722 Grand AveSan Diego, CA 92109

Property Details for 722 Grand Ave

Year built

1974

Lot size

0.13 AC

Property size (Sq ft)

3,850 SF

Zone code

COMMERCIAL

Property type

Retail properties

Property subtype

Turn key restaurants

APN

423-022-07-00

APU

4230220700

Description

Exceptional opportunity to acquire a highly sought-after San Diego restaurant property. This trophy asset consists of two adjacent parcels totaling approximately 12,500 square feet, located west of Mission Boulevard, steps from the Pacific Beach boardwalk. The main parcel houses the established Firehouse Eatery, a 4,500 square foot free-standing single-tenant retail building. The restaurant has a current NNN lease with four five-year options, the first of which was exercised in February 2022, and annual rent increases based on CPI. The adjacent parcel, fronting Hornblend Street, is a parking lot currently leased to Laz Parking. This parcel is zoned CV-1-2 (Commercial Visitor), allowing for mixed-use development with a base density of one dwelling unit per 1,500 square feet of lot area and a floor area ratio (FAR) of 2.0. The property boasts a strong net operating income (NOI) of $372,960, resulting in a 3.55% cap rate. Built in 2006, this property presents a compelling investment opportunity in a prime coastal location, within a transit priority area. The asking price is $10,500,000. APN: 423-022-07-00

• CAP approach

  CAP return

  Valuation

  6%

  $1,186,322

  6.5%

  $1,095,067

  7%

  $1,016,848

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,570,208

  Geo Method

  $3,414,813

• Alternative Use

  Use

  Valuation

  Residential

  $923,730

  Hospitality

  $846,132

  Educational

  $703,972

  Medical

  $728,182

  Retail

  $1,095,067

Location Insight

City

San Diego

County

San Diego

State

California

Latitude

32.7949

Longitude

-117.256

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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