1295 University Family LP Purchases North Park Retail Property In San Diego For $1.9M
2884 University Avenue
$1,900,000
$593/SF
Building Size
3,200 SF
Asset Type
Retail
Closing
Jul 30, 2024
AI
The sale involved a retail property located at 2884 University Avenue in San Diego. The asset type is classified as retail and spans a total of 3,200 square feet. The sale was completed at a price of $1,900,000, resulting in a price per square foot of $594.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $1,900,000
- Address: 2884 University Avenue
- Market: San Diego
- Square Footage: 3,200
- Price Per Square Foot: $594
- Buyer: 1295 University Family LP
- Seller: Carlos Partners LLC
- Buyer's Representative: Nate Benedetto - Next Wave Commercial
- Seller's Representatives: Nicholas Totah & Ross Sanchez - Marcus & Millichap
Marcus & Millichap facilitated the transaction, which concerns a single-tenant restaurant property currently occupied by Saiko Sushi. The tenant plans to vacate the premises when its lease expires in October, which will make the property available for lease.
Players
San Diego Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.35%
Cash-on-Cash
-2.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93