2587 University Avenue, North Park, CA 92104

$3,400,000
List Price
$3,400,000
Status
ACTIVE
MLS#
210009823
Days on Market
7
Property Type
Commercial
Property Sub Type
Mixed Use

Property Description

NorthMarq is pleased to present for sale a "to the studs" renovated and stabilized mixed-use asset located on bustling University Avenue in the heart of North Park in San Diego, one of the trendiest neighborhoods in all of America according to Forbes. Originally constructed in the 1920’s, the property has undergone a gut remodel, inside and out, revitalizing a recognizable jewel on a prominent corner lot. No expense was spared; all of the units within the property were fully renovated in 2020 – all units feature vinyl plank flooring, quartz countertops, new Frigidaire appliances, minisplit AC units, new white shaker cabinets, all new custom dual-pane Milgard windows, tiled walk-in showers, stacked washer and dryers and much more. The exterior of the building has been completely revamped with new Santa Barbara smooth stucco, black Milgard Ultra custom fiberglass windows, solid wood custom doors and all new lighting fixtures and signage. Additionally, the property has had the electrical and plumbing systems completely redone. The ground floor of the property is currently fully leased to two long-term, fully operating and current tenants on triple-net leases; Black Radish Restaurant and VeraJean Cosmetics. The property is being sold with a separately parceled and developable parking lot in the rear, free and clear of existing debt. ****Property is legally 3 residential units and 2 commercial. Top floor 3/2 units have been split into 2, 2/1 and 2 studio units.

Additional Information

Number Of Units Total
7
Gross Scheduled Income
$207,406
Operating Expense
63757

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Erik Anderson from NorthMarq Multifamily

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.