Hillcrest Urban Street Retail

Hillcrest Urban Street Retail
FOR SALE
$1,650,000
OWNER-USER / INVESTMENT OPPORTUNITY
3776 4TH Avenue, San Diego, CA 92103
Please Do Not Disturb Tenant!
Exclusively listed by
Limor Spilky,
CA LIC #01941431
858-201-4991
[email protected]
FOR SALE
THE OFFERING | 3776 4TH Avenue, San Diego, CA 92103
OFFERING PRICE
OWNERSHIP
$1,650,000
Fee Simple
IMPROVEMENTS
YEAR BUILT
Single Tenant Commercial
Estimated Mid
1950’s – Mid 1960’s
TOTAL BUILDING AREA
Approximately 4,000
square feet
PARKING
TOTAL LAND AREA
ZONING
6,850 square feet; 50’ x 137’
MCCPD-CN-1A
10 spaces
ASSESSOR PARCEL #
452-055-42-00
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
THE OFFERING | 3776 4TH Avenue, San Diego, CA 92103
FOR SALE
—— 3776 4th Ave. represents an extraordinary investment
opportunity for both owner-users and investors seeking to
own a piece of the highly sought after Hillcrest community
where commercial properties rarely hit the market.
—— Centrally located in the heart of Hillcrest, just one block
away from bustling University and 5th Avenues, and
surrounded by the dynamic neighboring communities
of Mission Hills, Bankers Hill, Old Town, Little Italy, and
University Heights.
—— Highly adaptable, clear span building affords maximum
use of the space and the ability to demise the building
and customize the interior to accommodate a wide range
of commercial uses.
—— Rated as a Walker’s Paradise with a high Walk Score
of 93 due to its close proximity to a hub of convenient
shopping, dining, nightlife, and recreational amenities,
such as Balboa Park, Scripps Mercy Hospital, UC San
Diego Medical Center, Landmark Cinemas, Snooze Eatery,
Urban Outfitters, and Whole Foods.
—— Existing cash flow generated from a short term lease is highly
advantageous to users working through space design and permits and
investors working towards implementing optimal leasing strategies.
—— Tremendous upside for a user wanting to occupy a portion of the
building and generate additional passive income by leasing out the
remainder of the space.
—— An extremely densely populated urban location, with nearly 220,000
residents and a daytime population of 215,000 within a 3-mile radius.
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
FOR SALE
THE OFFERING | 3776 4TH Avenue, San Diego, CA 92103
Floor Plan
DOOR
DOOR
RR
SINK
Potential Configurations
DOORWAY
SINGLE USER
DOORWAY
DOOR
B
STOREFRONT
B
A
DOORWAY
STOREFRONT
A
A
B
ENCLOSED PATIO
⬅ 4TH AVENUE ➡
⋆ All Interior Walls are Non-Structural
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
FOR SALE
THE MARKET | 3776 4TH Avenue, San Diego, CA 92103
Hillcrest
O
wn a piece of Uptown’s Hillcrest, a vibrant
of San Diego’s most colorful and vibrant urban
San Diego neighborhood that serves as one
epicenters. Compared to many other neighborhoods
of its main hubs, offering a unique array of hip
in San Diego, it has a high population density and
bars, ethnically diverse restaurants, cool coffee
has experienced a major overhaul over the years,
houses, trendy thrift stores and countless boutiques.
making it one of the most desirable places to live. It
Situated just a few miles north of San Diego’s
is no wonder that Hillcrest was selected “One of 10
energetic Downtown scene, its pedestrian-friendly
Great Neighborhoods in America” by The American
streets and sidewalk patios make Hillcrest one
Planning Association.
N
Coronado
Golden Hill
Downtown
left South Park
Bankers Hill
Balboa Park
left North Park
SITE
University Ave
Hillcrest
University Ave
Mission Hills
Old Town right
University Heights
163
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
THE MARKET | 3776 4TH Avenue, San Diego, CA 92103
FOR SALE
Hillcrest selected as
“One of 10
Great Neighborhoods
in America”
by The American Planning Association
Hillcrest Business
Association
The Hillcrest Business Association supports most
beautification projects in the neighborhood, organizes
street festivals, runs the Hillcrest Farmers Market, and
sponsors the annual “Taste of Hillcrest,” which offers food
and drink samples from over 50 local bars and restaurants.
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
FOR SALE
THE MARKET | 3776 4TH Avenue, San Diego, CA 92103
So Much To Do in Fabulous Hillcrest
star Hillcrest Craft Beer Crawl
star Hillcrest Farmers Market
An annual beer crawl, featuring a dozen
Hillcrest locations and their craft beer
selections. Hillcrest stands as an official craft
beer destination.
Occurring every Sunday, located on the
intersection of Normal Street and Lincoln
Avenue with over 175 vendors.
star ParkHillcrest Trolley
star Taste of Hillcrest
An annual self-guided culinary tour, featuring
over 40 restaurants and spanning more than
12 blocks, participants treat themselves to
foods from all over the world.
star LGBT Pride Parade
A free weekly service offered by The Uptown
Community Parking District, making it easy
to zip around Hillcrest. “Lunch Loops” circling
around University Avenue and Washington
Street, Monday – Friday, 11:30am - 1:30pm, and
providing Farmers Market Trolley Stops from
9am - 2pm, every Sunday.
