1451 University Ave, San Diego, CA 92103

About this commercial property

***Attractive Seller Financing Now Available. 5.5% INTEREST ONLY Payments Fixed for 7 Years*** These retail buildings located in the center of Hillcrest, at 1451-59 University Avenue, are now up for sale. It consists of 10,799 square feet of structure on a 12,894 square foot lot. There are two retail spaces which underwent major renovations in 2019. These improvements included new roofs, vinyl plank flooring, inside and outside painting, an ADA ramp, a brand new fence, seal and striping of the parking lot, two bathrooms (one ADA compliant), HVAC and new lighting. Moreover, it is situated in Complete Communities Tier 2 with a FAR of 8.0 and also features CC 3-8 zoning. The first tenant is a restaurant which holds 1,250 square feet and signed a five year lease on October 1st, 2019. There are two five year options to extend at a mutually agreeable market rate. The second tenant, a thrift store, has 6,216 square feet on the ground floor and an additional 3,333 square feet of mezzanine space on the second floor. This tenant contracted a ten year lease with two five year extensions on March 1st, 2019 that contain 2% annual increases. Both tenants cover the costs of electricity, water, sewer, and garbage while the owner is responsible for taxes, insurance, roof, and structure. This is a tremendous chance to own a retail building in the desirable area of Hillcrest.

Listing description from the May 2023 sale, as reported to CRMLS.

Sale history

$4,000,000

Sold May 2023 · listed $4,250,000, on market February 2023 · MLS #230002596SD · Source: CRMLS

Listing Agent: Cody Evans · Listing Office: South Coast Commercial, Inc. · Contact: 619-226-6011 · Bought with: Cody Evans · South Coast Commercial, Inc.

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