the lincoln hotel

FOR SALEMixed-Use Investment OpportunityGaslamp Quarter

thelincoln

hotel

3

Urban Property Group is pleased to presentThe Lincoln Hotel, a prime asset in the historic Gaslamp Quarter.

TheInvestment

DOWNTOWN SAN DIEGO IS ALIVE WITH OPPORTUNITY

The Lincoln Hotel is located in San Diego’s thriving urban center. With its prime location in one of downtown’s

busiest neighborhoods, the Gaslamp Quarter, the property is well positioned for future success.

The Gaslamp has established itself as both the playground of hip, eclectic San Diegans and as an elite urban

destination. Located between Market St and Island Ave, this building is in close proximity to the San Diego

Convention Center, Petco Park, and Campus at Horton into a 1,000,000 SF urban tech campus.

JOE BRADY [email protected]

BILL [email protected]

Two Blocks from Campus at Horton

The re-development of Horton Plaza will bring over 4,000 tech jobs to Downtown, activating the Gaslamp Quarter and bringing more residents to the area.

Fully Depreciable Asset

Investor has the ability to offset income by fully depreciating the asset over a shorter term due to being on a ground lease and in a historically designated neighborhood.

One of Fifth Avenue’s Most Desired Blocks

The Lincoln Hotel is located in the Historic Gaslamp Quarter on a prime block on 5th Avenue. The asset benefits from its high visibility on a major Downtown thoroughfare.

Historically Stable Income Stream

With the building full leased, an investor has the opportunity to capitalize on the long term lease of the new retail tenant and the upstairs residential, with fixed annual increases.

R 54

Lincoln Hotel

address

534 - 536 5th AveSan Diego, CA 92101

property type

Mixed-UseGround Floor Retail41 SRO Units

building size

parcel

leasehold interest with City of San Diego

14,503 SF

535-082-12

Terminates 11/30/2051

TheProperty

The Seller reserves the right to sell the property at anytime during the marketing period without prior notice. The property will be sold on an “as-is” basis. It is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.

Overture8 933-939 5th Ave Motto Hotel10 12

Campus at Horton9 AC Hotel 7th & Market11 13

6th & A1

7th & A2

450 B 3

The Rey Phase II4

Diega5

625 Broadway6

5th & C7

AREADEVELOPMENT A ST

B ST

BROADWAY

1ST

AV

E

5TH

AV

E

2ND

AV

E

6TH

AV

E

3RD

AV

E

7TH

AV

E

4TH

AV

E

8TH

AV

E

9TH

AV

E

G ST

MARKET ST

ISLAND AVE

E ST

F ST

C STREET - TROLLEY LINE

1

3

8

7

5

6

13

1112

9

10

2

4

thelincoln

hotel

R 76

Lincoln Hotel

FINANCIALS& TENANT SUMMARY

Suite SF % Tenant Start Expire Rent PSF, NNN CPI Annual Rent Comments

536 5th Ave. 2,200 15.2% Tacos El Cabron 04/01/21 03/31/31 $5.00 3% $132,000 Rent Starts 7/1/21, $4.73 1st yr

41 SRO Units 12,303 84.8% SRO Units $240,000 Assumes 2020 + 5%

$25,778 Additional Income

14,503 100% Total SF $397,778

Expense Reimbursements $7,342

Property Tax Reimbursement $6,000

Gross Income $411,120

Less: Residential Vacancy Factor ($7,200) 3%

Less: Payroll Expense ($50,680)

Less: General & Administrative ($18,000)

Less: Repairs & Maintenance ($21,000)

Less: Utilities ($61,750)

Less: Taxes/Fees/Insurance ($71,064)

Less: Ground Lease ($1)

NOI: $181,425

Expenses

The Lincoln Hotel consists of 2,200 sf of ground floor retail, currently occupied by Tacos El Cabron, a popular taco restaurant. Tacos El Cabron started their business with the vision to bring authentic Mexican Street Tacos to the downtown San Diego market in the heart of the Gaslamp! Their business has developed a reputation for having one of the best Adobada and Spicy Shrimp Tacos in all of San Diego, and have an amazing catering service.

