2262 Carmel Valley Rd

WATERFRONT CLASS A OFFICE “JEWEL BOX” OWNER/USER OPPORTUNITY WITH IN-PLACE INCOME
* 49% leased two-story Class A office owner/user opportunity with irreplaceable waterfront location and panoramic ocean views overlooking the Los Penasquitos Lagoon.

* The building’s ground floor is 100% leased, providing fully remodeled top-floor availability for an owner/user to enjoy very high-end improvements and the best views. In-place rents are approximately 32% below market as the current owner has not pushed rents.

* The property went through an extensive remodel over the past few years totaling approximately $700,000 which entailed a new fitness center, large Cabana sliding doors on the second floor, AC unit repairs, high-end chef’s kitchen, new hardwood floors throughout, bathroom remodel, wiring for high-speed internet, exterior woodwork, new exterior paint, parking lot, etc.

* The building’s ground floor income offers a new owner an exceptionally low after-tax occupancy cost of only $1.60/ PSF per month or $16,069 (which excludes future building appreciation). A buyer can utilize attractive SBA financing with only 10% down.

EXCEPTIONALLY STRONG MARKET FUNDAMENTALS
* The Property’s Del Mar address is among the most sought-after in Central San Diego’s office market. Strong demand for Del Mar has yielded San Diego’s highest rents, now approaching over $6.00/psf for unique Class A attractive space.

* Del Mar office buildings West of the 5 freeway currently have the lowest vacancy rates within San Diego County currently sitting at 5.9% with a 5-year average of 3.1%.

* This strategic location is flanked by the Scripps Medical cluster to the immediate south and the surrounding technology clusters. Del Mar’s central location is well-positioned to attract San Diego’s best and emerging office users.

PRIME COASTAL LOCATION OFFERING THE BEST SAN DIEGO AMENITIES
* The Property’s waterfront location is arguably the best in Del Mar, given its proximity to abundant beach amenities. Its corner-lot site off Carmel Valley Road provides excellent egress/ingress and direct access to the State Route 56 and Interstate 5, one mile away. The Property’s frontage on Carmel Valley Road, Del Mar’s most heavily trafficked thoroughfare, additionally provides exceptional monument signage opportunity.

* The Property is immediately north of La Jolla, with great access to the rest of San Diego County. It is adjacent to some of San Diego’s most affluent neighborhoods and executive housing communities in nearby Rancho Santa Fe, La Jolla, Solana Beach & Encinitas.

* Del Mar is also home to the Torrey Pines State Park and world-renowned for its Del Mar Thoroughbred Club, the second largest horse-racing venue in the U.S. The city offers some of San Diego’s best standard of living amenities, attracting many the region’s most affluent residents. The City’s average household income is approximately $290,370 and average home value over $3,686,000.