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EXECUTIVE SUMMARY PROPERTY OVERVIEW ECP Commercial, as exclusive agent for the Seller, is pleased to present to qualified investors the opportunity to acquire a fee simple interest in 1302 1304 Rosecrans Street San Diego CA 92106 (the Project ), a rare, 2-tenant Triple-Net (NNN) leased investment opportunity prominently located in the Point Loma retail submarket along Rosecrans Street at Dickens Street. The Project is a single-story, 2-tenant retail building totaling approximately 4,802 square feet, located in the Northwest corner position of the highly-trafficked Rosecrans Street and Dickens St. The property is situated approximately 2 blocks from the San Diego Bay and the iconic Shelter Island. A full renovation of the building was completed in 2016, with brand new, 10-year Triple-net (NNN) leases in place for Sushi Lounge (www.sushiloungesd.com) and Tech Outfitters (www.techoutfitters.com) which include strong annual rental increases. Both Landlord and Tenants have invested significant capital into the renovation and tenant improvements, demonstrating the commitment to this retail market. The Project is situated on approximately 5,000 square feet of total land area. With an average household income of $118,859, within a 5 minute drive, the Project boasts an irreplaceable location in a high profile retail submarket that exhibits very low retail vacancy. Recent investment from multi-family, office and retail developers in the immediate area is testament to the long-term strength of this coastal market.
EXECUTIVE SUMMARY PROPERTY OFFERING Address: 1302-1304 Rosecrans Street (aka 3010 Dickens Street) Total Square Feet: Approximately 4,802 Lease Term Lease Type 10 Years Absolute NNN - No Landlord Responsibilities Occupancy: 100% Land Area: Approximately 5,000 SF Assessor s Parcel Number: 531-331-05-00 Age/Renovation: 1952/Complete Gut Renovation including roof and utilities in September 2016 Zoning: CC-4-2 Net Operating Income: Approximately $183,790 Offering Price: $3,600,000 Cap Rate: Year 1: Approx. 5.11% ; Year 10: Approx. 6.26% Note: Property is being sold on the as-is, where-is condition of the Property. Qualified prospective investors will have the opportunity to inspect the Property. Each prospective investor is to rely solely upon its own independent investigation, evaluation, and judgment as to the condition of the Property. The Owner reserves the right to sell or withdraw the Property at any time without prior notice.
PROPERTY PHOTOS
PROPERTY PHOTOS
AERIAL MAP MCRD LIBERTY STATION SAN DIEGO AIRPORT 1302-1304 Rosecrans St. (Click Here for Map) NIMITZ BLVD. N. HARBOR DRIVE San Diego Yacht Club America s Cup Harbor San Diego Bay SHELTER ISLAND CORONADO
PROPERTY PHOTOS
TENANT PROFILES Casual Mobile Tech Repair, Tech Accessories Display & Coffee at One Location Large 22-Seat Sushi Bar, 15-Seat Beverage Bar & 65-Seat Dining Area Full Menu including Small Plates to Sashimi, Specialty Rolls, & Nigiri Sushi 3rd Location, also Located in Poway & Encinitas Proud Supporters of Local Charities Serving Fresh Locally Roasted & Manually Brewed Coffee Caters to Grab-and-Go Commuters and Folks Relaxing Inside or on the Patio Unique and Diverse Line of Accessories and Techs Brewery Inspired Coffee Tasting Flights Global Technology. Local Flavor.
SITE PLAN DICKENS STREET 1302-1304 Rosecrans St. SITE BOUNDARY SHELTER ISLAND DRIVE 30,250 ADT ROSECRANS STREET (COSTAR 2015) TRAFFIC COUNT Rosecrans Street & Shelter Island Drive 30,250 ADT (COSTAR 2015) America s Cup Harbor N. HARBOR DRIVE
AREA DEVELOPMENT 2 SHELTER ISLAND DRIVE DICKENS STREET 1 ROSECRANS STREET 3 America s Cup Harbor N. HARBOR DRIVE 4 5 1 SUBJECT PROPERTY 2 BELLAMAR 3 WATERPOINT 4 INTREPID 5 PROMENADE 1302-1304 Rosecrans Street 4,306 SF of Retail Luxury Residential Flats 4,700 SF of Retail 40 Residential Units 5 Commercial Ground Floor Units Office & Retail Development State-of-the-Art Marina & Public Promenade Creative Office Environment Space Downtown Skyline & Bay Views
LOCAL AMENITIES Mission Bay DRIVE TIME 16 MINUTES Sea World Mission Valley DRIVE TIME 15 MINUTES Ocean Beach DRIVE TIME 10 MINUTES Sunset Cliffs Point Loma Heights Loma Portal 1302-1304 Rosecrans St. DRIVE TIME 7 MINUTES NIMITZ BLVD. Shelter Island DRIVE TIME 4 MINUTES Midway District ROSECRANS STREET America s Cup Harbor SAN DIEGO AIRPORT N. HARBOR DRIVE CORONADO DRIVE TIME 23 MINUTES Old Town DRIVE TIME 13 MINUTES Marine Corps Recruit Depot DRIVE TIME 9 MINUTES San Diego Bay Mission Hills Hillcrest Banker s Hill Little Italy SAN DIEGO DRIVE TIME 17 MINUTES DOWNTOWN East Village Petco Park University Heights San Diego Zoo Balboa Park
FLOOR PLAN COMMON AREA REAR ACCESS COMMON AREA REAR ACCESS 1,798 SF 3,004 SF ROSECRANS STREET DICKENS STREET