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701 Island Ave
San Diego, CA 92101

$8,000,000 USD

Loft Creative Space For Sale • 20,000 SF

Property Details

Property Type Loft Creative Space
Total Building Size 20,000 SF
Lot Size 0.12 AC
Building Class B
Year Built 1925
Cap Rate 5.60 %
Tenancy Multiple
Zoning CCPD-ER

82 Transit Score

99 Walk Score

                
                    Highlights
                
                                Tenants on floors 2 and 3 willing to vacate.  An owner/user can occupy those floors and collect rents from floors 1 and 4
                            
                                An owner/user could obtain desirable SBA 504 financing, downpayment of just 10%, long-term below-market fixed rate financing
                            
                                The projected owner/user's net occupancy cost, after collecting rents and writing off expenses, would be approx $.79 per SF per month
                            
                                Zoning allows residential.  May convert part or all of the property to apartments or condos in the future, if desired
                            
                                “Retro Chic” property built 1925, original hardwood floors, operable windows, modernized with new TPO roof, new elevator, restrooms, & internet 
                            
                                Class A+ location in trendy East Village, blocks from Gaslamp Quarter, Petco Park, the Convention Center, restaurants, and nightlife

Property Flyers

Offering Memorandum, 701 Island Avenue, San Diego

Owner-User Purchase Scenario, 701 Island Ave, San Diego

Financial Summary

Cap Rate:

5.60 %

Major Tenants

Tenant	SF Occupied	Lease End Date
Gap Intelligence	4,886 SF
JCKL Holdings, Inc.	4,886 SF
Noonan Lance Boyer & Banach, LLP	4,873 SF
Westbrew	3,533 SF

Amenities

24 Hour Access
Bus Line
Controlled Access
Restaurant
Security System
Kitchen
Central Heating
High Ceilings
Natural Light
Hardwood Floors
Air Conditioning

Public Transportation

Commuter Rail	Drive	Walk	Distance
San Diego (Santa Fe Depot) (Coaster - San Diego North County Transit District (Coaster/Sprinter/Breeze))	3 min	-	1.3 mi
Old Town Transit Center (Coaster - San Diego North County Transit District (Coaster/Sprinter/Breeze))	8 min	-	4.4 mi
Transit/Subway	Drive	Walk	Distance
Park And Market (Blue Line - San Diego Metropolitan Transit System Trolley (San Diego Trolley), Orange Line - San Diego Metropolitan Transit System Trolley (San Diego Trolley))	1 min	5 min	0.3 mi
Gaslamp Quarter (Orange Line - San Diego Metropolitan Transit System Trolley (San Diego Trolley))	2 min	7 min	0.4 mi
Convention Center (Orange Line - San Diego Metropolitan Transit System Trolley (San Diego Trolley))	1 min	7 min	0.4 mi
5Th Avenue (Blue Line - San Diego Metropolitan Transit System Trolley (San Diego Trolley), Orange Line - San Diego Metropolitan Transit System Trolley (San Diego Trolley))	2 min	10 min	0.5 mi
12Th & Imperial Transit Center (Blue Line - San Diego Metropolitan Transit System Trolley (San Diego Trolley), Orange Line - San Diego Metropolitan Transit System Trolley (San Diego Trolley))	1 min	11 min	0.6 mi
Airport	Drive	Walk	Distance
San Diego International	8 min	-	3.8 mi

Andrew Meyers 858-519-3240 Avison Young

701 Island Ave San Diego, CA 92101