4604 University Ave., San Diego, CA 92105
Commercial property
Sold January 2024
Listing Agent: Mark Morgan (DRE #01339919) · Listing Office: Apartment Consultants Incorporated · Contact: 619-299-3000 · Bought with: OUT OF AREA · OUT OF AREA · MLS #230003366SD · Source: CRMLS
About this commercial property
Reduced! Delivered vacant. Perfect for owner/user or redevelopment. Located in a Complete Communities Tier 3 + Opportunity Zone at the heart of City Heights is 4604 University Avenue. This is a rare opportunity to acquire freestanding corner building consisting of 6,438 square feet and located on a 9,258 square foot parcel. Perfect for the owner/user the property is zoned for commercial and can be used for various purposes. Current tenant ($8,000 mo) is vacating and was using it as storage for his retail/wholesale business. 6 off street gated parking spaces plus two 30-minute street spaces ensure customers easy access should the property be used for retail in the future. This asset provides a solid current 3.4% CAP rate with the current month to month tenant. Rental upside here as the property was currently rented well below market at $1.24 per square foot. A market CAP rate of 5.2% can be achieved simply by bringing the rent up to the surrounding market rate of $1.60 per square foot. Over 23,000 vehicles drive by the property every day on University Avenue giving any future business plenty of exposure..... At roughly $291 per square foot, this property is a great deal for any savvy investor looking for a property to appreciate in value, provide solid cash ?ow, or hold for redevelopment. The property is located in a Complete Communities Tier 3 Zone which allows for 60+ apartment units to be built over retail. With a FAR of 6.5, the possibilities abound. Additionally, there are huge tax incentives to build in this Opportunity Zone. The building is located in the heart of San Diego. 3.4% CAP fully occupied (month-to-month) single net lease building in the path of progress. Current tenant is month to month offering an owner/user a prime opportunity in City Heights. The current tenant has leased the property for the past 10 years and operates a nail/beauty supply warehouse business. Many uses here such as: Complete Communities + opportunity zone redevelopment play, owner/user opportunity, hold for redevelopment while generating solid cash flow, sub-divide into 4 retail spaces to generate additional cash flow etc.... Owner pays property taxes, insurance, and roof maintenance. Tenant pays for everything else. Very easy to self-manage this property.
Listing description from the January 2024 sale, as reported to CRMLS.
Sale history