3140-3148 University Ave

US$5,250,000

3140-3148 University Avenue, San Diego, CA

Commercial Property

Details

 

Own an Iconic North Park Trophy Property

We are pleased to introduce an amazing opportunity to own one of the best, mixed use properties currently available. With 12,022 square feet,The Waldorf Building is rich in history but not deemed historic so the possibilities are endless with this property. Situated in a premier location on a prominent corner surrounded by numerous shops, restaurants, bars, nightlife and dozens of multifamily income properties.

This is prime for re-development or keep as an income producing asset. The 7 apartment units are under market rents leaving room for additional units, additional amenities providing upside potential. Very versatile layout offers many possibilities for retail, restaurants or keep "as is."

Current owners operate a very popular gym with approximately 7,482 square foot, corner parcel complete with significant upgrades including earthquake retrofitting, plumbing, electrical & gas service. The owners wanted the feel of a traditional New York City basement gym. Other features include a permitted juice bar, large rest room, his & her locker rooms, baths & shower facilities.

Named the Waldorf Building after the Waldorf TV store that occupied the retail space from the 1950s to the 1980s.

Highlights include:

Renovations to building 1949 and 2002

2002 earthquake retrofit completed 100%.

2002 Restoration to electrical, plumbing, drain pipes, gas meter and pipes all new from the street to inside the building.

New roof on all three buildings 2019.

First floor retail currently built out as gym with juice bar and café seating indoors and outdoors. Ladies and mens locker rooms and showers.

First floor can be split into multiple retail stores. Has historically been split into four individual businesses including, restaurants, bars, nightclubs, medical offices and general retail.

Mezzanine currently fitness studio. Historically has been apartments. Potential to return to apartment units and add additional units above.

Men’s room structure new in 2002, built so that additional apartment units can be added upwards.

Apartments currently at under-market rates. Cosmetic upgrades will allow rents to be raised.

Laundry room on-site with the ability to upgrade to coin machines.

Second floor has previously been medical offices. Can be air bnb.

Well-maintained over the 20 years that we occupied the building.

Current zoning allows for additional apartment units to be added in the back of the building with little or no height restrictions.

Building lower level will be delivered vacant. The 7 apartments have tenants in place.