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$4,495,000
Est. payment /mo
7,009 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID NDP2608921
Lot Size 7,009 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
NORTH PARK | SELLER FINANCING AVAILABLE. 2611 Adams Avenue is a fully renovated mixed-use income property along the highly desirable Adams Avenue Corridor. Offered at $4,495,000, the property features 10 furnished hotel suites currently operated by ownership plus a separately leased restaurant / hospitality component. Furnished suites have generated approximately $18,000/month in average historical income under current ownership. Seller is open to negotiating an approximately $15,000/month leaseback of the suite operations, with rent, term and other provisions negotiable. Restaurant is separately leased at $15,000/month under a long-term NN lease through August 2035 with 3% annual increases and additional percentage-rent potential. Fully renovated down to the studs in 2025. Prime North Park / Adams Avenue location. Approx. current 7.1% cap and $319K NOI based on current underwriting and owner-operated suite income.* Ideal 1031 exchange opportunity. Potential beer & wine license availability and owner-operator flexibility. Buyer to independently verify all financial, lease, licensing, use and property information.
Location
State CA
County San Diego
Zoning Assessor
Direction Contact Broker for Instructions
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 4450820100
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Listed by Eric von Bluecher, DRE#01926201 Lee & Associates
Nearby School & Business
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