for sale historic woolworth building gaslamp quarter mixed-use san diego… · 2018-03-15 ·...
TRANSCRIPT
FOR SALESan Diego, CA
Historic Woolworth Building
Gaslamp Quarter Mixed-Use
ABOUT THE WOOLWORTH BUILDINGThe Woolworth Building is a historic mixed-
use property located in Gaslamp Quarter
in Downtown San Diego. The building was
constructed in 1922 and served as a retail
location for the F. W. Woolworth Company.
The F. W. Woolworth Company was a retail
company and one of the original pioneers
of the five-and-dime store. It was arguably
the most successful American and
international five-and-dime, setting trends
and creating the modern retail model
which stores follow worldwide today.
The property went through extensive
renovation in 1999. The renovations
Including the addition of 6 spacious lofts
style on the second and third floors. Along
with the lofts, the Woolworth Building
features a basement level and
approximately 5,684 sq. ft. of rentable
street level retail.
LOCATION
BUILDING SIZE
PRICE PER SQ FT
PRICE/CAP
NET OPERATINGINCOME (NOI)
COMMENTS
951-955 Fifth Avenue, San Diego, CA 92101
20,140 sq. ft.
$245.78
$4,950,000 / 4.53% CAP (pro forma)
$224,351 (pro forma)
The Historic Woolworth Building conveniently sits at Fifth Avenue & Broadway, one of Downtown San Diego’s busiest intersections. This mixed-use property featuring 6 large furnished loft apartments, two retail spaces, and a basement. Within one mile of the property, there are over 45,000 residents which is expected to increase by 6% by 2022. The building is also located next to Westfield Horton Plaza, Hotel Palomar, House of Blues, and many renowned restaurants all of which are large tourist and local attractions in the area.
INVESTMENT OVERVIEW
CASH FLOW
RENT ROLL INFORMATION (Pro Forma)
Suite Tenant Gross SF % of Total RentAnnual Lease
Rent/SFRent Expiration
1st Floor Ste. A Nail Salon* 1,150 8.21% $4,774 $57,289 4/30/2021 $4.15
1st Floor Ste. B vacant 2,349 16.77% $9,396 $112,752 n/a $4.00
Basement S.T.E. 3,750 26.77% $3,300 $39,600 Month to Month $0.88
Apt 201 Residential 1,168 8.34% $1,800 $21,600 1/1/2019 $1.54
Apt 202 Residential 985 7.03% $1,800 $21,600 1/1/2019 $1.83
Apt 203 Residential 1,225 8.74% $1,800 $21,600 1/1/2019 $1.47
Apt 301 Residential 1,168 8.34% $1,800 $21,600 1/1/2019 $1.54
Apt 302 Residential 985 7.03% $1,800 $21,600 1/1/2019 $1.83
Apt 303 Residential 1,230 8.78% $1,800 $21,600 1/1/2019 $1.46
Laundry $60 $720 n/a
Totals 14,010 100.00% $28,330 $339,961
Total SF Including
Common Areas20,140
*Nail Salon rent currently $4,635/month. Rent referenced above refects May 2018 rent increase.
EXPENSES
Expenses (Pro Forma)
Expenses
Property Tax* $ 64,538
Insurance $ 10,229
Elevator $ 4,352
Trash $ 4,286
Gas & Electric $ 7,512
Telephone/Fire Alarm $ 6,456
Water/Sewer $ 6,839
Repairs/Maintenance $ 4,598
Total Operating Expenses (Pro Forma): $ 108,811
Expenses per Square Foot: $5.40
NOTES $ 0.45
*Property Tax based on tax rate of 1.17% of new sale price plus
fixed $6,623 Business Improvement District Charge
CASH FLOW ANALYSIS
ACTUAL
Leased Income: $339,961
CAM Reimbursment $0
Total Income: $339,961
GROSS OPERATING INCOME: $339,961
Vacancy Factor (2%) $6,799
Total Expenses: $108,811
NET OPERATING INCOME: $224,351
The Gaslamp Quarter, located on the waterfront of San Diego Bay, is well
known as “The Heart of San Diego’s Nightlife” and is an energetic business
and entertainment district extending 16½ blocks through downtown San
Diego. It features 94 Historic Victorian-era buildings and modern
skyscrapers that stand side by side, housing more than 100 of the city's
finest restaurants, pubs, nightclubs and retails shops, as well as offices and
residential/work lofts. As the largest tourist attraction in San Diego County,
most visitors spend their entire day in the Gaslamp Quarter, shopping at
the many trendy boutiques or in the multi-level outdoor mall, Horton
Plaza. During the season, baseball fans enjoy watching the Padres play at
Petco Park then dine and drink with friends at one of the surrounding
eateries. With a premier location next to the San Diego Convention Center,
the Midway Museum, and Seaport Village, this area is always experiencing
an active flow of people. San Diego's Gaslamp Quarter is seen as a veritable
playground, rich with cultural offerings that include theatres, art galleries,
symphony halls, concert venues and museums making it one of the most
populated elite urban destinations.
351,000 sf Class A office
FOURTH AVENUE
Lofts @ 777 6th
103 Condo Units
FIFTH AVENUE
Broadway Lofts 84 Units
223,000 sf Multifamily
Redevelopment
Casey Young- BRE Lic #01879942
Vice President
T: 619.398.8906
Justin Earley BRE Lic #01414252
Senior Vice President
T: 619.398.8905
Anthony Grad BRE Lic #01988254
Associate
T: 619.398.8933