FOR SALE th Ave San Diego, CA

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1 FOR SALE th Ave San Diego, CA VICTOR KREBS Senior Vice President Lic #: (858) COLLIERS INTERNATIONAL 4350 La Jolla Village Dr, Suite 500 San Diego, CA colliers.com/sandiego

2 Table of Contents Executive Summary 04 Property Details 06 Amenities 10 Demographics 11 Site Plans 12 Sale Process 20 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, condition, or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies La Jolla Village Drive Suite 500 San Diego, CA Main colliers.com/sandiego VICTOR KREBS Senior Vice President CA License No (858)

3 POINT LOMA MISSION BEACH LA JOLLA 5 University of San Diego MISSION HILLS UCSD Hospital Scripps Hospital Riverwalk Golf Course Fashion Valley Mall SITE HILLCREST MISSION VALLEY UNIVERSITY AVE WASHINGTON ST PARK BLVD PARK BLVD UNIVERSITY HEIGHTS NORTH PARK 3

4 Executive Summary Colliers International is pleased to offer for sale th Ave in San Diego. The property is located in the heart of the Uptown-Hillcrest market, one of San Diego s most vibrant and dynamic areas. Residential, office and retail properties in Uptown have set some of the highest rental rates and sale prices in San Diego and demand for the area continues to build. Uptown is one of San Diego s most walkable neighborhoods with a great mix of cafes, restaurants, shops and entertainment. Value Add Asset or Redevelopment Opportunity: th Ave consists of a 10,400 sf office building on a 19,600 sf parcel that is occupied by California Bank & Trust (CB&T). CB&T occupies the first floor and subleases the second floor to four tenants. The owners have a leasehold on an adjacent 5,000 sf parking lot which is subleased to CB&T. CB&T has master leased the entire building and parking lot for many years and is an excellent credit tenant interested in renewing a long term lease. Investors and developers have the opportunity to add value by re-leasing and repositioning the existing building or by redeveloping the site when the CB&T lease expires in Zoning for the property is CC-3-9 which allows for residential density at 1 unit/400 sf of land and the package contains conceptual site plans for 60 residential units over retail. Excellent Amenities: Uptown offers a great Live-Work-Play lifestyle th Ave is just a few blocks north of Balboa Park, San Diego s largest park, which also contains the Old Globe Theatre and San Diego s top museums. This proximity to the Park provides excellent opportunities for tenants to enjoy a variety of leisure activities within a short walk. Also nearby is vibrant mix of retail, shopping and entertainment options including Whole Foods Market, Trader Joes, Ralphs Grocery, Landmark Theatres, AMC Theatres and many local restaurants, clubs and cafes. Uptown residents also benefit from having major healthcare employers like Scripps Healthcare, UCSD Healthcare and Balboa Naval Hospital providing top healthcare and employment opportunities. Nearby is Mission Valley which is a major employment center and transit hub with two regional retail Malls offering extensive shopping and entertainment options. Attractive Market Fundamentals: The residential, office and retail markets in Uptown are extremely tight with strong demand for high-quality projects in top locations like th Ave. Rental rates have increased significantly as a result of the limited new inventory and the strong demand. Many existing buildings with dated improvements are trading at or above replacement cost creating an opportunity to either reposition or redevelop a high-quality project at th Ave. With an outstanding location, solid market fundamentals, and vibrant neighborhood amenities, th Ave is an excellent opportunity. Offer Date: Friday, August 4, TH AVE

5 BALBOA PARK AT&T LANDMARK THEATRES FIFTH AVE FOURTH AVE SCRIPPS HOSPITAL 5

6 Property Details EVANS PL Asking Price Market Pricing Offer Date Friday, August 4, 2017 Address & APN s Total Land Area Building Size Tenant Current Income th Avenue San Diego, CA APN's: & 61 19,600 SF 10,400 SF - 2 Story California Bank & Trust Lease Term Ends 6/30/2019 $16,921 NNN/Month thru $17,342 NNN/Month thru FIFTH AVE SIXTH AVE Leasehold Interest Zoning Seller leases the adjacent 5,000 SF parcel for $1, NNN/ month, and subleases the parcel to CB&T for $1, NNN/month. The Leasehold interests expires 6/30/2019. CC-3-9 Density 1 DU/400 SF = 49 units * * PENNSYLVANIA AVE LEASED BY SELLER & POTENTIAL ASSEMBLAGE *Up to 74 units with Affordable Bonus Density This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, condition, or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies TH AVE

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10 WA S H ON I N GT ST IN GT ON AT&T BofA ST WA S H UNIVERSITY AVE PARK BLVD MISSION HILLS HILLCREST 5TH AVE TH AVENUE Museum & Gardens 163 R PA LV D KB 5 San Diego3737 5TH AVE 10 nternational Airport MARSTON HOUSE 6TH AVE BANKERS HILL Balboa Park Café Bassam Hane Sushi San Diego Balboa Park MUSEUMS Reuben H Fleet IMAX

