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722-728 5th Ave

12,020 SF 100% Leased Retail Building San Diego, CA 92101 £5,956,950 (£496/SF) 6.25% Net Initial Yield

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Investment Highlights

11,906 SF, 3-Story Building in Gaslamp Quarter
2nd and 3rd Floor Is Home to Gaslamp Hostel - Expiration March 2027
Value-Add Opportunity from Hostel –Rents are 50% of Market Currently, Lease was signed during in 2020

1st Floor – Osteria Paneviro & Asti Ristorante – Average Rent $6.73 / SF NNN
All Tenants have Fair Market Value Options with CPI Increases

Executive Summary

Marcus & Millichap is pleased to present the Gaslamp Retail Portfolio, consisting of 3 buildings on 5th Avenue in Downtown San Diego’s Gaslamp District. The portfolio consists of a Restaurant and SRO building, a Restaurant and Apartment Building, and a Restaurant and Office Building. All ground floor units are leased on NNN leases with an average rent of $5.50 per SF. 722-728 5th Avenue is home to Osteria Panevino and Asti Ristorante on the ground level, with Gaslamp Hostel occupying Floors 2 and 3. 762 5th Avenue is home to Red Ivy, a new restaurant expected to open in May 2024, and also has two floors of residentially zoned space, permitted for 8 total apartment units. 826 5th Avenue is home to Sadaf Restaurant and Casa Blanca Restaurant, and has 12 office units on the 2nd floor. The properties are available together as a portfolio as separate transactions.
The portfolio is located in the heart of the Gaslamp District in Downtown San Diego. With activities for any occasion, the Gaslamp is the perfect spot for a romantic date night, birthday celebration, bachelor/bachelorette party, bar hopping, or even simply dining out with the family. With a plethora of restaurants, from quick bites to fine dining, there are endless ways to satisfy your taste no matter what you are looking for
.
After your meal, you can choose from a wide variety of entertainment options, including bars, clubs, cigar lounges, comedy shows, live music performances, and even rooftop escapes to avoid the crowded and busy streets. This is a one stop shop where everything is within a five minute walking distance and will surely make your night unforgettable. Come to the Gaslamp District today and experience the heart and soul of San Diego.

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Storefront Retail/Residential

Building Size

12,020 SF

Building Class

Year Built

1887

Price

£5,956,950

Price Per SF

£496

Net Initial Yield

6.25%

NOI

£372,092

Percent Leased

100%

Tenancy

Multiple

Number of Floors

Building FAR

2.51

Land Acres

0.11 AC

Zoning

Parking

2 Spaces (0.16 Spaces per 1,000 SF Leased)

Frontage

52 ft on 5th Ave

Amenities

Signage

Accommodation and Food Services
99,999 SF
-
Lorem Ipsum
Jan 0000

Asti is located in the heart of San Diego’s Historic Gaslamp Quarter. Dine outside for a pleasant shaded lunch or indulge in a candlelight dinner on the patio where you can watch passersby. Come on inside to experience the warm, elegant ambiance of the dining room. With its Victorian-style brick walls, shades of burgundy, and touch of white elegance, this traditional Italian restaurant encompasses an inviting and intimate atmosphere. Having provided this exquisite fine-dining experience for over 20 years, Asti continues to be one of the Gaslamp’s finest Italian restaurants.

Accommodation and Food Services
99,999 SF
-
Lorem Ipsum
Jan 0000

Gaslamp Hostel is owned and managed by backpackers who love what hostelling is all about and believe in its mission to bring people together from diverse backgrounds to celebrate their uniqueness and similarities, provide a secure and clean backdrop for their stay and enthuse about the fun and quirky of San Diego. Located right in the center of the Gaslamp Quarter, they are the most convenient location to visit all the sights, restaurants, breweries and shopping visitors crave.

Accommodation and Food Services
99,999 SF
-
Lorem Ipsum
Jan 0000

Osteria Panevino, located in Downtown San Diego’s Historic Gaslamp District, features a wide variety of authentic Italian dishes, including Ossobuco and the best pasta in San Diego. Osteria Panevino also features a full service bar and private dining areas for catered events. Osteria Panevino has long been considered one of the best restaurants in San Diego. Executive Chef and owner of Panevino, Vincenzo Lo Verso, brings more than 25 years of experience to the table. Born and raised in Sicily, he was constantly surrounded by two things: family and food. A family oriented man, Chef Vincenzo Lo Verso takes great care to ensure that all patrons are welcomed into his restaurant as if they were being welcomed into his home.

Tenant	Industry	SF OCCUPIED	RENT/SF	Lease Type	Lease End
	Accommodation and Food Services	99,999 SF	-	Lorem Ipsum	Jan 0000
	Accommodation and Food Services	99,999 SF	-	Lorem Ipsum	Jan 0000
	Accommodation and Food Services	99,999 SF	-	Lorem Ipsum	Jan 0000