1940 5th Avenue
Owner-Useror InvestmentOpportunityin the heart of Bankers Hill
Jones Lang LaSalle Americas, Inc.© RE License #01856260
Highlights1940 5th Avenue
11,108 s.f. office/medical building on a 10,000 s.f. lot
Two (2) stories above grade-level parking, plus mezzanine; elevator served
Good on-site parking (3.4/1,000 u.s.f.) including secured lot and surface lot, plus abundant street parking
Building top signage facing south toward on-coming traffic
Exceptional visibility on 5th Avenue
Excellent freeway access from all directions
Flexible occupancy (call for details)
Sales Pr ice : $3 ,950 ,000 ($356/s . f . )
2 | 1940 5th Avenue
1940 5th Avenue | 3
4 | 1940 5th Avenue
Recent renovations include:• new roof mansard
• newer dual-paned windows
• new paint
• new flooring
• refurbished elevator cab
EXISTING FLOORPLANS
1940 5th Avenue | 5
2nd Floor
3rd Floor
Mezzanine
part of 3rd floor suites
Suite 2002,037 r.s.f.
Suite 2021,467 r.s.f.
Suite 2011,261 r.s.f.
Suite 3001,896 r.s.f.
Suite 3011,563 r.s.f.
Suite 3021,121 r.s.f.
Suite 301M662 r.s.f.
Suite 302M524 r.s.f.
Suite 300M628 r.s.f.
Combined2,524 r.s.f.
Combined2,225 r.s.f.
Combined1,645 r.s.f.
Ideal Location Excellent access with direct ingress/egress from all directions.
Located only blocks from Sharp Rees-Stealy Medical Center, Scripps Mercy Hospital and UCSD Medical Center.
Close to the desirable communities of Bankers Hill, Mission Hills, Hillcrest, Little Italy, Downtown, Old Town and Point Loma.
Lemon Grove
I 5
CA 94
SR 163
I-5
CA 15
I 805
I 8
6 | 1940 5th Avenue
Sharp Rees-Stealy Downtown
HH
H
Mission Hills
Hillcrest
Balboa Park
Bankers Hill
Little Italy5th Avenue
4th Avenue
Fir Street
1940 5th Avenue
Grape Street
1940 5th Avenue | 7
1940 5th Avenue
Balboa Park
6th Avenue
5th Avenue
N
Grape Street
8 |1940 5th Avenue
Flexible occupancy to accommodate owner-user or investment opportunity. Contact brokers to inquire.
RENT ROLL
suite 200 201 202 300 & 300M 301 & 301M 302 & 302M
tenant Complexions RX NOLA San Diego Allen Family Law, Inc.
Abbas Jenson & Cundari CPAs Pilates Plus, LLC Spinal
Connection
use medical spa massage & personal training law office accounting firm pilates studio chiropractor
lease start 1/1/2004 1/1/2014 8/1/2015 9/1/2003 4/1/2002 3/1/2012
lease end MTM MTM MTM owener open to leaseback 6/30/2018 2/29/2020
r.s.f.- BOMA 2,037 1,216 1,461 2,524 2,225 1,645
r.s.f - lease 1,825 1,106 1,327 2,524 1,964 1,500
current
monthly rent$3,150 $1,725 $1,750 $4,000 $2,990 $1,950
rent/s.f. $1.73 $1.56 $1.32 $1.58 $1.52 $1.30
total monthly
parking rent$360 $120 $180 $0 $240 $180
included
garage parking
stalls
2 1 1 5 1 1
rented surface
parking stalls6 2 2 5 3 2
total income $3,510 $1,845 $1,930 $4,000 $3,230 $2,130
total in-
come/s.f. $1.92 $1.67 $1.46 $2.38 $1.64 $1.32
building total
income $16,645
1940 5th Avenue | 9
SALES COMPARABLES
2557 3rd Avenue, 92103
10,800 s.f.
unknown build date
5/31/2017 sale date
$4,000,000 sales price
$370/s.f.
sold at full asking price to owner-user
909 W Laurel Street, 92101
10,500 s.f.
built in 1980
2/24/2017 sale date
$4,000,000 sales price
$381/s.f.
100% vacant at time of sale; limited on-site parking; sold to owner-user who will occupy only half of the building
2054 State Street, 92101
8,812 s.f.
unknown build date
12/20/2016 sale date
$3,535,643 sales price
$401/s.f.
5 on-site parking spaces (0.57/1,000 r.sf.)
4065 3rd Avenue, 92103
12,050 s.f.
built in 1991
4/14/2016 sale date
$5,969,000 sales price
$495/s.f.
challenging parking; all cash sale
2870 5th Avenue, 92103
7,865 s.f.
built in 1983
3/10/2016 sale date
$2,965,000 sales price
$377/s.f.
no on-site parking; all cash sale; 30-day escrow
2100 5th Avenue, 92101
10,178 s.f.
built in 1971
11/5/2015 sale date
$3,950,000 sales price
$388/s.f.
