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North Park Mixed-Use Portfolio

3800-3824 Ray Street
San Diego, CA 92103
Availability: Price:$4,145,000 Size:11,425 SF
Shipping: Marcus & Millichap is proud to present the sale of the North Park Mixed-Use portfolio.
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Description

Agents

BEN TASHAKORIAN | SENIOR MANAGING DIRECTOR


Senior Director: Institutional Property Advisors (IPA)
License: CA 01333884
Dir: (858) 373-3176
Fax: (858) 373-3110
btashakorian@ipausa.com

Description

Marcus & Millichap is proud to present the sale of the North Park Mixed-Use portfolio. This sale represents a unique opportunity, being offered for the first time for sale in more than forty years. The three properties are in the heart of one of the most sought after urban communities in San Diego County. The first property (Building 1) consist of four retail tenants and three 2nd-story apartment units. The second building (Building 2) consist of one retail tenant, The Tap Room. The third building (Building 3) is located on the corner of North Park Way and Ray Street. This corner lot consists of two retail tenants and two professional medical offices.

The properties are situated on three contiguous lots totaling approximately 14,607 square-feet. The average blended current rental rate is $1.87 modified gross. The current average rent is approximately sixty percent below market, and with 44% of the tenants not possessing any options to extend, this creates a rare opportunity to increase the NOI through reposition of the current tenants and rental increases. The North Park Market has a retail vacancy of 4.9% and a five-year average vacancy of 3.8%.

Features

  • First Time to Market in over 40 Years
  • Located in the Highly Desirable Northpark Neighborhood
  • 95% Occupied with Below Market Rents
  • Value-Add Opportunity
  • Offering includes 9 Retail Tenants and 3 Apartments

Sale Price

$4,145,000

Net Rentable Area

11,425 SF

Price Per SF

$362.80

Cap Rate (Current)

5.27%

Lot Size

14,607 SF

Details

  • 22932239
  • Mixed-Use
  • Price:$4,145,000 Size:11,425 SF
  • New

Shipping Information

  • Item Requires Shipping
  • Marcus & Millichap is proud to present the sale of the North Park Mixed-Use portfolio.

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