5628 LA JOLLA BOULEVARD Available For Sale Property Summary OFFERING PRICE: $2,595,000 PRICE PER SF: $837.09 CURRENT INCOME: $92,688 YEAR BUILT: 1955 LEASED: 100% OWNERSHIP: Fee simple LAND AREA: 4,291 SF ZONING: La Jolla Planned District Zone 4 TOTAL BUILDING SF: 3,100 SF APN: 357-431-14 PARKING: 6 total spaces, located in the rear; parking stalls are tandem; each tenant to have two spaces Current Tenants Indoor Cycling Company owned & operated by Corey Spangler & Time Suski. The Rush was founded in January 2012 and currently has two San Diego locations (La Jolla & Carmel Valley) with plans for further expansion. This company is well known within the indoor cycling community. Clothing and Accessory Boutique Owned and operated by Krissy Heinz & Lisa Ovadia. This boutique has operated its business in Bird Rock for over seven years and continues to receive high acclaim within the San Diego community. Current tenants occupied apartment when owner purchased property in 2013. The tenants include three working professionals. Currently their lease is month-to-month but would potentially be willing to sign a longer contract if needed. 5628 LA JOLLA BOULEVARD 5628 LA JOLLA BOULEVARD Recent Upgrades In December of 2013, the landlord invested $39,000 in property improvements. Complete electrical renovation & new HVAC units were installed in both commercial units. New water heaters were installed in both the residential unit as well as THE RUSH’s space. The residential unit was equipped with a new washer and dryer. Rent Roll/Floor Plans TENANT: SF: LEASE START: LEASE END: RENT: RENTAL INCREASE: OPTIONS: The Rush Cycling 1,500 1/7/2012 1/7/2015 $3,200.00 $100 bi-annual increase in January & July None Capricorn 900 1/1/2014 12/31/2016 $2,800.00 $100 annual increase every January 1 option (2) Years at a 3% increase Residential Tenant 700 6/1/2013 month-to-month $3,200.00 Gross None NOTES: Pays water & electric. Tenant wants to renew for a longer term Pays water & electric Currently month-to-month would be willing to sign longer lease Commercial Units Residential Unit The Story Located in the coastal Bird Rock neighborhood of La Jolla, California, this property is a mixed use, fully occupied investment with owner/user or owner/occupied potential. The two retail spaces are the right size to remain leased in this boutique coastal community. Its’ location two blocks from the ocean provides a strong source of people looking to enjoy the coastal climates and an attractive community. The seller completed a recent lease on one of the retail suites and delayed renewals with the other retailer and resident, in the event a buyer has their own vision for how to maximize this investment. Sale Comparables 7848-7852 Girard Ave 7447-7453 Girard Ave, Unit 7449 La Jolla, CA 92037 La Jolla, CA 92037 Storefront Retail/Residential Condo of 1,570 SF Sold on 4/10/2013 for $600,000 - Research Complete Storefront Building of 3,600 SF Sold on 1/8/2014 for $6,575,000 - Research Complete buyer buyer Mash 2012 Trust 7301 Rue Michael La Jolla, CA 92037 Scott Rudolph 7660 Fay Ave La Jolla, CA 92037 (858) 205-5899 seller seller Daniel Irwin 7449 Girard Ave La Jolla, CA 92037 Swift Property Co LLC 1540 Virginia Way La Jolla, CA 92037 (858) 272-2662 vital data vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 4/10/2013 288 days No 6,499 0.15 $92.32 1971 Age: 42 5 2/1000 SF 0.47 48 feet on Girard Ave (with 1 curb cut) 2721295 income expense data Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $600,000 Full Value 1,570 SF Retail Condo 3,048 SF $382.17 0223524 $660 No LJPD-1, San Diego 3 71.0% La Jolla/Torrey Pines Ret 350-651-05-02 Retail $7,203 Net Income No Listing Broker on Deal $7,203 Listing Broker Net Operating Income - Debt Service - Capital Expenditure Cash Flow $328,750 Cassidy Turley 4350 La Jolla Village Dr San Diego, CA 92122 (858) 546-5400 Mike Slattery No Buyer Broker on Deal No Buyer Broker on Deal financing prior sale Date/Doc No: Sale Price: CompID: $6,575,000 Confirmed 3,600 SF $1,826.39 5.00% $6,575,000 100.0% 0009313 No 40.0% La Jolla/Torrey Pines Ret 350-082-15 Retail Buyer Broker Buyer Broker financing Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: 30 days 1/8/2014 No 7,000 0.16 $939.27 0.51 Multi 2936442 income expense data Listing Broker - Taxes - Operating Expenses Total Expenses Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 11/14/2012 $606,000 2603131 Sale Comparables 5495 La Jolla Blvd 6911 La Jolla Blvd CVS La Jolla, CA 