Sold

1451-59 University Ave

Mission Hills CA, 92103

$4,000,000


Sold

Commercial

***Attractive Seller Financing Now Available. 5.5% INTEREST ONLY Payments Fixed for 7 Years*** These retail buildings located in the center of Hillcrest, at 1451-59 University Avenue, are now up for sale. It consists of 10,799 square feet of structure on a 12,894 square foot lot. There are two retail spaces which underwent major renovations in 2019. These improvements included new roofs, vinyl plank flooring, inside and outside painting, an ADA ramp, a brand new fence, seal and striping of the parking lot, two bathrooms (one ADA compliant), HVAC and new lighting. Moreover, it is situated in Complete Communities Tier 2 with a FAR of 8.0 and also features CC 3-8 zoning. The first tenant is a restaurant which holds 1,250 square feet and signed a five year lease on October 1st, 2019. There are two five year options to extend at a mutually agreeable market rate. The second tenant, a thrift store, has 6,216 square feet on the ground floor and an additional 3,333 square feet of mezzanine space on the second floor. This tenant contracted a ten year lease with two five year extensions on March 1st, 2019 that contain 2% annual increases. Both tenants cover the costs of electricity, water, sewer, and garbage while the owner is responsible for taxes, insurance, roof, and structure. This is a tremendous chance to own a retail building in the desirable area of Hillcrest.

230002596

MLS ID

February 8, 2023

Listed

February 15, 2024

Updated

Map

1451-59 University Ave
Mission Hills CA, 92103

Other Property Details

Area Name

Metro Uptown


Days on Market

52


Garage

No


View

No


County

San Diego


Pool

No


Zoning

CC 3-8


Buyer Agency Compensation

2.5%

Listing History

Date

Event

Price

5/12/2023

Price Change

$4,000,000

-6%

5/12/2023

Sold

$4,000,000

4/27/2023

Pending

Listed by South Coast Commercial, Inc., Cody J Evans,
Listing Contact: 858-729-3094 

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