san diego, ca 92101 - loopnet€¦ · san diego zoo balboa park bankers hill central business...

933

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

4 | 933 5TH AVE

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


8 | 933 5TH AVE

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


Yuma Building

Sale Date: 05/31/18

Bldg SF: 6,950 SF


Price Per SF: $742

Year Built: 1869


903-915 Island Avenue

Sale Date: 02/05/19

Bldg SF: 5,800 SF


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: -


951-955 5th Avenue

Sale Date: 02/15/19

Bldg SF: 15,298 SF


Price Per SF: $307

Year Built: 1904; 2008 renovated


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


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


Price Per SF: $349Year Built: 1989


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5TH AVENUE

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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


12 | 933 5TH AVE

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


14 | 933 5TH AVE

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

This document has been prepared by Colliers International for advertising and general inform

ation only. Colliers International makes no guarantees, representations or w

arranties of any kind, expressed or im

plied, regarding the information including, but not lim

ited to, warranties of content, accuracy and reliability. Any interested party should undertake their ow

n inquiries as to the accuracy of the inform

ation. Colliers International excludes unequivocally all inferred or implied term

s, conditions and warranties arising out of this docum

ent and excludes all liability for loss and dam

ages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©

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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san diego, ca 92101 - loopnet€¦ · san diego zoo balboa park bankers hill central business...

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