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701 Island Ave, Downtown San Diego 701 Island Ave
20,000 SF 85% Leased Office Building San Diego, CA 92101 $8,000,000 ($400/SF) 5.60% Cap Rate
Investment Highlights
- Tenants on floors 2 and 3 willing to vacate. An owner/user can occupy those floors and collect rents from floors 1 and 4
- The projected owner/user's net occupancy cost, after collecting rents and writing off expenses, would be approx $.79 per SF per month
- “Retro Chic” property built 1925, original hardwood floors, operable windows, modernized with new TPO roof, new elevator, restrooms, & internet
- An owner/user could obtain desirable SBA 504 financing, downpayment of just 10%, long-term below-market fixed rate financing
- Zoning allows residential. May convert part or all of the property to apartments or condos in the future, if desired
- Class A+ location in trendy East Village, blocks from Gaslamp Quarter, Petco Park, the Convention Center, restaurants, and nightlife
Executive Summary
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$665,608
|
$33.28
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$665,608
|
$33.28
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $665,608 |
| Annual Per SF | $33.28 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $665,608 |
| Annual Per SF | $33.28 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Amenities
- 24 Hour Access
- Bus Line
- Controlled Access
- Restaurant
- Security System
- Kitchen
- Central Heating
- High Ceilings
- Natural Light
- Partitioned Offices
- Hardwood Floors
- Air Conditioning
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Gap Intelligence
- Professional, Scientific, and Technical Services
- 4,886 SF
- -
- TBD
- -
- JCKL Holdings, Inc.
- Professional, Scientific, and Technical Services
- 4,886 SF
- -
- -
- -
- Noonan Lance Boyer & Banach, LLP
- Professional, Scientific, and Technical Services
- 4,873 SF
- -
- Modified Gross
- -
- Westbrew
- Retailer
- 3,533 SF
- -
- -
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Gap Intelligence | Professional, Scientific, and Technical Services | 4,886 SF | - | TBD | - | |
| JCKL Holdings, Inc. | Professional, Scientific, and Technical Services | 4,886 SF | - | - | - | |
| Noonan Lance Boyer & Banach, LLP | Professional, Scientific, and Technical Services | 4,873 SF | - | Modified Gross | - | |
| Westbrew | Retailer | 3,533 SF | - | - | - |
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
701 Island Ave is located in the vibrant East Village neighborhood of downtown San Diego, close to Petco Park. This area boasts a mix of trendy restaurants, bars, and cafes, as well as modern high-rise condos and commercial spaces. It's highly walkable with good public transit access and nearby cultural spots like the San Diego Central Library. The neighborhood is a growing hub for startups and tech companies, making it an attractive spot for businesses. WestBrew Equipment List: Combi Oven, Electric Water Filtration System Oven stand Oven smoker Ventless Recirculating Condensation Hood & Filter Sandwich/Salad Prep Refrigerator (3 total) Avantco Electric Countertop Griddle
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 2,947 SF | Restaurant | Full Build-Out | Now |
1st Floor
| Size |
| 2,947 SF |
| Space Use |
| Restaurant |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Floor
| Size | 2,947 SF |
| Space Use | Restaurant |
| Condition | Full Build-Out |
| Available | Now |
701 Island Ave is located in the vibrant East Village neighborhood of downtown San Diego, close to Petco Park. This area boasts a mix of trendy restaurants, bars, and cafes, as well as modern high-rise condos and commercial spaces. It's highly walkable with good public transit access and nearby cultural spots like the San Diego Central Library. The neighborhood is a growing hub for startups and tech companies, making it an attractive spot for businesses. WestBrew Equipment List: Combi Oven, Electric Water Filtration System Oven stand Oven smoker Ventless Recirculating Condensation Hood & Filter Sandwich/Salad Prep Refrigerator (3 total) Avantco Electric Countertop Griddle
PROPERTY TAXES
| Parcel Number | 535-115-09 | Improvements Assessment | $4,637,907 (2024) |
| Land Assessment | $3,752,706 (2024) | Total Assessment | $8,390,613 (2024) |
PROPERTY TAXES
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701 Island Ave, Downtown San Diego | 701 Island Ave
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