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DAVID MAXWELL+1 858 677 [email protected]
JOE BRADY+1 858 677 [email protected]
BILL SHRADER+1 858 677 5324 [email protected]
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COLLIERS INTERNATIONAL | 32 | 933 5TH AVE
TheINVESTMENT
PREMIER GASLAMP QUARTER LOCATION933 5th Avenue creates an opportunity to acquire a historic building in one of Downtown San Diego’s most desirable locations. The building is close to all of Downtown’s best attractions and restaurants.
UNIQUE TAX SHELTER BENEFITSCapitalize on the special federal tax treatment available in the Gaslamp Quarter proper by depreciating improvements over 19 years rather than 39 years, providing a higher “after-tax” return than other investment properties. Also, higher percentages can be assigned to the improvements due to historic designation.
AT THE HEART OF WHAT’S HAPPENINGLocated only minutes from the airport, San Diego’s thriving urban center offers an abundance of options for accommodations, activities and dining, all easily accessible by foot, bike, car or public transportation. Where modern architecture and Victorian-Age buildings stand side-by-side, you’ll discover eclectic galleries, trendy nightclubs, rooftop bars, gastropubs, craft beer hangouts and hip restaurants lining the streets.
VALUE CREATION Ownership will have the ability to enhance returns by rehabilitating and leasing the two floors and potential mezzanine of the mixed-use, 5,000 SF building. With the historic component and the attractive location, the building has tremendous upside potential.
DIVERSIFIED INTERNATIONAL DRAW/TOURISMGreat weather aside, Downtown San Diego is recognized for its incredible location on the San Diego Bay. The Gaslamp Quarter has become the preferred entertainment destination for San Diego County residents and visitors in search of premier shopping, dining, and nightlife.
Well positioned for
future success.
Colliers International is pleased to present the opportunity to acquire a prime 5th Avenue property in Downtown San Diego’s desirable Gaslamp Quarter, adjacent to Petco Park, Central Business District, and Downtown’s most established and affluent neighborhoods.
933 5th Avenue is long recognized as a historic building in the heart of Downtown San Diego. With its 5th Avenue Gaslamp Quarter location, one of the most recognizable and established visitor destinations in Southern California, the property is well positioned for future success.
The Gaslamp has established itself as both the playground of hip, eclectic San Diegans and as an elite urban destination for both national and international visitors while the Central Business District is at the core of downtown and serves as a bustling corporate hub. Located on a repositioning block, this building is in close proximity to the San Diego Convention Center, Petco Park, the soon to be re-developed Horton Plaza into a 720,000 SF office campus, and nearly every major hotel.
With 933 5th Avenue’s prime location in one of the most recognizable and established visitor destinations in Southern California, the property is well positioned for success.
COLLIERS INTERNATIONAL | 5
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TheOFFERING
Price $1,795,000
Transaction Timetable & Procedure
Contact listing broker to schedule a tour of the property. Twenty-four hour notice is appreciated.
Offers
The Seller reserves the right to sell the property at anytime during the marketing period without prior notice. The property will be sold on an “as-is” basis.
OFFERING TERMS
An iconic historic building in the
heart of Downtown San Diego.
Location 933 5th Avenue San Diego, CA 92101
Parcel Number 533-574-05
Building Area ±5,000 SF plus mezzanine potential
Land Area 0.06 acres
Stories Two
PROPERTY DESCRIPTION
Proforma& FINANCIALS
SPACE SQ. FT. TENANT MONTHLY RENT PSF ANNUAL RENT
Ground Floor 2,450 New Tenant $3.50 $102,900
Second Floor 2,400 Vacant $1.75 $50,400
4,850 Total SF Stabilized NOI: $153,300
Estimated Valuation at Stabilization: 6.0% Cap Rate $2,555,000
Less Renovation/Tenant Improvement Costs: $75 PSF $363,750
COLLIERS INTERNATIONAL | 9
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HORTON HORTON PLAZAPLAZA
PETCO PETCO PARKPARK
COMPARABLE Building Sales
2
3
4
5
6
7
8
AVERAGE PRICE PSF | $563Where California’s beach city
shows off its sophisticated side.
