2665 5Th Ave San Diego, CA 92103

Property Details for 2665 5Th Ave

Year built

2016

Property size

3,601 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 3,601 square foot, Class A retail storefront in San Diego, California. Located at 2665 Fifth Avenue in the Banker Hill neighborhood, this property boasts a strong 10.8-year NNN lease with Orangetheory Fitness, the fourth largest franchisee nationally and the largest on the West Coast, providing a corporate guarantee. The lease features favorable, above-market 3% annual rent increases throughout the initial term, extending to September 30, 2035, and a fair market value increase at option. The property benefits from a high-traffic location, with over 17,000 vehicles daily on Fifth Avenue and significant additional traffic on nearby Sixth Avenue and Cabrillo Freeway. Situated in a densely populated, affluent area with an average household income exceeding $115,000 within a one-mile radius, the property is within walking distance of Balboa Park and minutes from San Diego International Airport and Balboa Naval Medical Center. This irreplaceable asset is surrounded by hotels, apartments, offices, businesses, restaurants, shops, and entertainment venues, creating an ultra-high barrier to entry for competitors. The property's Net Operating Income (NOI) is $151,464, resulting in a 6.00% capitalization rate, and the asking price is $2,525,000. Built in 2016, this first-floor retail condo is part of a premier luxury apartment building.

Location Insight

City

San Diego

County

San Diego

State

California

Longitude

-117.16

Latitude

32.733