937-939 - images1.loopnet.com

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

4 | 937-939 5TH AVE

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


8 | 937-939 5TH AVE

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


Price Per SF: $243

Year Built: 2000

Property Type: Office

Yuma Building

Sale Date: 05/31/18

Bldg SF: 6,950 SF


Price Per SF: $742

Year Built: 1869


Marin Building

Sale Date: 03/07/16

Bldg SF: 10,732 SF


Price Per SF: $419

Year Built: 1908


Grand Pacific Building

Sale Date: 01/15/16

Bldg SF: 15,000 SF


Price Per SF: $453

Year Built: 1950


Woolworth Building

Sale Date: 06/19/15

Bldg SF: 15,298 SF


Price Per SF: $235

Year Built: 1904


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


12 | 937-939 5TH AVE

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


14 | 937-939 5TH AVE

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

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

ation only. Colliers International m

akes no guarantees, representations or warranties of any kind, expressed or im

plied, regarding the inform

ation including, but not limited to, w

arranties of content, accuracy and reliability. Any interested party should undertake their ow

n inquiries as to the accuracy of the information. 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). ©2018. 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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