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Key Details
Sold Price $1,710,000
Property Type Commercial
Sub Type Commercial-Off/Rtl/Ind
Listing Status Sold
Purchase Type For Sale
Square Footage 6,438 sqft
Price per Sqft $265
MLS Listing ID 230003366
Sold Date 01/05/24
Half Baths 100
Year Built 1959
Lot Size 9,258 Sqft
Acres 0.21
Property Description
Reduced! Delivered vacant. Perfect for owner/user or redevelopment. Located in a Complete Communities Tier 3 + Opportunity Zone at the heart of City Heights is 4604 University Avenue. This is a rare opportunity to acquire freestanding corner building consisting of 6,438 square feet and located on a 9,258 square foot parcel. Perfect for the owner/user the property is zoned for commercial and can be used for various purposes. Current tenant ($8,000 mo) is vacating and was using it as storage for his retail/wholesale business. 6 off street gated parking spaces plus two 30-minute street spaces ensure customers easy access should the property be used for retail in the future. This asset provides a solid current 3.4% CAP rate with the current month to month tenant. Rental upside here as the property was currently rented well below market at $1.24 per square foot. A market CAP rate of 5.2% can be achieved simply by bringing the rent up to the surrounding market rate of $1.60 per square foot. Over 23,000 vehicles drive by the property every day on University Avenue giving any future business plenty of exposure.....
Location
State CA
County San Diego
Area East San Diego (92105)
Zoning CC-5-4
Interior
Flooring Slab
Exterior
Garage On Site
Roof Type Composition
Building
Story 1
Others
Acceptable Financing Cash to New Loan
Space Rent $95,940
Listing Terms Cash to New Loan
Financing Cash
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Kobe Zimmerman
Berkshire Hathaway Home Services California Properties
kobezimmerman@bhhscalifornia.com +1(858) 753-3353Our team is ready to help you sell your home for the highest possible price ASAP
Bought with OUT OF AREA • OUT OF AREA