Windsor Hotel
Sale Date: 08/09/2019
Bldg SF: 12,750 SF
Sale Price: $4,500,000
Price Per SF: $326
Year Built: 1887
Property Type: Mixed-Use
937 - 939 5th Avenue
Sale Date: 02/28/20- Pending
Bldg SF: 7,500 + Basement
Sale Price: $1,950,000 - Asking
Price Per SF: $260
Year Built: 1920
Property Type: Mixed-Use
Yuma Building
Sale Date: 05/31/18
Bldg SF: 6,950 SF
Sale Price: $5,160,000
Price Per SF: $742
Year Built: 1869
Property Type: Mixed-Use
903-915 Island Avenue
Sale Date: 02/05/19
Bldg SF: 5,800 SF
Sale Price: $3,775,000
Price Per SF: $651
Year Built: 1906; 2015 renovated
Property Type: Restaurant
801, 813-23 5th Avenue
Sale Date: 11/30/18
Bldg SF: 25,000 SF
Sale Price: $13,150,000
Price Per SF: $526
Year Built: -
Property Type: Mixed-Use
951-955 5th Avenue
Sale Date: 02/15/19
Bldg SF: 15,298 SF
Sale Price: $4,700,000
Price Per SF: $307
Year Built: 1904; 2008 renovated
Property Type: Mixed-Use
655-665 5th Avenue
Sale Date: 02/22/18
Bldg SF: 17,462 SF
Sale Price: $19,850,000
Price Per SF: $1,137
Year Built: 1935
Property Type: Retail
705 6th Avenue
Sale Date: 10/31/2018
Bldg SF: 9,995 SF
Sale Price: $7,700,000
Price Per SF: $770
Year Built: 1930
Property Type: Restaurant
1 2 3
4 5 6
7 8
939-941 4th Avenue
Sale Date: 10/21/19
Bldg SF: 23,500 SF
Sale Price: $8,200,000
Price Per SF: $349Year Built: 1989
Property Type: Mixed-Use
9
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GASLAMP Quarter
THIRD AVENU
E
MARKET STREET
HARBOR DRIVEPA
RK BOULEVA
RD
E STREET
EIGHTH
AVENUE
344 ROOMS234 ROOMS
185 ROOMS
282 UNITS
420 ROOMS
64 ROOMS
35 ROOMS
99 ROOMS
5TH AVENU
E
96 ROOMS
420 ROOMS
283 ROOMS
126 ROOMS
306 ROOMS
90 ROOMS
CAMPUS AT HORTON
159 ROOMS
100+100+Retailers & Restaurants
Major Entertainment Venues
77Blocks with nearly
100 Historic Buildings
16.516.5
More than 10 million visitors are drawn each
year to experience the vibrant and unique atmosphere of the Gaslamp Quarter.
933
5TH AVENUE
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DowntownSAN DIEGO
THE NEIGHBORSHotel Rooms
16,20816,208
Total Office SF10,265,76710,265,767
Projected Convention Center Attendees
862,408862,408
31,00031,000Residential Units
The heartbeat of every city lives in its downtown, and San Diego is no exception. Located only minutes from the airport, San Diego’s thriving urban center offers an abundance of options for accommodations, activities, dining and cultural attractions, all easily accessible by foot, bike, car or public transportation.
Where modern architecture and Victorian-Age buildings stand side-by-side, you’ll discover eclectic galleries, chic boutiques, trendy nightclubs, rooftop bars, gastropubs, craft beer hangouts and fine dining restaurants lining the streets.
1212Minutes to San Diego International Airport
2.1 M2.1 MAnnual Petco
Park AttendeesAnnual Ferry &
Cruise Passengers
792,165792,165
COLLIERS INTERNATIONAL | 15
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MARINA MARINA DISTRICTDISTRICT
CONVENTION CONVENTION CENTERCENTER
UNION UNION STATION/SANTA FE STATION/SANTA FE
DEPOTDEPOT
USS MIDWAY USS MIDWAY MUSEUMMUSEUM
SEAPORT SEAPORT VILLAGEVILLAGE
INTERNATIONAL CRUISE INTERNATIONAL CRUISE SHIP TERMINALSHIP TERMINAL
LITTLE ITALYLITTLE ITALY
SAN DIEGO SAN DIEGO ZOOZOO
BALBOA PARKBALBOA PARK
BANKERS HILLBANKERS HILL
CENTRAL CENTRAL BUSINESS BUSINESS DISTRICTDISTRICT
SAN DIEGO SAN DIEGO CITY COLLEGECITY COLLEGE
CAMPUS AT CAMPUS AT HORTONHORTON
GASLAMPGASLAMP
EAST EAST VILLAGEVILLAGE933
5TH AVENUE
933
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2020. All rights reserved.
DAVID MAXWELL+1 858 677 [email protected]. No. 01465828
JOE BRADY+1 858 677 [email protected]. No. 01908072
BILL SHRADER+1 858 677 5324 [email protected]. No. 01033317
COLLIERS INTERNATIONAL 4350 La Jolla Village Drive, Suite 500 | San Diego, CA 92122 +1 858 455 1515 colliers.com/sandiego
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