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Downtown Office Building for Sale | $4,800,000 | Front Street






This property is ideally located on the south-east end of Little Italy in downtown San Diego. An investor will benefit from the high-density population growth projected for 2020 through 2024. Many of the current office tenants live and work downtown and the demand for walkable office space is increasing as multi-family projects are being completed in the immediate area. If an investor that has a need for their own office space they can benefit from an owner-user opportunity on the first floor or take over even more space on the second and third floors by the end of 2020 / early 2021. A future redevelopment approach will maximize an owner’s return on investment. Potential options include growing revenue with increase rental rates, build up property height, resell to a developer, joint-venture with a developer or partner with the adjacent property owner. This rare opportunity is your entry into the downtown and the Little Italy market!


THE OFFERING


Offering Price

$4,800,000


Address

1446 Front Street, San Diego, CA 92101

Actual NOI 2019

$83,474

Actual Cap Rate 2019

1.74%


2020 Proforma NOI

$209,864.84


2020 Proforma Cap Rate

4.00%


PROPERTY DETAILS

Building Area

+/-14,976 SF


Price per SF Building

$320.51


Land Area

+/-4,260 SF

Price per SF Land

$1,127


Property Type

Professional Office


# of Tenants

11


Zoning

CCPD - Centre City Planned District

RE - Residential Emphasis


HIGHLIGHTS

Located in Little Italy neighborhood of Downtown San Diego, CA

High Visibility on Front Street exit off of Highway 5 South

Blocks to:

· Social Security Administration

· Federal Courthouse

· US Immigration Review

· San Diego County Administration

· Strong Investment Value for Future Development

· Existing Income with Value-Add Opportunity

· 10.0 - 14.0 FAR Achievable

· Nearby Developments in Planning:

à Trammel Crow, 389 Apartment Units , Union & Ash St

à Vanderval Hotels, 16-Story Hotel, 5th & Ash St

à Paladio / Bosa, 162,000 SF Office, 777 Front St

· Owner-User Space Available




Contact Broker for More Information (619) 469-3600

KRIS BOEHMER

Investment Sales & Leasing

Lic. 01890240


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 including zoning, financials, leases, square footage, permits and use should be verified during due diligence and prior to completing a purchase or lease.



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