Description
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. Currently the month-to-month tenant ($8,000 mo) is using it as storage for his retail/wholesale business. 6 o? 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 is currently rented well below market at $1.24 per square foot. A market CAP rate of 4.8% 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.....
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0BEDS
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0.21ACRES
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0BATHS
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01/2 BATHS
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6,438SQFT
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$311$/SQFT
School Ratings & Info
Description
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. Currently the month-to-month tenant ($8,000 mo) is using it as storage for his retail/wholesale business. 6 o? 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 is currently rented well below market at $1.24 per square foot. A market CAP rate of 4.8% 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.....
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Listing provided courtesy of Mark Morgan of Apartment Consultants, Inc.: 619-300-9070. Listing information © 2023 San Diego MLS Inc.
Source: SDMLS