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748-752 6th Ave 6,624 SF 100% Leased Retail Building San Diego, CA 92101 $4,700,000 ($709.54/SF) 6.03% Cap Rate
INVESTMENT HIGHLIGHTS
- 100% Leased to 3 Long-Term Tenants
- Stable Occupancy with 3.0% Annual Rent Bumps
- Surrounded by New Restaurant Concepts
- Ease of Management with Limited Landlord Responsibilities
- Prime Location in the Heart of the Gaslamp District of Downtown San Diego
EXECUTIVE SUMMARY
Stable, Leased Investment with Annual Rent Bumps
- The property is 100% leased to 3 long-term tenants: Hub Market & Deli, Pushkin Lounge & Bar, and AC Hotel Gaslamp (admin office). The Hub Market business has occupied the property for 30+ years, while Pushkin and AC Hotel Gaslamp have occupied it for 10 & 9 years, respectively.
- Ease of management property with minimal Landlord responsibilities and 3.0% annual rent increases for each tenant.
Excellent Downtown Location
- The property is well situated in the heart of the Gaslamp and surrounded by hotels, residential, and new restaurants.
- With high pedestrian traffic and prominent street front visibility, the property is well positioned for long-term retail success.
Long-Term Passive Investment Opportunity
- Attractive yield for a downtown San Diego Gaslamp retail investment with stable, long-term historical occupancy and future rent growth imbedded in the leases.
- Property presents and ideal passive investment opportunity to hold for the long-term.
Busy, Thriving Downtown Corridor
- The Gaslamp Quarter in downtown San Diego is one of the region’s busiest communities offering an abundance of dining and entertainment options for both locals and tourists.
- The area surrounding the property is very densely populated with 54,476 residents plus 21,454 hotel rooms in a 1-mile radius.
- The property is 100% leased to 3 long-term tenants: Hub Market & Deli, Pushkin Lounge & Bar, and AC Hotel Gaslamp (admin office). The Hub Market business has occupied the property for 30+ years, while Pushkin and AC Hotel Gaslamp have occupied it for 10 & 9 years, respectively.
- Ease of management property with minimal Landlord responsibilities and 3.0% annual rent increases for each tenant.
Excellent Downtown Location
- The property is well situated in the heart of the Gaslamp and surrounded by hotels, residential, and new restaurants.
- With high pedestrian traffic and prominent street front visibility, the property is well positioned for long-term retail success.
Long-Term Passive Investment Opportunity
- Attractive yield for a downtown San Diego Gaslamp retail investment with stable, long-term historical occupancy and future rent growth imbedded in the leases.
- Property presents and ideal passive investment opportunity to hold for the long-term.
Busy, Thriving Downtown Corridor
- The Gaslamp Quarter in downtown San Diego is one of the region’s busiest communities offering an abundance of dining and entertainment options for both locals and tourists.
- The area surrounding the property is very densely populated with 54,476 residents plus 21,454 hotel rooms in a 1-mile radius.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
6,624 SF
Building Class
C
Year Built
1930
Price
$4,700,000
Price Per SF
$709.54
Cap Rate
6.03%
NOI
$283,257
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.32
Lot Size
0.11 AC
Zoning
GQPD, San Diego
Parking
2 Spaces (0.3 Spaces per 1,000 SF Leased)
Frontage
49’ on 6th Ave
AMENITIES
- Signage
Walk Score®
Walker's Paradise (99)
Transit Score®
Excellent Transit (82)
Bike Score®
Biker's Paradise (92)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 535-093-11 | Improvements Assessment | $654,249 |
| Land Assessment | $2,844,571 | Total Assessment | $3,498,820 |
PROPERTY TAXES
Parcel Number
535-093-11
Land Assessment
$2,844,571
Improvements Assessment
$654,249
Total Assessment
$3,498,820
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