FLETCHER OFFICE LOFTS

Transcription

1 FOR SALE OFFERS DUE JANUARY 31, 2011 CENTRAL TO GASLAMP QUARTER & FINANCIAL DISTRICT 18 ON-SITE PARKING ADDITIONAL PARKING AVAILABLE EXPOSED BRICK WALLS ANTIQUE HARDWOOD FLOORS STREET LEVEL RESTAURANT WALKING DISTANCE TO HOTELS, RESTAURANTS AND RETAILERS TROLLEY STOP WITHIN ONE BLOCK

2 OVERVIEW Fletcher Office Lofts is a landmark property located at the busy intersection of Broadway and Sixth Avenue in the heart of Downtown San Diego s famed Gaslamp Quarter. A hard-to-find urban office environment just steps from the Financial District, the property attracts a wide range of professional businesses due to its central location amongst myriad restaurants, hotels, retailers and businesses and its highly sought after urban loft charm. The building underwent a full seismic retrofit and rehab including the addition of 18 parking spaces to the basement, installation of a new elevator, restrooms, common areas, roof and skylights. HVAC, electrical, plumbing and all major building systems were replaced. Existing historic elements including the facade, hard wood floors and operable windows were also completely restored. All tenants are separately metered and pay SDG&E directly for utilities. Parking spaces average approximately $ per space per month. All suites (with the exception of suites 401 and 405) are fully improved.

3 RENT ROLL Suite Current Square Current Office Lease Lease Monthly Parking Rent/Mos Rent/Year Rent PSF Lease Status No. Tenant Feet Mkt Rent PSF Start Expires Rent Spaces 301 American National Investments 1,164 $3, $39, $2.81 $ /15/07 12/31/12 $98 1 Signed/Open 302 Cannon 1,402 $2, $35, $2.13 $1.90 5/1/09 4/30/11 $ Signed/Open 303 Kenneth Stone 2,757 $7, $87, $2.65 $1.90 1/1/09 12/31/14 $ Signed/Open 304 BCA Architects 1,233 $2, $28, $1.95 $1.90 6/1/09 5/31/12 $ Signed/Open 305 Chang & Diamond 2,336 $4, $58, $2.08 $1.75 9/1/08 8/31/13 $ Signed/Open 401 Vacant 2,536 $4, $57, $1.90 $1.90 $ Vacant 403 Ron Peters (dba Redfolder) 2,721 $5, $70, $2.15 $1.90 5/1/09 4/30/12 $ Signed/Open 405 Vacant 1,246 $2, $31, $2.12 $1.95 $ Vacant 406 Vacant 1,215 $2, $24, $1.65 $1.65 $ Vacant 407 Vacant 1,245 $2, $24, $1.65 $1.65 $ Vacant 501 Cahill Law Group, Inc. 1,432 $3, $38, $2.23 $2.00 2/1/09 1/31/14 $ Signed/Open 502 Efactor Media 3,237 $8, $106, $2.73 $1.80 9/1/08 8/31/13 $ Signed/Open 503 Strom Commercial 1,698 $3, $36, $1.77 $1.70 9/1/08 8/31/10 $ Signed/Open 505 DreamHammer 3,054 $4, $58, $1.60 $1.60 7/1/10 10/31/13 $ Signed/Open Subtotal Office Space 27,276 $58, $2.13 $3, Retail San Diego Beer Company 7,619 $24, $293, $3.22 7/31/08 7/31/18 0 Signed Total Possible Rental Income 34,895 $82, $991, $2.37 $3, Total Possible Parking Income 18 spaces $3, $37, Less Actual Vacancy 17.89% Equals Total Contract Rental Income 28,653 $73, $884, $2.57 $2, Plus Total Actual Parking Income 13 spaces $2, $26, Less Allocable Expenses ($22,833.91) ($274,006.88) Equals Net Operating Income $53, $637,668.40

4 EXPENSES Allocable Expense Summary 2010 Expenses Common Area Maintenance $51, Electric Repairs $ Garage Door Maintenance $ Security Service $35.00 Parking Expense $7, Fire Alarm System $ Outside Services $3, Plumbing $1, Misc. Repairs & Maintenance $ Locks & Keys $1, Building Repairs $5, Fountain Maint/Repair $50.11 Trash $5, Fire Equipment $1, Power Washing $ HVAC - Contract $3, Janitorial Supplies $3, Janitorial Contract $22, Signage $ Pest Control $ Elevator Repairs $ Elevator Contract $4, Utilities - Gas/Electric $11, Utilities - Water/Sewer $4, Contract Management $20, Property Taxes* $84,099.75* Property Insurance $25, Telephone $1, Office/Admin - Misc. $ Office/Admin - Postage $ Office/Admin - Printing $ Total Allocable Expenses $182, *Taxes based on $7.5 million value

5 FLOOR PLAN SUMMARY SIXTH FLOOR (MEZZANINE) FIFTH FLOOR FOURTH FLOOR THIRD FLOOR SECOND FLOOR (MEZZANINE) FIRST FLOOR PARKING LEVEL

6 PARKING LEVEL

7 FIRST FLOOR

8 SECOND FLOOR (MEZZANINE)

9 THIRD FLOOR

10 FOURTH FLOOR

11 FIFTH FLOOR

12 SIXTH FLOOR (MEZZANINE)

13 AERIAL B STREET 4TH AVENUE 5TH AVENUE 6TH AVENUE 7TH AVENUE N C STREET TROLLEY LINE BROADWAY SUBJECT PROPERTY Petco Park

14 CONTACT FOR MORE INFORMATION, PLEASE CONTACT: HANS STROM