11 2016 Demographics 1 MILE RING 2 MILE RING 2016 Income Average Household Income $92,651 $87,849 Median Household Income $68,105 $61,968 Household Income (2016) Income $150, % 13.6% Income $125,000 - $149, % 5.2% Income $100,000 - $124, % 9.5% Income $ 75,000 - $99, % 13.1% Income $ 50,000 - $74, % 18.8% Income $ 35,000 - $49, % 12.4% Income $ 25,000 - $34, % 8.5% Income $ 15,000 - $24, % 7.5% Income $ 10,000 - $14, % 5.3% Income $ 0 - $9, % 6.1% 2016 Education Detail Graduate Degree 24.6% 21.6% Bachelor's Degree 41.8% 40.0% Associates Degree 19.7% 20.6% Households Households 16,837 51,581 Family Households 26.4% 29.4% Non-family Households 73.6% 70.6% Population Total Daytime Population 41, ,965 Civilian 16+, at Workplace 17,628 56,243 Civilian 16+, Work at home 1,350 4,138 11

12 FIFTH AVE ZONING SUMMARY SITE SIXTH AVE STEPHEN DALTON ARCHITECTS JUNE 5, For conceptual purposes only. All information should be verifiied by the buyer. 5th AVENUE - YIELD STUDY SAN DIEGO, CA REVISED JULY 26, TH AVE

13 DEVELOPMENT SUMMARY STEPHEN DALTON ARCHITECTS JUNE 5, For conceptual purposes only. All information should be verifiied by the buyer. 5th AVENUE - YIELD STUDY SAN DIEGO, CA REVISED JULY 26,

14 BIKE STORAGE UTILITY ELEVATOR E 22'-0" 5th AVENUE '-0" 9 4 STRUCTURED PARKING: 38 CARS 5 6th AVENUE GARAGE LEVEL P1 STORAGE 4 N STEPHEN DALTON ARCHITECTS JUNE 5, For conceptual purposes only. All information should be verifiied by the buyer. 5th AVENUE - YIELD STUDY SAN DIEGO, CA REVISED JULY 26, TH AVE

15 BMP EXIT STAIR FIRE RISER 10'-0" BIKE STORAGE 5th AVENUE 49'-0" 16'-0" RESIDENTIAL LOBBY COMMERCIAL 2 40'-0" E 5 22'-0" 5 23'-0" 9 18'-0" 9'-0" COVERED PARKING: 27 CARS 8'-0" 8 MOTO 26'-0" 1 6th AVENUE 4 4 TRASH TRANSFORMER RAMP DOWN COMMERCIAL 1 36'-0" SITE PLAN ELECTRIC RM 10'-0" 36'-0" N BMP STEPHEN DALTON ARCHITECTS JUNE 5, For conceptual purposes only. All information should be verifiied by the buyer. 5th AVENUE - YIELD STUDY SAN DIEGO, CA REVISED JULY 26,

16 A2 S2 S2 S2 10'-0" A2 10'-0" E B1 B1 30'-0" 24'-0" 38'-0" S1 24'-0" 10'-0" 14'-0" 10'-0" 26'-0" 30'-0" A1 B1 PRIVATE DECKS STORAGE A2 S2 S2 S2 16'-0" 40'-0" 1 TYPICAL BUILDING PLAN (LEVELS 2-5) A2 10'-0" N STEPHEN DALTON ARCHITECTS JUNE 5, For conceptual purposes only. All information should be verifiied by the buyer. 5th AVENUE - YIELD STUDY SAN DIEGO, CA REVISED JULY 26, TH AVE

17 10'-0" UNITS UNITS 5th AVE 60'-0" 15'-0" 10'-0" UNITS UNITS COVERED PARKING 6th AVE UNDERGROUND GARAGE BUILDING SECTION STEPHEN DALTON ARCHITECTS JUNE 5, For conceptual purposes only. All information should be verifiied by the buyer. 5th AVENUE - YIELD STUDY SAN DIEGO, CA REVISED JULY 26,

18 SCRIPPS HOSPITAL AT&T WASHINGTON MUTUAL TH AVE

19 UCSD HOSPITAL SCRIPPS HOSPITAL FIFTH AVE AT&T SIXTH AVE 19

20 Sale Process Zoning Information Asking Price: Offer Date: Contact: Market Pricing Friday, August 4, 2017 Victor Krebs Senior Vice President License # Colliers International 4350 La Jolla Village Drive, Suite 500 San Diego, CA Plat Map Uptown Community Plan Zoning Information TH AVE

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22 BALBOA PARK SITE SIXTH AVE FIFTH AVE Victor Krebs Senior Vice President Lic. No (858) This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved.