3242-3246 Adams Avenue

    San Diego, CA 92116
    • $719,900
    • STATUS: ACTIVE
    • ON SITE: 143 days
    • ID#: 190004667
    UPDATED: 23 min ago
    $719,900
    • 0
      BEDS
    • 0.04
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 1,040
      SQFT
    • $692
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    County:

    School Ratings & Info

    Description

    Fully leased two unit retail/office building on trendy Adams Avenue in Normal Heights. Adams Ave is a village area in San Diego with coffee shops, Breweries, Bars & classy restaurants. A new high-end three story mixed use building is almost finished across Bancroft Street on Adams. Subject building was completely remodeled to perfection in 2014. Beautiful redwood wanes coating, glass office windows, 10 foot open beam ceilings. Two new air conditioner / heater units on the roof. New roof in 2014. Great landscaping. Tenants pay all utilities and maintenance. Owner pays for major repairs & property taxes. 3242 is on a five year lease expiring in April of 2022. 3246 is on a three year lease expiring in June of 2020. Both tenants would love to stay and extend their lease. There is no off street parking Both leases have built in cost of living increases each year. So far the increases have been about 2%

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    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2019 San Diego MLS, Inc. Licensed in the state of California.
    www.themarellygroup.com/homes/91144211

    3242-3246 Adams Avenue San Diego, CA 92116

    • Price: $719,900
    • Status: ACTIVE
    • Updated: 23 min ago
    • ID#: 190004667
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.04
    Acres
    1,040
    SQFT
    $692
    $/SQFT
    Neighborhood:
    Normal Heights (92116)
    County:
    San Diego
    Area:
    Normal Heights (92116)
    Property Description
    Fully leased two unit retail/office building on trendy Adams Avenue in Normal Heights. Adams Ave is a village area in San Diego with coffee shops, Breweries, Bars & classy restaurants. A new high-end three story mixed use building is almost finished across Bancroft Street on Adams. Subject building was completely remodeled to perfection in 2014. Beautiful redwood wanes coating, glass office windows, 10 foot open beam ceilings. Two new air conditioner / heater units on the roof. New roof in 2014. Great landscaping. Tenants pay all utilities and maintenance. Owner pays for major repairs & property taxes. 3242 is on a five year lease expiring in April of 2022. 3246 is on a three year lease expiring in June of 2020. Both tenants would love to stay and extend their lease. There is no off street parking Both leases have built in cost of living increases each year. So far the increases have been about 2%
    Exterior Features

    Construction FrameStucco Ground Level Doors Both Units Have 2 Doors Location CornerFree Standing Neighboring Business Type1 Mixed Use Bldg Across Bancroft Neighboring Business Type2 New Mixed Use Bldg Bancroft Parking Metered Roof Tar & Gravel

    Interior Features

    Ceiling Height 10 Common Restrooms 1 Cooling Central Forced Air ElecCentral Forced Air Gas Floors Wood Heating Central Forced Air Gas Private Restrooms 0 Restrooms 1 Sq Ft Of Improvement 1040 Unit Size1 500 Unit Size2 500 Vacant Sq Ft 0

    Property Features

    Actual Cap Rate 4.75 Actual Gross Scheduled Income 43908 Actual Operating Expense 10312 Assumable Finance 0 Building Amenities 2 Units 42 Beauty Spa & 46 Permanent Make Up Artist. Buildings 1 Commercial Property Type Retail Sale Effective Age 5 Financial Information Source Owner Have Leased Two Unit Retail Lease Expires1 April 2022 Lease Expires2 June 2020 Mandatory Remarks None Known Market Area Metro Uptown Monthly Rent Total 3659 Monthly Rent1 $1891 Monthly Rent2 $1768 Motive Want 1031 Exchange Occupancy Percent 100 Overall Percent Vacant 0 Projected Cap Rate 4.88 Projected Gross Scheduled Inc 44443 Property Type Retail Sale Includes BuildingOther/Remarks Sales Restrictions N/K Short Sale No Special None Sq Ft Source Owner Tenant Pays ElectricGasMaint/RepairsWater Terms CashCash To New Loan Unit Number1 3242 Unit Number2 3246

    Listing provided courtesy of Urbana Realty. Listing information © 2019 San Diego MLS Inc. Source: SDMLS
    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2019 San Diego MLS, Inc. Licensed in the state of California.
     
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