bankers hill, ca€¦ · franchise 500® list of the top franchises in the world, orangetheory...
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FOR SALE
BILL SHRADER+1 858 677 5324
JOE BRADY+1 858 677 5359
BANKERS HILL | SAN DIEGO, CA 92103NNN LEASED RETAIL CONDOMINIUM
DAVID MAXWELL+1 858 677 5343
onFIFTH AVE
BANKERS HILL, CA
VUE ON FIFTH2 3COLLIERS URBAN PROPERTY TEAM
LEASE SUMMARY RENT SCHEDULE
OFFERING SUMMARY
LOCATION
2665 5th Avenue, San Diego, CA 92103PRICE
$2,575,000
CAP RATE
5.1
GROSS LEASEABLE AREA
3,601 SF
YEAR BUILT
2016
PARKING
15 Spaces (shared)
PROPERTY
7 story mid-rise 45 unit condominium
Lease Type NNN
Roof & Structure Tenant
Initial Lease Term 10 years
Rent Commencement December 20, 2016
Expiration Date December 31, 2026
Increases 3% annual
Option 1-5, FMV
Jan 2019 - Dec 2019 $128,752
Jan 2020 - Dec 2020 $132,615
Jan 2021 - Dec 2021 $136,593 *Cap Rate: 5.3%
Jan 2022 - Dec 2022 $140,691
Jan 2023 - Dec 2023 $144,912 *Cap Rate: 5.6%
Jan 2024 - Dec 2024 $149,259
Jan 2025 - Dec 2025 $153,737
Jan 2026 - Dec 2026 $158,349 *Cap Rate: 6.1%
*assuming $2,575,000sales price
VUE ON FIFTH4 5COLLIERS URBAN PROPERTY TEAM
THE PROPERTY
> Prime Bankers Hill location
> Area up-zoning creating shortage of non-development investments
> Upscale walkable neighborhood
> On-site parking
> Successful tenant with below market rent
> Great freeway access to Interstate 5 and Highways 163 and 94
HIGHLIGHTS
SITE PLAN & COVERED PARKING
Nestled perfectly between the bustling Hillcrest and Downtown neighborhoods with the Balboa Park at its doorstep, Bankers Hill has seen a significant increase in demand over the last 10 years. New retail and restaurants have helped pushed record condo sales. Average residential sales prices are between $600,000 to $5,000,000.
iNailology
NOT A PART NOT A PART
F i f t h Ave n u e
Nut
meg
Str
eet
5th Avenue
Nutm
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tree
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NOT A PART
ENTRANCE5th Avenue
VUE ON FIFTH6 7COLLIERS URBAN PROPERTY TEAM
TENANT SUMMARY
TENANT
Orangetheory Fitness
HEADQUARTERS
Boca Raton, FL
DATE FOUNDED
2009STUDIOS
550+
Recently ranked #60 in Inc. magazine’s Fastest Growing Private Companies List, as one of the best workouts in America by Men’s Journal and #255 in Entrepreneur’s 2016 Franchise 500® list of the top franchises in the world, Orangetheory Fitness continues to look for area developers and franchisees to assist with rapid expansion.
Orangetheory Fitness (www.orangetheoryfitness.com) is a one-of-a-kind, group personal training workout broken into intervals of cardiovascular and strength training. Backed by the science of excess post-exercise oxygen consumption (EPOC), Orangetheory’s heart-rate-monitored training is designed to maintain a target zone that stimulates metabolism and increases energy. Led by skilled personal trainers, participants use a variety of equipment including treadmills, rowing machines, TRX® suspension training and free weights, burning an average of 900 calories including after-burn. The result is the Orange Effect – more energy, visible toning and extra calorie burn for up to 36 hours post-workout.