The top three floors are operated exclusively as 41 low-income SRO units. These units operate under an agreement with the Tax Credit Allocation Committee and must continue to operate as such throughout the remainder of the leasehold interest. The Tax Credit Allocation Committee agreement runs coterminous with the existing ground lease.

1st Floor

2nd - 4th Floors

9

Lincoln Hotel

R 8

SALECOMPARABLES

Avg Price PSF

$363

751-755 5th Ave

Sale Date: 10/30/20

Building SF: 6,393 SF

Sale Price: $4,870,000

Price Per SF: $762

Year Built: 1920

939-945 4th Ave

Sale Date: 9/3/19



Price Per SF: $349

Year Built: 1989

527-545 F St

Sale Date: 6/20/19



Price Per SF: $401

Year Built: 1897

2 3 4

777 5th Ave

Sale Date: 12/1/17


Sale Price: $10,535,000

Price Per SF: $347

Year Built: 1914

422 Market St

Sale Date: 7/14/17


Sale Price: $10,000,000

Price Per SF: $231

Year Built: 1889

411 Broadway

Sale Date: In Escrow



Price Per SF: $210 (Subject to ground lease)

Year Built: 1965

629-633 5th Ave

Sale Date: 6/4/18



Price Per SF: $742

Year Built: 1882

748-752 6th Ave

Sale Date: 2/1/18



Price Per SF: $464

Year Built: 1930

801-823 5th Ave / 818 6th Ave

Sale Date: 11/30/18


Sale Price: $13,150,000

Price Per SF: $391

Year Built: 2004

6 7 8

9 10

951-955 5th Ave

Sale Date: 2/15/19



Price Per SF: $307

Year Built: 1904

5

1

10

31

9

7

46

8

5

2

MARKET STMARKET ST

BROADWAYBROADWAY

FOU

RTH

AV

EFO

URT

H A

VE

FIFT

H A

VE

FIFT

H A

VE

SIX

TH A

VE

SIX

TH A

VE

thelincoln

hotel

11R 10

TheNeighbors

7TH & MARKET

4TH & J

THE F11

11TH & BROADWAY

PARK & MARKET

EZABELLE

K1

thelincoln

hotel

PACIFIC HEIGHTS

THE REY7TH & A

6TH & A

DIEGA

OVERTURE

RADD

EMBARCADERO PARK

CAMPUS AT HORTON

PETCO PARK

CONVENTION CENTER

450 B ST

820 BROADWAY

CARTE HOTEL

625 BROADWAY

SPIRE

13R 12

TheLocation

America’s Finest CityGASLAMP QUARTER | DISCOVER SAN DIEGO’S URBAN SIDE

As the West Coast’s premier entertainment district, guests can immerse themselves in therich Victorian architecture and history, dine with world-renowned chefs, and dance the night away at nationally-recognized nightlife venues. Tucked tightly into 16 ½ blocks, the Gaslamp Quarter is a walkable urban playground located in Downtown San Diego adjacent to the Convention Center, Petco Park, and the Horton Plaza re-development.

And getting here is as easy as a Southern California breeze. The Gaslamp area is accessible via the freeway and several trolley and bus lines. Explore the district for yourself and find out what makes it unforgettable!

Retailers &Restaurants

100+Major Entertainment

Venues

7Blocks with nearly 100

Historic Buildings

16.5

15R 14

Campus at Horton

Campus at Horton will be one of the largest adaptive reuse and urban tech campuses in the west. Horton is intended become a hub in San Diego and Southern California for the future of business and sustainable city life.

1,000,000 SFRetail / Office / Residential

RADD

The Research and Development District is situated on more than eight acres and occupies three entire city blocks - representing the largest urban commercial waterfront site along California’s Pacific coast.

1,600,000 SFLab / Office / Retail

Symphony Outdoor Music Venue

The Shell will have a flexible seating capacity that will enable it to host between 2,000 and 10,000 attendees per event.

This outdoor music hall will be a great addition to the downtown San Diego entertainment scene, and will surely attract many festivals and concert series to take place in this incredible downtown setting.

DOWNTOWN ACTIVATED

thelincoln

hotel

©2021 Urban Property Group, Inc. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due

diligence and verification.

JOE BRADY [email protected] No. 01908072

BILL [email protected] No. 01033317

858 874 1989 upgsocal.com

the lincoln hotel

Documents