primarily office space to be converted to medical by buyer
BUILD EQUITY THROUGH OWNWERSHIP
Occupancy Cost AnalysisEst imated Occupancy Costs with 2 nd f loor owner-occupied
Purchase price $ 3 ,950,000.00
SBA 10% down financing** $ 395,000.00
Amount financed $ 3,555,000.00
Interest rate 4.5%
Monthly payment $ 19,759.84Monthly property taxes $ 3,700.00Other monthly costs $ 1,500.00Total monthly costs $ 24,959.84
Scenario 1 In-Place Rents
Scenario 2 Adjusted Market Rents
Rent - Suite 300 $ (4,000.00) $ (4,000.00)Rent - Suite 301 $ (3,145.00) $ (4,450.00)Rent - Suite 302 $ (1,845.00) $ (3,290.00)Total rental income offset $ (8,990.00) $ (11,740.84)
Average principal payment - 1st 10 years $ (8,100.00) $ (8,100.00)
Net occupancy cost $ 7,869.84 $ 5,119.84Square feet used by owner 5,000.00 $ 5,000.00
Net occupancy cost per square foot $ 1.57 $ 1.02
* This analysis is for preliminary budgeting purposes only. It is recommended that buyer verify all expenses and complete due diligence with independate advisors.** Flexible occupancy to accommodate owner-user or investor. Contact brokers for details.
10 | 1940 5th Avenue
2 ND FLOOR CONCEPTUAL PLANS
1940 5th Avenue | 11
UP
DN
DN
DNRX19UPRX16
RESTROOM
OFFICE8'-6" x 21'RESTROOMRESTROOM
BUSINESSOFFICE
COFFEE/BREAK
CONSULT8'-6" x 11'
TREATMENT8
8'-8" x 11'
TREATMENT7
8'-8" x 11'
TREATMENT1
12' x 11'
TREATMENT2
11'-3" x 11'
TREATMENT3
12' x 11'
TREATMENT5
11' x 11'
TREATMENT4
11' x 10'
PRIVATETREATMENT10' x 11'-10"
CONSULT8'-11" x 12'
STERILIZATION11'-4" x 8'
IMAGING8' x 10'-6"
DIGITALPROC.
POSTTREATMENT
7' x 8'
TREATMENT11
8' x 12'-8"
PRIVATETREATMENT
10'-4" x 11'STOR.
LAB10'-6" x 6'-6"
TREATMENT9
9'-1" x 11'
TREATMENT10
9'-1" x 11'
CHECK-IN
CH
ECK-
OU
T
WAITINGAREA
This conceptual design is based upon a preliminary review of
entitlement requirements and on unverified and possibly
incomplete site and/or building information, and is intended
merely to assist in exploring how the project might be developed. NORTH0 4' 8' 16'
1/8"=1'-0"
SHEET2017.10.10
SDD17-6043-00
FLOOR PLANMARKETING PLAN
SCHEME A - DENTAL OFFICE
1940 5th AVE. 2
UP
DN
DN
DNRX19UPRX16
EXAM11'-5" x 11'
DOCTOR (2)13' x 11'
STOR.
EXAM11' x 9'
PROCEDURE11' x 11'-6"
EXAM10' x 11'
DOCTOR9' x 11'
RESTROOM
EXAM8'-6" x 11'STOR.
EXAM8' x 10'-6"
EXAM8'-6" x 11'
EXAM8'-6" x 11'
EXAM8'-4" x 11'
PROCEDURE10' x 14'-7"
OFFICE8'-6" x 21'RESTROOM
EXAM8'-11" x 12'
RESTROOM
COFFEE/BREAK
BUSINESSOFFICE8'x12'
PROCEDURE11' x 11'-4"
EXAM8' x 10'-6"
LAB6' x 8'
NURSESTATION
NURSESTATION
CHECK-IN
CH
ECK-
OU
T
WAITINGAREA
This conceptual design is based upon a preliminary review of
entitlement requirements and on unverified and possibly
incomplete site and/or building information, and is intended
merely to assist in exploring how the project might be developed. NORTH0 4' 8' 16'
1/8"=1'-0"
SHEET2017.10.10
SDD17-6043-00
FLOOR PLANMARKETING PLAN
SCHEME B - MEDICAL OFFICE
1940 5th AVE. 3
Dental Office
Medical Office
Business Office with bench workstations
RX19RX16
DN
UPDN
DN UP
RESTROOMRESTROOM
OFFICE12'-8" x 9'-8"
OFFICE12'-8" x 11'BREAK
CONFERENCE/OFFICE252 SF
OFFICE11'-5" x 12'
OFFICE11'-7" x 12'
OFFICE11'-5" x 12'
BUSINESS OFFICE16'-7" x 9'-11"
STOR.
COPY
REC
EPTI
ONCONFERENCE
12' x 17'-8"
This conceptual design is based upon a preliminary review of
entitlement requirements and on unverified and possibly
incomplete site and/or building information, and is intended
merely to assist in exploring how the project might be developed. NORTH0 4' 8' 16'
1/8"=1'-0"
SHEET2017.10.10
SDD17-6043-00
FLOOR PLANMARKETING PLAN
SCHEME C2 - BUSINESS OFFICE (BENCH WORKSTATIONS)
1940 5th AVE. 5
CONTACT
Paul BraunRE License #[email protected]+1 858 410 6377
Chris RossRE License #[email protected]+1 858 410 6388
Kelly MoriartyRE License #[email protected]+1 858 410 6359
sdmedicalrealestate.com
DISCLAIMERAlthough information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2018. Jones Lang LaSalle IP, Inc. All rights reserved.
JLL | Healthcare Practice Group8910 University Center LaneSuite 100San Diego, CA 92122