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FOR SALE Mixed-use building for sale in hillcrest 1037 - 1039 University Ave | San Diego | CA 92103

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Page 1: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

FOR SALE

Mixed-use building for sale in hillcrest

1037 - 1039 University Ave | San Diego | CA 92103

Page 2: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

1037 - 1039 University Ave | San Diego | CA 92103

Mixed-use building for sale in hillcrest

EXCLUSIVELY MARKETED BY

GREG VELASQUEZ 1804 GARNET AVENUE | SUITE 406

SAN DIEGO | CA | 92109

[email protected]

858.456.5101

EXECUTIVE SUMMARY

RETAIL TENANT SUMMARY

RESIDENTIAL TENANT SUMMARY

MARKET OVERVIEW

FLOOR PLANS

TENANT PHOTOS

TRADE AREA PHOTOS

AERIAL VIEWS

FOR SALE EXECUTIVE SUMMARY

Page 3: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

EXECUTIVE SUMMARY ADDRESS 1037 - 1039 UNIVERSITY AVENUE

SAN DIEGO, CA 92103

SALES PRICE $1,695,000

GROSS SCHEDULED INCOME $ 90,015 (INCLUDES RETAIL & RESIDENTIAL)

$ 15,112 CAM RECAPTURE

$105,127

LESS LL EXPENSES $ 16,950 PROPERTY TAXES (BASED ON ASKING PRICE)

$ 4,000 INSURANCE (ESTIMATE ONLY)

$ 3,000 UTILITIES

$ 81,177 NOI

CAP RATE 4.78% (5.4% cap rate with immediate market rent adjustment for the 1 bedroom unit)

BUILDING SIZE APPX. 3,324 SF (BUYER TO CONFIRM)

RETAIL APPX. 2,717 SF (BUYER TO CONFIRM)

RESIDENTIAL UNITS (BOTH) APPX. 1,130 SF (BUYER TO CONFIRM)

Page 4: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

EXECUTIVE SUMMARYLANDLORD OBLIGATIONS Roof and structure - see lease for more details

PROPERTY DESCRIPTION The property consists of a mixed-use building with retail on the bottom floor and 2 residential units on the 2nd floor. The retail space is approximately 2,700 SF and is occupied by and exciting retail concept known as “Lockdown”.

The 2nd floor consists of 2 residential units: a one bed-room / one bath unit on a month-to-month lease and a studio unit that is leased to the same owner as the Lockdown concept.

INQUIRE WITH AGENT FOR DETAILS

Positioned for a work, live and play environment, the subject property is ideally located in the heart of one of San Diego’s most urban, hip, and progressive neighbor-hoods, Hillcrest.

IT IS IDEALLY SITUATED ON UNIVERSITY AVENUE WITH TREMENDOUS PEDESTRIAN

AND VEHICULAR TRAFFIC OF APPROXIMATELY 31,880 CARS PER DAY.

THERE ARE OVER 313,000 DAYTIME EMPLOYEES AND OVER 350,000

RESIDENTS WITHIN A 10-MINUTE DRIVE.

Directly across the street is the prominent Ralph’s Gro-cery / Trader Joe’s anchored shopping center occupied by many other successful national retailers such as CVS, Starbucks, Wells Fargo Bank and numerous regional and locally owned businesses, restaurants, cafés and exciting craft beer pubs.

RETAIL TENANT SUMMARY

Page 5: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

RETAIL TENANT SUMMARYTENANT INFORMATION AND CONCEPT

ESCAPE ROOM, INC.,DBA “LOCKDOWN”

Lockdown is an exciting retail concept that currently oper-ates 4 locations with 1 additional unit opening in Las Vegas by November 2017. The objective of the game is for teams to make it out in 1 hour by solving puzzles, answering rid-dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team building exercise. You are “locked” into a room full of mysteries. You have to find a way out within 60 minutes through understanding the story of the room and solving the puzzles.

