- For Sale $8,000,000
- Property Type Office - General Office
- Property Size 18,178 SF
- Units 1
- Lot Size 0.12 Acre
- Property Tenancy Multi-Tenant
- Building Class B
- Year Built 1925
- Year Renovated 2017
- Date Updated Apr 20, 2024
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Attachments
Highlights
- Two scenarios:
- FULLY LEASED INVESTMENT
- 100% leased to four tenants with long remaining lease terms
- Strong upside in rents: 4.5% annual increases for all creative office tenants and 3% increases for the ground floor
- Pro forma leveraged IRR of approx 11.4% and projected gain on investment of approx $4.3 million. Current cap rate of 5.6%, higher after rent increases in July, August, and Sept 2024
- OWNER / USER PURCHASE
- Seller is an entity related to tenancy on the 2nd and 3rd floors, will vacate if requested. The buyer could occupy floors 2 and 3 and collect rents from floors 1 and 4
- Desirable SBA financing can be available, downpayment of just 10% required, long-term below-market fixed interest rates
- With SBA financing, after collecting rents and deducting depreciation costs and operating expenses, an owner/user’s net projected after-tax cost of occupancy is just $.79 per sq. ft. per month
False
Contacts
Location
Getting Around
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Walk Score ®
99/100
Walker's Paradise
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Transit Score ®
81/100
Excellent Transit
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Bike Score ®
90/100
Biker's Paradise
- City San Diego, CA
- Neighborhood East Village
- Zip Code 92101
- Market San Diego
Points of Interest
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Gaslamp Quarter
0.25 miles
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Park & Market
0.25 miles
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Convention Center
0.33 miles
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12th & Imperial Transit Center
0.42 miles
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5th Avenue
0.46 miles
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City College
0.47 miles
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Civic Center
0.51 miles
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Seaport Village
0.62 miles
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Courthouse
0.64 miles
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America Plaza
0.76 miles
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Top tier Gasoline
0.53 miles
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Petromerica
0.54 miles
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Arco
0.54 miles
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Blink
0.58 miles
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Shell
0.60 miles
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Chevron
0.93 miles
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ChargePoint Charging Station
1.04 miles
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Mobil
1.29 miles
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Blink
1.53 miles
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Valero
1.60 miles
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633 Seventh Ave Parking
0.10 miles
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Park it on Market
0.12 miles
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8th & G
0.15 miles
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Padres Parcade
0.18 miles
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6th and K Parkade
0.18 miles
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San Diego Central Library Parking
0.23 miles
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MTS AutoPark
0.39 miles
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Symphony parking close to hotel churchil
0.41 miles
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Hilton Bayfront Parking Garage
0.42 miles
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U.S. Grant Hotel Parking
0.47 miles
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Solamar San Diego
0.05 miles
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Hotel Z - A Piece of Pineapple Hospitality
0.06 miles
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Pendry
0.10 miles
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Hotel Indigo
0.11 miles
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Residence Inn San Diego Downtown/Gaslamp Quarter
0.12 miles
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San Diego Marriott Gaslamp Quarter
0.12 miles
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Hostelling International San Diego
0.12 miles
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Gaslamp Quarter Hotel
0.17 miles
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Pacifica Hotel
0.17 miles
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Comfort Inn Gaslamp Convention Center
0.18 miles
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Bub's At The Ballpark
0.07 miles
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The Blind Burro
0.08 miles
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Water Grill
0.09 miles
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Social Tap San Diego
0.09 miles
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The Broken Yolk Cafe
0.10 miles
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Berkeley pizza
0.10 miles
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Meze Greek Fusion
0.11 miles
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Lucky's Lunch Counter
0.11 miles
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Monkey King
0.11 miles
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Smocking Gun
0.11 miles
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e3 Civic High School
0.22 miles
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Thomas Jefferson School of Law
0.22 miles
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New School of Architecture
0.31 miles
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Newschool of Architecture and Design
0.35 miles
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King Chavez High School
0.63 miles
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Associated Barber College
0.63 miles
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San Diego City College
0.65 miles
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Cortez Hill Academy
0.67 miles
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Monarch School
0.69 miles
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Toussaint Academy San Diego
0.70 miles
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Coronado Baptist Day Care Center
1.16 miles
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Saint Judes Shrine Child Care and Development Center
2.86 miles
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Child Development Center NBSD
2.90 miles
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Our Lady of the Sacred Heart Catholic Church Day Care Center
4.23 miles
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The Vine
4.58 miles
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Lemon Grove Childcare Center
7.18 miles
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Chinese Bilingual Preschool
8.38 miles
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Murphy Canyon Preschool
8.64 miles
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World of Wonder Christian Preschool
9.06 miles
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BunnyBears Preschool La Mesa
9.35 miles
Frequently Asked Questions
What is the lease rate for PacLofts?
Rental asking rate at PacLofts is $4,000,000.00/YR.
What is the total square footage of PacLofts?
PacLofts totals 18,178 square feet.
When was this property built?
PacLofts was built in 1925.
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