VUE ON FIFTH8 9COLLIERS URBAN PROPERTY TEAM
LOCAL SALE COMPS THE LOCATION
3537 5TH AVENUE
Sale Date 01/09/18
Bldg SF 2,515
Sale Price $1,170,000
Price Per SF $465
Year Built 1950
2505 5TH AVENUE
Sale Date 08/27/18
Bldg SF 891
Sale Price $560,500
Price Per SF $629
Year Built 2005
3707 5TH AVENUE
Sale Date 09/29/17
Bldg SF 4,500
Sale Price $2,400,000
Price Per SF $533
Year Built 1971
3671 5TH AVENUE
Sale Date 07/27/18
Bldg SF $417
Sale Price $1,650,000
Price Per SF $417
Year Built 1985; 2016
2655 5TH AVENUE | Unit C
Sale Date 04/20/17
Bldg SF 1,738
Sale Price $1,300,000
Price Per SF $427
Year Built 2016
3681-83 5TH AVENUE
Sale Date 07/13/18
Bldg SF 2,637
Sale Price $1,600,000
Price Per SF $607
Year Built 1920
ELM STREET
2ND
AVE
NU
E
FOURTH AVENUE
SIXTH AVENUE
1ST
AVE
NU
E
FIR STREET
TH
IRD
AVE
NU
E
HAWTHORN STREET
BALBOA PARK
FIFTH AVENUE
9,200 CARS PASS THIS SITE DAILY
onFIFTH AVE
VUE ON FIFTH10 11COLLIERS URBAN PROPERTY TEAM
Known for its upscale high-rise living and empty nesters, today’s growing neighborhood has an influx of young professionals and
emerging businesses melding into the established older community. In recent years, Bankers Hill businesses and residents formed
formal associations to ensure beneficial community growth. The result has been and influx of neighborhood retail, restaurants and
cafes. Many new construction projects are underway, creating condominiums along Fifth and Sixth Avenue facing Balboa Park.
Locations further west allow an elevated, panoramic view of Downtown, San Diego Bay, San Diego International Airport, Coronado,
Harbor Island, and Mount Soledad. Adjacent to Balboa Park, the nation’s largest urban cultural park, with over 10 million visitors
annually and home to 15 major museums, renowned performing arts venues, beautiful gardens, and the world-famous San Diego
Zoo.
Great freeway access to Interstate 5 and Highways 163 and 94, providing
easy/quick access to the rest of the county. With rare onsite parking for
commercial, emerging retail and restaurant corridor.
BANKERS HILL AT A GLANCE
1 Mile 3 Miles 5 MilesPopulation (2018) 27,777 223,800 526,456
Project Population (2023) 29,896 236,891 551,652
Project Pop. Growth (2018-2023) 7.6% 5.8% 4.8%
Total Daytime Population 38,001 332,003 664,791
Total Households 10,962 83,829 177,170
Avg. Household Size 1.8 2.2 2.5
Avg. Household Income $100,788 $88,193 $83,487
LOCAL DEMOGRAPHICS
IN THE PATH OF DEVELOPMENT
666UPAS ST
150 UNITS
34156TH AVE
15 UNITS
3634-357TH AVE
200 UNITS
36306TH AVE
64 UNITS
35345TH AVE
141 UNITS
36505TH AVE
140 UNITS
PENNSYLVANIA AVE
7TH AVE
32885TH AVE
101 UNITS
3076-887TH AVE
150 UNITS
6TH AVE
5TH AVE
34503RD AVE
68 UNITS
35351ST AVE
120 UNITS
3510FRONT ST
91 UNITS
30606TH AVE
100 UNITS
31006TH AVE
70 UNITS
DOWNTOWN
CORONADO POINT LOMA
SD AIRPORT
onFIFTH AVE
15,692Existing Units
Downtown
21,481Existing Units
Uptown
447Under Construction Units
Uptown
119Proposed Units
Uptown
3,928Under Construction Units
Downtown
6,440Proposed Units
Downtown
BILL SHRADERSenior Vice President+1 858 677 [email protected]. No. 01033317
JOE BRADYSenior Associate+1 858 677 [email protected] Lic. No. 01908072
4350 La Jolla Village Drive, Suite 500San Diego, CA 92122 Lic. No. 01908588colliers.com/sandiego
DAVID MAXWELLVice President+1 858 677 [email protected]. No. 01465828
onFIFTH AVE
BANKERS HILL, CA