For Sale
$2,525,000

2665 5Th AveSan Diego, CA 92103

Prime Retail Investment, 6% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a 3,601 square foot, Class A retail storefront in San Diego, California. Located at 2665 Fifth Avenue in the Banker Hill neighborhood, this property boasts a strong 10.8-year NNN lease with Orangetheory Fitness, the fourth largest franchisee nationally and the largest on the West Coast, providing a corporate guarantee. The lease features favorable, above-market 3% annual rent increases throughout the initial term, extending to September 30, 2035, and a fair market value increase at option. The property benefits from a high-traffic location, with over 17,000 vehicles daily on Fifth Avenue and significant additional traffic on nearby Sixth Avenue and Cabrillo Freeway. Situated in a densely populated, affluent area with an average household income exceeding $115,000 within a one-mile radius, the property is within walking distance of Balboa Park and minutes from San Diego International Airport and Balboa Naval Medical Center. This irreplaceable asset is surrounded by hotels, apartments, offices, businesses, restaurants, shops, and entertainment venues, creating an ultra-high barrier to entry for competitors. The property's Net Operating Income (NOI) is $151,464, resulting in a 6.00% capitalization rate, and the asking price is $2,525,000. Built in 2016, this first-floor retail condo is part of a premier luxury apartment building.

Highlights

  • First-floor retail condo in Banker Hill's premier luxury apartment building; 10+ year NNN lease with above-market 3% annual rent increases and fair market value increase at option.
  • High-traffic location on Fifth Avenue (17,000+ vehicles daily), near Sixth Avenue (18,000+ vehicles daily) and Cabrillo Freeway (117,000+ vehicles daily).
  • Tenant is the fourth-largest Orangetheory Fitness franchisee nationally and largest on the West Coast, providing a corporate guarantee.
  • Affluent area with average household income exceeding $115,000 within a one-mile radius, and over 512,000 people within a five-mile radius.
  • Walking distance to Balboa Park and minutes from San Diego International Airport and Balboa Naval Medical Center.
  • Irreplaceable asset due to scarcity of developable commercial land in this dense, downtown location.

Property Details for 2665 5Th Ave

Property type
Retail properties, Retail space
Square Feet
3,601 SF
Class
A
Year Built
2016

Location Insight

City
San Diego
County
San Diego
State
California
Latitude
32.7330405
Longitude
-117.1600224
2665 5Th Ave, San Diego, California

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2665 5Th Ave
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