Historic Hospitality Redevelopment
939 Fifth Ave San Diego, CA 92101
939 Fifth Ave, San Diego, CA, 92101
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For Sale
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Vacant historic building with an approved permit and plans to redevelop into hospitality-focused units with ground-floor restaurant/bar and patio.
Property Size16,566 SF
Price / SF$422.55
Days on Market134
Property Features for 939 Fifth Ave
General Information
- Standard status
- Active
- Size
- 16,566 SF
- Property subtype
- Hospitality, Mixed Use, Retail
Listing agency
CAST CAPITAL PARTNERS
(619) 308-6787
Listed by
Bret Morriss · License #CA 02037074
Source
Crexi
Added: Mar 10 Updated: Jul 21 at 2:33AM Checked: Jul 21 at 2:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CAST CAPITAL PARTNERS
Investment Insights
Based on property information with market context.
The Dalton is a historic building presented for redevelopment. The property is currently vacant and ready for redevelopment, with structural systems already in place and the historic façade intact. An included construction permit and approved plans are in hand to support a faster path forward.
The plan calls for six townhome-style short-term rental units above an activated ground floor restaurant/bar with patio dining. The concept also includes a basement speakeasy designed to reflect the area’s Prohibition-era heritage, along with restorations to the historic exterior and contemporary interiors.
The redevelopment approach specifies modern MEP and life-safety systems throughout, aligning the project with the proposed hospitality configuration while preserving the building’s historic character.
The plan calls for six townhome-style short-term rental units above an activated ground floor restaurant/bar with patio dining. The concept also includes a basement speakeasy designed to reflect the area’s Prohibition-era heritage, along with restorations to the historic exterior and contemporary interiors.
The redevelopment approach specifies modern MEP and life-safety systems throughout, aligning the project with the proposed hospitality configuration while preserving the building’s historic character.
Key Highlights
- 16,566 SF historic building in San Diego’s Gaslamp Quarter, currently vacant and ready for redevelopment
- Approved plans and a construction permit included for redevelopment
- Proposed layout includes six townhome‑style short‑term rental units above the ground‑floor restaurant/bar
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $636.1k | $38.40 |
| − Vacancy | −$25.4k | −$1.54 |
| EGI | $610.7k | $36.86 |
| − OpEx | −$152.7k | −$9.22 |
| NOI | $458.0k | $27.65 |
16,566 SF · lease $38.40/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$6.54M
$5.73M – $7.63M
NOI $458,017 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$3.91M
$3.42M – $4.56M
NOI $273,804 @ 7.0% cap · market cap 3.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Express Payday Loans
Loan Service
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FAQs
What type of property is this?
Short term rental property - Vacant historic building with an approved permit and plans to redevelop into hospitality-focused units with ground-floor restaurant/bar and patio.
Where is this short term rental property located?
The property is located at 939 Fifth Ave San Diego, CA.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 16,566 SF historic building in San Diego’s Gaslamp Quarter, currently vacant and ready for redevelopment; Approved plans and a construction permit included for redevelopment; Proposed layout includes six townhome‑style short‑term rental units above the ground‑floor restaurant/bar
