4604 University Ave., San Diego, CA 92105

• Sold Price : $1,710,000
• Beds : N/A
  
• Baths : N/A
  
• Property Size : N/A sqft
  
• Year Built : 1959
  

Property Description

Reduced! Delivered vacant. Perfect for owner/user or redevelopment. 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.  Current tenant ($8,000 mo) is vacating and was using it as storage for his retail/wholesale business. 6 off 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 was currently rented well below market at $1.24 per square foot. A market CAP rate of 5.2% 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..... At roughly $291 per square foot, this property is a great deal for any savvy investor looking for a property to appreciate in value, provide solid cash ?ow, or hold for redevelopment. The property is located in a Complete Communities Tier 3 Zone which allows for 60+ apartment units to be built over retail. With a FAR of 6.5, the possibilities abound. Additionally, there are huge tax incentives to build in this Opportunity Zone. The building is located in the heart of San Diego.  3.4% CAP fully occupied (month-to-month) single net lease building in the path of progress. Current tenant is month to month offering an owner/user a prime opportunity in City Heights. The current tenant has leased the property for the past 10 years and operates a nail/beauty supply warehouse business. Many uses here such as: Complete Communities + opportunity zone redevelopment play, owner/user opportunity, hold for redevelopment while generating solid cash flow, sub-divide into 4 retail spaces to generate additional cash flow etc.... Owner pays property taxes, insurance, and roof maintenance. Tenant pays for everything else. Very easy to self-manage this property.

Interior Features

Listing Information

Listing information courtesy of: Mark Morgan, Apartment Consultants Incorporated. *Based on information from the Association of REALTORS/Multiple Listing as of Jan 16th, 2024 at 1:50 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.