For more information, please visit: WWW.lockdownrooms.com

LEASE TERM MARCH 1, 2016 - FEBRUARY 28, 2019

OPTIONS TWO (2) THREE-YEAR OPTIONS TO EXTEND

ANNUAL RENT$70,908 (MARCH 1, 2018 - FEBRUARY 28, 2019

INCREASES

3% ANNUALLY, INCLUDING THE OPTION PERIODS

Page 6: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

MARKET OVERVIEWRESIDENTIAL TENANT SUMMARYRESIDENTIAL SUMMARY

The residential component of this property consists of 2 units that are in terrific condition and located in a highly desirable residential market with a lack of avail-able housing. The studio / front unit is approximately 466 SF with a kitchen & bathroom. Unit 2 is a large 1 bedroom / 1 bath consisting of approximately 520 SF.

UNIT 1: STUDIO / FRONT UNIT

RENT:$992 / MONTH OR $11,907 ANNUALLY (EFF. 3/1/18)

LEASE TERM:MARCH 1, 2016 - FEBRUARY 28, 2019

OPTIONS None. A buyer can enjoy upside with a market rate adjustment upon the expiration of the existing lease term. Market rents are “conservatively” assumed at approximately $1,200 - $1,300 / month.

UNIT 2: 1 BEDROOM / BACK UNIT $7,200 MONTH-TO-MONTH WITH IMMEDiATE UPSIDE POTENTIAL (MARKET RENTS ASSUMED AT $1,500 / MONTH).

Page 7: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

Hillcrest | San Diego

Hillcrest is a bustling business district known for its restaurants and shops, but it also has many medical offices and two major hospitals. It is an affluent neighborhood in San Diego, Califor-nia northwest of Balboa Park and south of Mission Valley with convenient access to CA-163, I-805, and I-5 freeways.

Hillcrest is known for its gender diversity, and numerous lo-cally owned businesses, including restaurants, cafés, bars, clubs, trendy thrift-stores, and other independent specialty stores.

THE AVERAGE HOUSEHOLD INCOME IS $73,873 AND THE

MEDIAN HOME PRICE IS $603,662

About 30% of residents have a bachelor’s degree or higher. Considered San Diego’s most diverse, vibrant and urban neighborhood, Hillcrest has been a source of social, cultural, and political influence, especially for gays and lesbians. Given its diversity, pedestrian-friendly and vil-lage-like qualities, and other features, Hillcrest is recog-nized as one of APA’s top 10 Great Neighborhoods for 2007.

In addition to its topography and proximity to world-class attractions like Balboa Park and the San Diego Zoo, Hillcrest has a compact and pedestrian-oriented com-mercial district. The neighborhood put its stamp on the commercial area centered at University and Fifth Avenues after a two-year effort — led by the Uptown Communi-ty Planning Committee — convinced the San Diego city council to establish city’s first business improvement district there. Today more than 1,200 businesses belong to the district, making it a major center of commerce for not just the neighborhood, but the entire city.

MARKET OVERVIEW

Page 8: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

FLOOR PLANS*

UNIT 1

UNIT 2BATH

KITCHEN

KITCHEN E. CORRIDOR

E.FLAT ROOFBATH

CLOSET

CL.

6'-0

"

1ST FLOOR RETAIL

2ND FLOOR STUDIO

2ND FLOOR ONE BEDROOM

*NOT TO SCALE

2ND FLOOR ENTRY

Page 9: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

LOCKDOWN

Page 10: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

STUDIO UNIT

Page 11: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

ONE BEDROOM UNIT

Page 12: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

AERIAL VIEWSTRADE AREA

Page 13: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

AERIAL VIEWS

WASHINGTON STREET

6TH

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7TH

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ROBINSON AVENUE

ESSEX STREET

UNIVERSITY AVENUE - 31,880 CPD

Page 14: FOR SALE - LoopNet...dles, and collecting clues to solve the mystery and unlock the escape rooms. Lockdown escape rooms are the perfect blend of part game, part theater, part team

SAN DIEGOINTERNATIONAL

AIRPORT

SAN DIEGO ZOO

BALBOA PARK

WASHINGTON STREET

UNIVERSITY AVENUE31,880 CARS PER DAY

AERIAL VIEWS

10TH

AVEN

UE

VER

MO

NT S

TR

EET

ESSEX STREET