th Avenue & 324 Island Street San Diego, CA 92101

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Benedict Heath
6 years ago
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Gaslamp Restaurant/Nightclub Building $9.5 Million 500-502 4th Avenue & 324 Island Street San Diego, CA 92101 RETAIL OFFICE INDUSTRIAL SALES LEASING PROPERTY MANAGEMENT Approx. 13,000 s.f.

Petco Park 1 Block from Mortons and Flemings steakhouses 2 Blocks from Hilton Hotel For more inf or mation, pl eas e contact: Athena Z. Harman, CCIM, CSM Harman Realtors, Inc. Office: 858.454.

1 Gaslamp Restaurant/Nightclub Building $9.5 Million th Avenue & 324 Island Street San Diego, CA RETAIL OFFICE INDUSTRIAL SALES LEASING PROPERTY MANAGEMENT Approx. 13,000 s.f. of building Approx. 11,000 s.f. of land Beautiful corner location in the Historic Gaslamp Quarter Easy management for one tenant property Steps from San Diego Convention Center Walking distance to Petco Park 1 Block from Mortons and Flemings steakhouses 2 Blocks from Hilton Hotel For more inf or mation, pl eas e contact: Athena Z. Harman, CCIM, CSM Harman Realtors, Inc. Office: x athena@harmanrealtors.com CA Broker License # Information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice Fay Avenue #320 La Jolla, CA Office Fax /17

2 EXECUTIVE SUMMARY Harman Realtors, Inc. is pleased to present the opportunity to acquire the Fluxx Nightclub Building on a premier corner of San Diego s Gaslamp Quarter Dining and Entertainment District, known as the historic Quinn Building located at th Avenue, at the corner of 4 th & Island Street. The project consists of one free-standing, singletenant retail/restaurant building totaling approximately 13,000 square feet, on a corner lot of 11,000 square feet. The building is 100% occupied by Fluxx Nightclub, consistently voted one of the ten best nightclubs in the Nation.

INVESTMENT SUMMARY Building Address 500-520 4 th Avenue and 324 Island Street San Diego, CA 92101 Offering

3 INVESTMENT SUMMARY Building Address th Avenue and 324 Island Street San Diego, CA Offering Price $9.5 Million First Year Proforma NOI $424, Cap Rate 4.46% Price Per Square Foot $ Occupancy 100%

4 INVESTMENT SUMMARY CONTINUED ESTIMATED PRO FORMA Gross Annual Income 606, Estimated Vacancy (5%) 30, Adjusted Gross 575, Estimated Annual Expenses 151, Estimated NOI 424, ESTIMATED EXPENSES Expense Item Estimated Expenses Assessment Fees Management 24, Real Estate Taxes 118, Janitorial Paid by Tenant Insurance 6, Landscape None Elevator None Water/Sewer Paid by Tenant HVAC Paid by Tenant Telephone Electric/Gas Paid by Tenant Repair & Maintenance 1, Total Estimated Expenses 151, Building Address Offering Price SUMMARY th Avenue 324 Island Street San Diego, CA $9.5 Million First Year Proforma NOI $424, Cap Rate 4.46% Price per Square Foot $ Occupancy 100%

6 SITE INFORMATION Assessor s Parcel Number Building GLA 13,000 s.f. Approximate Land Size 11,000 s.f foot frontage on 4th Avenue foot frontage on Island Street Acreage 0.26 acre Zoning Subject to the Gaslamp Quarter Association PDO

9 RENT ROLL Monthly Monthly Total Tenant S.F. Rent Triple Net Expenses Monthly Income Fluxx 13,000 $43, $7, $50, Next Increase Amount of Lease Lease In Base Rent Increase Start End Options 02/16/18 CPI 02/16/09 02/15/19 2, 5-year Notice Dates of Option Rent Window Notice Window Fair Market Value 3 mos. 2/15/18 to 05/15/18

10 BENEFITS TO BUYER Beautiful Gaslamp Quarter property, completely renovated in 2000 and seismically retrofitted in 2006 With current triple net lease in place, this is like a single tenant, triple net leased investment, with very little management responsibility. Lease contains, Landlord s Redevelopment Rights clause giving the Landlord one-way cancellation rights at any time after the end of the initial term (02/15/17) and during option periods. Large corner lot consisting of 11,000 s.f. of land (0.26-acre) One story building with only 2,000 s.f. of second floor ensures Buyer is paying for land value rather than vertical building value. The historic nature of this building enables the owner to enjoy accelerated depreciation. (Check with your CPA.) Additional depreciation can be taken by giving the City of San Diego a Façade Easement, which requires that the façade be kept in place and not changed, during your ownership. (Check with your CPA.) The historic classification of this property notwithstanding, this building is a candidate for redevelopment. Current status is confirmed that, providing the façade is preserved, four or five stories of office or residential units can be added. (Sixty foot height limitation). There is very little quality inventory presently available in Gaslamp Quarter, Petco Park and East Village Area. Acquire a historic building today and enjoy anticipated appreciation while in escrow, with the continued redevelopment of the Gaslamp Quarter, Petco Park and East Village Area.

FOR SALE San Diego, CA. Historic Woolworth Building Gaslamp Quarter Mixed-Use

FOR SALE San Diego, CA. Historic Woolworth Building Gaslamp Quarter Mixed-Use FOR SALE San Diego, CA Historic Woolworth Building Gaslamp Quarter Mixed-Use ABOUT THE WOOLWORTH BUILDING The Woolworth Building is a historic mixeduse property located in Gaslamp Quarter in Downtown San