Deal of the Week: Retail Building in Trendy Area Attracts a Quick Buyer
A 1940s-era building in a happening San Diego neighborhood attracted a buyer after just more than a month on the market.
An investor paid $600,000 for the building along Adams Avenue in the Normal Heights business district, a trendy neighborhood about 8 miles from downtown San Diego that is home to breweries, coffee shops, bars and restaurants. The investor paid the full asking price for the 1,560-square-foot building.
Paul Sloman, the listing broker with firm San Diego Investment Real Estate, said the building is leased to Spin of San Diego, an indoor cycling fitness concept, through the end of 2021.
Vacancy in that part of San Diego is about 3.7%, according to CoStar data. That’s just below the average of all of San Diego and the national average of 4.5%. And, there’s nothing under construction in that part of San Diego.
The recently purchased building, sitting opposite a Starbucks, was one of the few retail properties listed for less than $1 million in the area. Just two blocks away on Adams Avenue, a fully leased office-retail building hit the market early last month for $675,000.
Built in 1950, that 987-square-foot building went through an extensive renovation five years ago. According to Ami and William Lewallen, the listing brokers and the building owners, the unidentified tenants would like to stay and would consider extending their leases.
LoopNet publishes new "Deals of the Week" every other Monday. Click here for the entire series.
