The subject property sits at a prime location at the southeast intersection of 5th Avenue and Broadway, downtown in San Diego at the north end of the Gaslamp District. The ground floor retail from 501-523 Broadway is leased to five tenants that range from a corner restaurant to general retail. A sixth retail space at 989 5th Avenue is also the entry to the second floor & rooftop vacancy (primary value-add opportunity). Additionally, there is a basement that each retail tenant has their own dedicated access to for storage and restrooms. The building has an elevator that travel from the basement to 1st and 2nd floors, however it is currently inoperable. The location is evolving into a vibrant niche urban residential living environment with an abundance of restaurants, entertainment, hospitality, retail amenities within walking distance.
Asking Price: $4,900,000
Address: 501-523 Broadway & 989 5th Avenue, San Diego, CA 92101
Land Area: Approx. 5,000 Square Feet
Building Size: Approx. 13,045 Square Feet
Year Built: 1930, Renovated in 1961
Construction: Concrete slab and floors, CMU frame with stucco walls, TPO roof
HVAC: Retail package units maintained by tenants
Utilities: Separately metered
Lease Type: NNN
Parking: No on-site parking; metered street parking with parking lots & garages in the
Elevator: Inoperable, basement, 1st and 2nd floor
Zoning: CCDC-GQPD, Gaslamp Quarter, Commercial & Multifamily use
Upgrade/Modernize - 1st Floor Tenants
2nd Floor use for Owner-User, Residential Apartments or Short-Term Rental
This property is a rare investment opportunity in the heart of downtown San Diego as a part of the world famous Gaslamp District.
The location has prominent visibility on a major downtown San Diego thoroughfare in the north end of the Gaslamp District.
Walkable to dozens of restaurants, cafes, shopping, and entertainment.
Blocks away from the San Diego Convention Center, Petco Park and the San Diego Bay.
Immediate proximity to public transportation.
One block from the Horton Plaza Campus currently under redevelopment.
Nearby the Research and Development District (RaDD) is and 8 acre development project along the waterfront and includes 5 buildings (labs, office, retail) for
a total of 1,700,000 sq ft.
Additional redevelopment of area retail, office, residential and hospitality buildings is abundant.
Major surrounding developments are projected to bring a combined estimate exceeding 8,000 jobs and $15 billion in economic benefits.
The city is working on the proposed Gaslamp Promenade, pedestrian-friendly space that will activate and increase traffic to this Gaslamp District location.
Contact Agent for More Details (619) 469-3600
Investment Sales & Leasing
Direct (858) 243-7757
PACIFIC COAST COMMERCIAL
10721 Treena Street, Ste 200, San Diego, CA 92131
Office (619) 469-3600
The information contained herein has been given to us by the owner of the property or other sources we deem reliable, we have no reason to doubt Its accuracy, but we do not guarantee it. All information including zoning and use should be verified prior to purchase.
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