for sale - loopnet...dles, and collecting clues to solve the mystery and unlock the escape rooms....
TRANSCRIPT
FOR SALE
Mixed-use building for sale in hillcrest
1037 - 1039 University Ave | San Diego | CA 92103
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
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
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)
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
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
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).
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
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
LOCKDOWN
STUDIO UNIT
ONE BEDROOM UNIT
AERIAL VIEWSTRADE AREA
AERIAL VIEWS
WASHINGTON STREET
6TH
AVEN
UE
7TH
AVEN
UE
8TH
AVEN
UE
9TH
AVEN
UE
CABRIL
LO
FW
Y
10TH
AVEN
UE
VER
MO
NT S
TR
EET
RIC
HM
ON
D S
TR
EET
ROBINSON AVENUE
ESSEX STREET
UNIVERSITY AVENUE - 31,880 CPD
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