FOR SALE Executive Office Building $3,200,000 Additional Parking Lot $1,300,000
2534 State St Owning Your Own Office Space Can Have A Significant Impact On Your Business. PURCHASE ASSUMPTIONS Total Purchase Price $3,200,000 Occupy 55% Down Payment 10% $320,000 Loan Amount $2,880,000 SBA Loan Interest Rate 4.44% - 4.95% MONTHLY INCOME 3RD Floor Tenants $8,452 Parking $400 Virtual Office $5,231 Total Monthly Income $14,083 MONTHLY COSTS Mortgage Payment (P&I) $17,490 Property Taxes 1.18277% $3,154 Telecommunications $3,633 Utilities $3,391 Janitorial & Landscape $1,691 Business Fees & Supplies $2,995 Repair & Maintenance $2,289 Insurance $1,553 Advertising $1,035 Total Monthly Costs $37,232 There Are Many Benefits To Owning Office Space: 1. Owning Gives You Control. Owners enjoy the freedom to customize space to suit changing business needs, growth or downsizing without Landlord involvement. Owners can maximize visibility, and place signage to serve own needs. 2. Owning Saves You Money. There are financial advantages with ownership including tax savings and building equity. The interest on the mortgage loan is tax deductible and the business can take annual depreciation deductions on property taxes. Added in-place income from other tenants allows an owner to pay down the mortgage from other business. San Diego is historically an appreciating market which increases the total worth of the property. Owning versus leasing lets business money continue to work for the owner instead of a landlord. 3. Owning Brings Consistency. With a long-term fixed-rate mortgage, you can anticipate your monthly expenditures. Owners also avoid costly moving expenses when leases expires, or business changes occur. 4. Occupying 51% Or More Of The Building. SBA 504 loans offer fixed, low market interest rates. A 20-year loan is fully amortized, with only a 10% down payment needed. The restrictive covenants and balloon payments often found in conventional loans are avoided, leaving more working capital available to grow the business. NET EFFECTIVE OWNERSHIP COSTS Net Ownership Cost $23,149 Tax Benefits: Depreciation 39 year, 40% -$3,350 Tax & Expenses Deduction 40% bracket -$7,897 Interest Deduction 5 yr avg -$5,597 Net Ownership Costs Per Month $6,305 Net Ownership Costs Per SF Per Month $1.63/SF
2534 State St San Diego, CA 92101 Sale Price: $3,200,000 OFFICE BUILDING DESCRIPTION State Street Offices is a 3-Story Executive Office Building newly constructed in 2008. The entire building is approximately 10,000 sq. feet which includes the ground floor garage parking. All offices have large windows and are furnished with a desk, bookcase and two chairs. Telephone and internet services are provided to each tenant. Each office has a dedicated HVAC unit and a separate meter for direct SDGE billing to the tenant. There is access to the elevator from the garage and the main floor reception area that services the second and third floors. Twenty executive offices range in size from 200-450 rentable square feet. Office Lease Rates $ 750 - $950 / month In addition to the office rental income, State Street Offices offers the following services: Mailbox / Mail Handling Telephone Answering Virtual Office $ 80 / month $ 150 / month $ 190 - $300 / month FEATURES: BUILD OUT: 3-Story Office Building Operating as Executive Suites Year Built: 2008 Covered Parking Garage - 9 Spaces (added parking available with separate lot for sale) Security Cameras in place Total Building Size - Approx. 7,004 SF Total Lot Size - Approx. 5,000 SF APN # 533-055-09-00 Available for sale with or without additional parking lot Reception 20 Private Offices 2 Conference Rooms Coffee Bar Outdoor Garden Patio
Sale Price: $1,300,000 PARKING LOT DESCRIPTION SW Corner of W Laurel St & State St 21 Rentable Parking Spaces Plus 1 Handicap Parking Space 9 Spaces are Covered Total Lot Size - Approx. 6,500 SF APN # 533-061-10-00 Zoned Mid-City Communities Planned District: CL-6 Parcel to be sold in conjunction and/or concurrently with sale of 2534 State Street State Street Parking is an asphalt lot that is currently renting twenty-one spaces on a monthly basis. Only two of the spaces are currently rented by Office tenants. Need for parking in the area of Little Italy, Downtown and Airport employees is in high demand. This corner lot is ideal for future development and is a strong investment. Zoning would allow for multi-family housing, mixed-use, retail or office development.
2534 State St Parking Lot APN # 533-061-10-00 Office Building APN # 533-055-09-00 LOCATION HIGHLIGHTS State Street Offices are located in the Uptown / West office submarket of San Diego. Development in this area is rapidly expanding making this acquisition ideal for future appreciation. The close proximity to San Diego Courthouses and other downtown services provides ample tenant supply for low office vacancy. It s convenience to Downtown, Mission Hills, and Point Loma make this an exciting opportunity. Immediately North of Little Italy - Downtown San Diego Direct Access to the San Diego International Airport Easy Freeway Access to Interstate 5 Zoned Mid-City Communities Planned District: CL-6 Trolley Station nearby on Kettner Blvd Bus Stop 1 block on State Street
FOR SALE Executive Office Building $3,200,000 Additional Parking Lot $1,300,000 CONTACT INFORMATION:,,, Pacific Coast Commercial 6050 Santo Rd, Suite 200 San Diego, CA 92124 www.pacificcoastcommercial.com 2534 State St Disclaimer : The information contained herein has been given to us by the owner of the property or other sources we deem reliable, we have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease.