722 5th Ave 28 San Diego, CA 92101-6918

This exceptional three-story, 11,906 square foot mixed-use building in San Diego's vibrant Gaslamp Quarter presents a compelling value-add investment opportunity. Located at 722-728 5th Avenue, this 1901-built property (renovated in 2020) boasts a 6.53% cap rate and a net operating income (NOI) of $473,293, with 100% occupancy. The ground floor houses Osteria Paneviro & Asti Ristorante, generating an average rent of $6.73 per square foot (NNN), with leases expiring in March 2026 and December 2026. The second and third floors are occupied by the Gaslamp Hostel, currently renting at $1.70 per square foot (NNN), with a lease expiration in March 2027. All tenants have fair market value options with CPI increases. The hostel's current rent is significantly below market value (approximately 50% of current market rates), representing a substantial value-add potential for the new owner. The property features three units and is situated on a prime location in San Diego, CA (zip code 92101), with an APN of 535-092-07-00. The asking price is $7,250,000, translating to $608.94 per square foot. This is a rare chance to acquire a well-positioned, income-producing asset with significant upside potential.