4604 University Ave, San Diego, California
4604 University Ave, San Diego, California 92105 - Subject property is a stand alone corner building with 5 parking spaces plus one handicap space. Numerous 30 minute parking spaces also available in front of the building on University Ave. Current tenant owns his own business and is using this property as storage space for his two locations that are also located in City Heights. Tenant is on a single net lease with 3% annual rent increases. There is a 5 year option at end of the lease at 2020, to renew at market rents which is roughly $1.50 to $1.75/sqft. It puts this properties market rent potential to $9,250 to $10,000/month. Subject property sold for $1,350,000 in 2006. Former Union Bank building sold for $2,612,000 in 2016, similar sqft but more parking and few blocks west.
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Listing Courtesy of Apartment Consultants, Inc.