722 Grand Ave San Diego, CA 92109

Building Details

Year Built

2006

Listing office SERHANT. Commercial a***@cbcnrt.com Show Phone

Listing date Jan 26, 2023

Source Crexi

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Investment Insights

Based on property information with market context.

This coastal property presents an opportunity to acquire a trophy asset with long-term development and income growth potential. Located in the heart of Pacific Beach, the property is situated steps from the ocean. The property consists of two adjacent parcels that include a building housing the Firehouse Eatery, and an adjoining parking lot that fronts Hornblend Street. The two parcels comprise approximately 12,500 square feet located west of Mission Blvd. The building size is 4,500 square feet. In 2022, the landlord extended a rent reduction to support the tenant by reducing the rent to $18,000 per month. Market rents is between $24,000 to $26,000 per month. When the lease renews to Fair Market Value in 2027, the property is positioned for a 30-40% NOI increase, directly translating into a cap rate expansion and a potential price adjustment. A buyer purchasing the property at today's price and holding it through the renewal option in 2027, the cap rate improves to 5.17% solely through the income to market rent.

Key Highlights

• Prime Pacific Beach location, steps from the ocean
• Significant NOI increase (30‑40%) projected upon lease renewal to fair market value in 2027
• Potential price appreciation from $10.5M to $12M upon lease renewal

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FAQs

What type of property is this?

Retail space - Prime Pacific Beach retail property with income growth potential.

Where is this retail space located?

The property is located at 722 Grand Ave San Diego, CA.

What is the asking price?

The asking price for this property is $10,500,000.

What are key features of this property?

This property features: Prime Pacific Beach location, steps from the ocean; Significant NOI increase (30‑40%) projected upon lease renewal to fair market value in 2027; Potential price appreciation from $10.5M to $12M upon lease renewal