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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]
937-939 5TH AVENUE
SAN DIEGO,
CA 9
2101
COLLIERS INTERNATIONAL | 32 | 937-939 5TH AVE
TheINVESTMENT
PREMIER GASLAMP QUARTER LOCATION937-939 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.
HISTORIC BUILDINGUntil 1928, this three-story, brick facade building housed the Manhattan Restaurant and Manhattan Hotel. The basement served as a speakeasy during prohibition. In the 1930’s the entire structure was remodeled in the art deco style, with bas-relief panels outside and white mahogany and walnut inside.
VALUE CREATION Ownership will have the ability to enhance returns by rehabilitating and leasing the four floors of the mixed-use, 10,000 SF building. With his 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.
937-939 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.
Gaslamp has established itself as both the playground of hip, eclectic San Diegans and tourists alike, as an elite urban destination. The city’s continued commitment to the redevelopment and revitalization of its urban core, the expansion of the San Diego Convention center events, along with its proximity to nationally recognized venues, place 937-939 5th Avenue as an ideal investment.
COLLIERS INTERNATIONAL | 5
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TheOFFERING
Price $1,950,000
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 937-939 5th Avenue San Diego, CA 92101
Parcel Number 533-574-04
Building Area ± 10,000 SF
Land Area 0.06 acres
Stories Four
Year Built 1911
PROPERTY DESCRIPTION
SECOND FLOOR
THIRD FLOOR
GROUND FLOOR
SitePLANS
Proforma& FINANCIALS
SPACE SQ. FT. TENANT MONTHLY RENT PSF ANNUAL RENT
Basement 2,500 TBD $1.00 $30,000
Ground Floor 2,100 TBD $3.50 $88,200
Second Floor 2,250 TBD $2.00 $54,000
Third Floor 2,250 TBD $2.00 $54,000
9,100 Total SF Stabilized NOI: $226,200
Estimated Valuation at Stabilization: 7.0% Cap Rate $3,231,429
Less Renovation/Tenant Improvement Costs: $150 PSF $1,365,000
COLLIERS INTERNATIONAL | 9
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Louis Bank of Commerce
Sale Date: 10/17/16
Bldg SF: 23,600 SF
Sale Price: $7,100,000
Price Per SF: $301
Year Built: 1999
Property Type: Mixed-Use
William Penn Hotel
Sale Date: 12/01/17
Bldg SF: 31,011 SF
Sale Price: $10,540,000
Price Per SF: $339
Year Built: 1914
Property Type: Hotel
752 5th Avenue
Sale Date: 01/17/17
Bldg SF: 4,750 SF
Sale Price: $1,156,000
Price Per SF: $243
Year Built: 2000
Property Type: Office
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
Marin Building
Sale Date: 03/07/16
Bldg SF: 10,732 SF
Sale Price: $4,500,000
Price Per SF: $419
Year Built: 1908
Property Type: Mixed-Use
Grand Pacific Building
Sale Date: 01/15/16
Bldg SF: 15,000 SF
Sale Price: $6,800,000
Price Per SF: $453
Year Built: 1950
Property Type: Mixed-Use
Woolworth Building
Sale Date: 06/19/15
Bldg SF: 15,298 SF
Sale Price: $3,600,000
Price Per SF: $235
Year Built: 1904
Property Type: Mixed-Use
939 4th Avenue
Sale Date: Pending
Bldg SF: 23,800 SF
Sale Price: $8,000,000 (Escrow)
Price Per SF: $336
Year Built: 1989
Property Type: Office
421
HORTON PLAZA
PETCO PARK
COMPARABLE Building Sales
3
65
87
1
23
4
5
6
78937-939 5TH AVENUE
AVERAGE PRICE PSF | $358
Where California’s beach city
shows off its sophisticated side.
10 | 937-939 5TH AVE
GASLAMP Quarter
THIRD AVENU
E
MARKET STREET
HARBOR DRIVE
v
PARK BOULE
VARD
E STREET
EIGHTH
AVENUE
344 UNITS234 UNITS
185 UNITS
282 UNITS
420 UNITS
64 UNITS
35 UNITS
99 UNITS
5TH AVENU
E
96 UNITS
420 UNITS
283 UNITS
159 UNITS
306 UNITS
90 UNITS
100+Retailers & Restaurants
Major Entertainment Venues
7Blocks with nearly
100 Historic Buildings
16.5
More than 10 million visitors are drawn each
year to experience the vibrant and unique atmosphere of the Gaslamp Quarter.
937-939 5TH AVENUE
COLLIERS INTERNATIONAL | 13
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DowntownSAN DIEGO
THE NEIGHBORSHotel Rooms
16,208
Total Office SF10,265,767
Projected Convention Center Attendees
862,408
31,000Residential 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.
12Minutes to San Diego International Airport
2.1 MAnnual Petco
Park AttendeesAnnual Ferry &
Cruise Passengers
792,165
COLLIERS INTERNATIONAL | 15
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MARINA DISTRICT
CONVENTION CENTER
UNION STATION/SANTA FE
DEPOT
USS MIDWAY MUSEUM
SEAPORT VILLAGE
INTERNATIONAL CRUISE SHIP TERMINAL
LITTLE ITALY
SAN DIEGO ZOO
BALBOA PARK
BANKERS HILL
CENTRAL BUSINESS DISTRICT
SAN DIEGO CITY COLLEGE
HORTON PLAZA
GASLAMP
EAST VILLAGE937-939
5TH AVENUE
937-939 5TH AVENUE
SAN DIEGO,
CA 9
2101
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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