Among one of the largest LGBT Pride Parades
in the United States, attracting over 100,000
spectators annually and begins at the Hillcrest
Pride flag on iconic University Avenue.
star CityFest
Located in the heart of Hillcrest, directly
underneath the Hillcrest sign, this is a huge
celebration of community spirit through food,
art, music and crafts, which attracts over
150,000 attendees each year.
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
FOR SALE
THE MARKET | 3776 4TH Avenue, San Diego, CA 92103
163
Wa
ng
shi
ton
St
Washington St
University Ave
University Ave
SITE
Robinson Ave
Robinson Ave
163
6th Ave
5th Ave
4th Ave
3rd Ave
1st Ave
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
FOR SALE
THE MARKET | 3776 4TH Avenue, San Diego, CA 92103
Washington St
Washington St
22
28
6th
Ave
21
17
University Ave
8
26
32
19
26. Lawrance Contemporary Furniture
10. Snooze
27. Walgreens
11. Urban Outfitters
28. Burger Lounge
12. Lemonade
29. Bread and Cie
13. 24 Hour Fitness
30. Fiesta Cantina
14. Hash House A Go Go
31. Urban Mo’s Bar & Grill
15. Starbucks
32. Whole Foods
16. The Brew Project
33. US Post Office
17. Hillcrest Sign
34. Uptown Medical Building
8th Ave
25. Rite Aid
09.US Health Works Medical Group
8th Ave
24. Crest Café
08.Project Pie
7th Ave
23. Robinson Plaza
07. Artist & Craftsman Supply
24
7th Ave
22. Scripps Mercy Hospital
06.Seven Eleven
1
15
Robinson Ave
2
33
25
6th Ave
21. Landmark Cinemas
05.Village Hat Shop
20
6th Ave
04.La Pizzeria Arriverderci
4
23
5th Ave
20. Chase Bank
5th Ave
03.Atlas
6
5
4th Ave
19. Buffalo Exchange
3rd Ave
18. Village Hillcrest
02. Green Fresh Florals
1st Ave
01. Pinkberry
34
4th Ave
3rd Ave
1st Ave
Robinson Ave
7
9th Ave
10
13
7th Ave
27
29
11
5th Ave
31
University Ave
4th Ave
3rd Ave
1st Ave
30
9
8th Ave
18
12
Pennsylvania Ave
Pennsylvania Ave
16
3
14
run Walk Score: Walker’s Paradise (93)
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
163
THE MARKET | 3776 4TH Avenue, San Diego, CA 92103
FOR SALE
Seize the Opportunity to
Own a Piece of Hillcrest
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
FOR SALE
THE ECONOMICS | 3776 4TH Avenue, San Diego, CA 92103
Owner-User Estimated Financing
Market Proforma Investment Analysis - Cap Rate Matrix
SBA 504
SBA 7a
Real Estate Purchase Price
$1,650,000
$1,650,000
Down Payment
$165,000 (10%)
$247,500 (15%)
Bank Loan Amount
$825,000 (50%)
$1,402,500 (85%)
CDC/SBA Loan Amount
$660,000 (40%)
N/A
Bank
Debenture
Bank
Loan Amount
$825,000
$660,000
$1,402,500
Interest Rate
4.86%
4.54%
5.00%
Terms
5-yr Fixed
Fixed
Variable
Amortization (Yrs)
25
20
25
Estimated Fees*
$12,375
$27,755
$39,235
Rental Rate (NNN) /
Purchase Price
$2.00
$2.25
$2.50
$2.75
$3.00
$1,550,000
6.2%
7.0%
7.7%
8.5%
9.3%
$1,600,000
6.0%
6.8%
7.5%
8.3%
9.0%
$1,650,000
5.8%
6.5%
7.3%
8.0%
8.7%
$1,700,000
5.6%
6.4%
7.1%
7.8%
8.5%
$1,750,000
5.5%
6.2%
6.9%
7.5%
8.2%
Lease Abstract
Tenant
dba The Pet Lounge
Lease Expiration2/28/17
Extension OptionsNone
Monthly Rent
$6,000 plus utilities
*504 and 7a loan fees can be tied into the loan.
Security Deposit$10,000
Cash Required
$175,000
$247,500
Monthly Payment
$8,944
$8,198
$2.23
$2.05
Monthly Payment Per Square Foot
Maintenance of the Premises
Tenant’s Responsibility
For full proposal, contact:
Nick Stoneman
[email protected]
(858) 436-0933
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]
FOR SALE
THE DEMOGRAPHICS | 3776 4TH Avenue, San Diego, CA 92103
5 MILES
1 MILE
2010
2015
2020
Population
26,156
27,024
28,300
Households
15,404
15,886
16,652
Avg Household Income
N/A
$78,928
$92,171
1 MILE
3
MILES
2010
2015
2020
Population
211,716
219,975
230,655
Households
98,645
103,479
109,400
Avg Household Income
N/A
$67,981
$78,435
5 MILES
2010
2015
2020
Population
502,395
516,577
538,193
Households
199,454
206,204
216,021
Avg Household Income
N/A
$68,552
$78,413
3 MILES
1 MILE
location
The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
Limor Spilky
CA LIC #01941431
858-201-4991
[email protected]