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Urban Collective 3 Retail Properties Offered at $16,467,000 in San Diego, CA
INVESTMENT HIGHLIGHTS
- Tremendous Leasing Momentum – New 10-year lease with Museum of Illusions (opened June 2025) and recent 10-year extension with Ghirardelli Café
- Coveted Gaslamp Quarter Location
- Significant NOI Growth – Through lease up of the remaining vacancy, NOI is projected to grow more than $364,000 (37%) by year 3
EXECUTIVE SUMMARY
* Tremendous Leasing Momentum – New 10-year lease with Museum of Illusions (opened June 2025) and recent 10-year extension with Ghirardelli Café (25-year operating history), establishing long term tenancy across the two tenants totaling 84% of the GLA
* Museum of Illusions is a worldwide brand and attraction, having over 70 locations in 25 countries across 4 continents, and approximately ±20 million visitors worldwide
* Significant NOI Growth – Through lease up of the remaining vacancy, NOI is projected to grow more than $364,000 (37%) by year 3, and more than $864,000 (88%) over the projected 10-year hold period with attractive annual rent escalations
* Coveted Gaslamp Quarter Location – Situated in the heart of the Gaslamp, Urban Collective has been catering to San Diego for decades and is currently occupied by iconic tenants–Ghirardelli Café and Museum of Illusions
* The Gaslamp Quarter is a vibrant and historic neighborhood in the heart of downtown. Known for its Victorian-era architecture and lively atmosphere, it offers a unique blend of over 200 entertainment, dining, and nightlife options along with immediate proximity to the famous Petco Park, home of MLB’s San Diego Padres (41,117 average attendance per game in 2024, 4th highest in MLB). The streets of Gaslamp and nearby Little Italy are lined with trendy restaurants, bars, boutiques, art galleries, and entertainment options creating a pleasant social experience both day and night
* 100% San Diego Location with Convenient Regional Accessibility – Ideally positioned in the heart of downtown San Diego, servicing the residents of nearby affluent neighborhoods such as Pacific Beach, La Jolla, and Point Loma via Harbor Dr (±22,000 CPD) locally. Gaslamp District benefits from convenient local and regional accessibility to residents, visitors, and tourists of all southern California via MTS Trolly (75 million riders per year), Amtrak COASTER (32.8 million customers per year) and Interstate 5 (±224,000 CPD) each providing walking distance access to Urban Collective and the surrounding downtown San Diego amenities and attractions
* Multi-Family Development Wave – More than 6,000 units have been added to Downtown San Diego since 2017, with nearly 1,900 housing units in 2024, while the state’s housing needs assessment has found the city will have to build more than 108,000 units by 2030
* Museum of Illusions is a worldwide brand and attraction, having over 70 locations in 25 countries across 4 continents, and approximately ±20 million visitors worldwide
* Significant NOI Growth – Through lease up of the remaining vacancy, NOI is projected to grow more than $364,000 (37%) by year 3, and more than $864,000 (88%) over the projected 10-year hold period with attractive annual rent escalations
* Coveted Gaslamp Quarter Location – Situated in the heart of the Gaslamp, Urban Collective has been catering to San Diego for decades and is currently occupied by iconic tenants–Ghirardelli Café and Museum of Illusions
* The Gaslamp Quarter is a vibrant and historic neighborhood in the heart of downtown. Known for its Victorian-era architecture and lively atmosphere, it offers a unique blend of over 200 entertainment, dining, and nightlife options along with immediate proximity to the famous Petco Park, home of MLB’s San Diego Padres (41,117 average attendance per game in 2024, 4th highest in MLB). The streets of Gaslamp and nearby Little Italy are lined with trendy restaurants, bars, boutiques, art galleries, and entertainment options creating a pleasant social experience both day and night
* 100% San Diego Location with Convenient Regional Accessibility – Ideally positioned in the heart of downtown San Diego, servicing the residents of nearby affluent neighborhoods such as Pacific Beach, La Jolla, and Point Loma via Harbor Dr (±22,000 CPD) locally. Gaslamp District benefits from convenient local and regional accessibility to residents, visitors, and tourists of all southern California via MTS Trolly (75 million riders per year), Amtrak COASTER (32.8 million customers per year) and Interstate 5 (±224,000 CPD) each providing walking distance access to Urban Collective and the surrounding downtown San Diego amenities and attractions
* Multi-Family Development Wave – More than 6,000 units have been added to Downtown San Diego since 2017, with nearly 1,900 housing units in 2024, while the state’s housing needs assessment has found the city will have to build more than 108,000 units by 2030
PROPERTY FACTS
| Price | $16,467,000 | Number of Properties | 3 |
| Price / SF | $1,347 / SF | Individually For Sale | 0 |
| Cap Rate | 6% | Total Building Size | 12,228 SF |
| Sale Type | Investment | Total Land Area | 0.30 AC |
| Status | Active |
| Price | $16,467,000 |
| Price / SF | $1,347 / SF |
| Cap Rate | 6% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 12,228 SF |
| Total Land Area | 0.30 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Ghirardeli Cafe
643 5th Ave, San Diego, CA 92101 |
Retail | 4,769 SF | 1935 | - |
| 665 5th Ave, San Diego, CA 92101 | Retail | 4,766 SF | 1886 | - |
| 657 5th Ave, San Diego, CA 92101 | Retail | 2,693 SF | 1935 | - |
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