92037 La Jolla, CA 92037 Veterinarian/Kennel Building of 2,094 SF Sold on 1/28/2014 for $1,000,000 - Research Complete Drug Store Building of 11,900 SF Sold on 4/8/2014 for $8,070,000 - Research Complete buyer buyer QWN Ltd. Dina Raichel 6911 La Jolla Blvd La Jolla, CA 92037 (858) 454-0354 seller seller MacDonald Family Trust Bruce R Lindsey Trust 2719 Circle Dr Escondido, CA 92029 vital data vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 30 days 4/8/2014 188 days No Ground Lease (Leasehold), Investment Triple Net 20,090 0.46 $401.69 2008 Age: 5 12 1.01/1000 SF 0.59 164 feet on La Jolla Blvd (with 0 curb cut) Multi 2997678 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: $8,070,000 Confirmed 11,900 SF $678.15 - Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: 5.07% $8,070,000 100.0% No 2 61.7% Submarket: Map Page: Parcel No: Property Type: La Jolla/Torrey Pines Ret 357-611-01 Retail Listing Broker Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 1/28/2014 No Purchase By Tenant 6,499 0.15 $153.87 5 2.64/1000 SF 0.32 46 feet on La Jolla Blvd (with 0 curb cut) Single 2950053 income expense data Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Lee & Associates 1900 Wright Pl Carlsbad, CA 92008 (760) 929-9700 Ryan Litrich, Jim Garvin Buyer Broker Buyer Broker Deborah Chew & Associates 4370 La Jolla Village Dr San Diego, CA 92122 (858) 679-7800 Debra Chew financing prior sale Date/Doc No: Sale Price: CompID: financing 1/1/2013 $7,750,000 2765627 1st Bank Of America Bal/Pmt: $850,000 $1,000,000 Full Value 2,094 SF $477.55 $150,000 15.0% 0037970 $1,100 No 1 25.9% La Jolla/Torrey Pines Ret 351-280-06 Retail Sale Comparables 6919 La Jolla Blvd 450-456 Pearl St La Jolla, CA 92037 Villa Hermosa La Jolla, CA 92037 Freestanding Building of 6,604 SF Sold on 5/14/2013 for $2,258,000 - Research Complete Storefront (Strip Center) Building of 6,182 SF Sold on 7/9/2013 for $2,020,000 - Research Complete buyer buyer Sherwood Capital Ltd 307 Spokane Ave Whitefish, MT 59937 Carol Carpenter 1262 Kettner Blvd San Diego, CA 92101 seller seller Villas De Toscano Llc Biewer Family Trust 4966 Kensington Dr San Diego, CA 92116 vital data vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 30 days 5/14/2013 39 days No 6,120 0.14 $368.94 1983 Age: 30 5 0.75/1000 SF 1.08 60 feet on La Jolla Blvd (with 0 curb cut) Single 2748942 income expense data Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker - Taxes - Operating Expenses Total Expenses $26,736 $26,736 $2,258,000 Confirmed 6,604 SF $341.91 $2,258,000 100.0% 0302736 $2,483.80 No LJPD-4 1 69.0% La Jolla/Torrey Pines Ret 351-280-05 Retail Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 7/9/2013 No 8,751 0.2 $230.83 1987 Age: 26 0.71 107 feet on Pearl St (with 0 curb cut) Multi 2791053 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $2,020,000 Full Value 6,182 SF $326.76 $2,020,000 100.0% 0429745 $2,222 No 22.2% La Jolla/Torrey Pines Ret 350-412-22 Retail Listing Broker CBRE 4365 Executive Dr San Diego, CA 92121 (858) 546-4600 James Rinehart Buyer Broker Buyer Broker Willis Allen Real Estate 1131 Wall St La Jolla, CA 92037 (858) 459-4033 Phil Reed financing financing prior sale Date/Doc No: Sale Price: CompID: 12/1/2011 2222324 Lease Comps COMMERCIAL LEASE COMPARABLES RESIDENTIAL LEASE COMPARABLES SF MONTHLY RENT BED/BATH 5538 La Jolla Boulevard Suite 2A 1,003 $1,925.00 2bed/2bath Gross 5538 La Jolla Boulevard Suite 3B 1,117 $1,895.00 2bed/2bath $2.40 NNN 5538 La Jolla Boulevard Suite 2C 969 $1,925.00 2bed/2bath 1,521 $2.05 Gross 5538 La Jolla Boulevard Suite 3C 964 $2,100.00 2bed/2bath Cleaners 1,200 $2.60 NNN Nautilus and La Jolla Boulevard Cortina Scooters 1,050 $2.00 Gross Nautilus and La Jolla Boulevard Elegance Nail Salon 1,000 $3.49 NNN Nautilus and La Jolla Boulevard Liquor Box 1,638 $2.81 Gross ADDRESS TENANT SF $ RENT/SF TYPE 5771 La Jolla Boulevard Nail Salon 2,000 $2.00 Modified Gross 5737 La Jolla Boulevard Pizza Restaurant 2,700 $2.00 5605 La Jolla Boulevard Chase Bank 4,160 Nautilus and La Jolla Boulevard IB Divers Nautilus and La Jolla Boulevard ADDRESS For More Information, Please Contact: JIM RINEHART Lic. 01824068 +1 858 546 4626 [email protected] CBRE, Inc. 350 Tenth Avenue, Suite 800 San Diego, CA 92101 www.cbre.com/sandiego © 2014 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. M:\Team-Marketing\LISTED PROPERTIES\5628 La Jolla Boulevard - Rinehart\5628 La Jolla Boulevard Folder\5628 La Jolla Boulevard.indd
© Copyright 2024 ExpyDoc
