overlay zone which allows for increased density per unit and decreased parking requirements if redeveloped. The proximity to nearby apartment projects such as The Jefferson Pacific Beach also makes this asset highly desirable for future residential development. In addition, the upcoming $2.1 Billion MCTC Trolley Extension scheduled to be complete late 2021 will be steps away from the property and include a stop on Balboa/Garnet Ave, connecting Downtown San Diego to UTC/La Jolla.
