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701 Island Ave, Downtown San Diego 701 Island Ave 18,178 SF 81% Leased Office Building San Diego, CA 92101 $11,161,600 CAD ($614.02 CAD/SF) 7.71% Cap Rate
INVESTMENT HIGHLIGHTS
- UNPARALLELED SIGN EXPOSURE! TWO BUILDING-TOP SIGN POSITIONS AVAILABLE, ONE FACING 7TH AVE AND ONE ON ISLAND AVE, PROVIDING HIGH VISIBILITY
- An owner/user could obtain desirable SBA 504 financing, downpayment of just 10%, long-term below-market fixed rate financing
- “Retro Chic” property built 1925, original hardwood floors, operable windows, modernized with new TPO roof, new elevator, restrooms, & internet
- The building's signs will be seen by the 3.5 million people who annually visit Petco Park, 2 blocks away. On intersection with 23,200 cars per day
- The projected owner/user's net occupancy cost, after collecting rents and writing off expenses, would be approx $.75 per SF per month
- Class A+ location in trendy East Village, blocks from Gaslamp Quarter, Petco Park, the Convention Center, restaurants, and nightlife
EXECUTIVE SUMMARY
PREMIERE SIGNAGE! No other property in the area can provide such prominent exposure for your company's name. +20-foot long backlit signs may be installed facing 7th Avenue and Island Avenue at their intersection which has approx 23,200 cars per day. Two blocks from Petco Park which has over 3.5 million visitors per year, providing high levels of visibility for your signage.
An owner/user may occupy one, two, three, or all four floors. Or, all tenants can remain in place on long-term leases and a buyer may acquire this as a high-yielding investment property. For an owner/user who occupies two floors and collects rent from tenants on the other two floors, the projected net cost after receiving rents and deducting expenses is projected at approx $.75 per square foot per month.
For an investor, on a 10-year hold the pro forma leveraged IRR is approx 14.4% and the projected gain on investment is approx $5.7 million.
The property is also zoned for residential, so part or all of the spaces may be converted to apartments or condos in the future, if desired.
An owner/user may occupy one, two, three, or all four floors. Or, all tenants can remain in place on long-term leases and a buyer may acquire this as a high-yielding investment property. For an owner/user who occupies two floors and collects rent from tenants on the other two floors, the projected net cost after receiving rents and deducting expenses is projected at approx $.75 per square foot per month.
For an investor, on a 10-year hold the pro forma leveraged IRR is approx 14.4% and the projected gain on investment is approx $5.7 million.
The property is also zoned for residential, so part or all of the spaces may be converted to apartments or condos in the future, if desired.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$1,084,437
|
$59.66
|
| Other Income |
$124,863
|
$6.87
|
| Vacancy Loss |
$36,279
|
$2.00
|
| Effective Gross Income |
$1,173,021
|
$64.53
|
| Taxes |
$142,937
|
$7.86
|
| Operating Expenses |
$169,531
|
$9.33
|
| Total Expenses |
$312,468
|
$17.19
|
| Net Operating Income |
$860,554
|
$47.34
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $1,084,437 |
| Annual Per SF | $59.66 |
| Other Income (CAD) | |
|---|---|
| Annual | $124,863 |
| Annual Per SF | $6.87 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $36,279 |
| Annual Per SF | $2.00 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $1,173,021 |
| Annual Per SF | $64.53 |
| Taxes (CAD) | |
|---|---|
| Annual | $142,937 |
| Annual Per SF | $7.86 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $169,531 |
| Annual Per SF | $9.33 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $312,468 |
| Annual Per SF | $17.19 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $860,554 |
| Annual Per SF | $47.34 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
18,178 SF
Building Class
B
Year Built/Renovated
1925/2017
Price
$11,161,600 CAD
Price Per SF
$614.02 CAD
Cap Rate
7.71%
NOI
$860,552 CAD
Percent Leased
81%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
4,545 SF
Building FAR
3.48
Lot Size
0.12 AC
Zoning
CCPD-ER - CCPD-ER, which is Centre City Planned District - Employment / Residential. Allows office, retail, residential, and other uses
AMENITIES
- 24 Hour Access
- Controlled Access
- Restaurant
- Security System
- Signage
- Wheelchair Accessible
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Gap Intelligence
- Professional, Scientific, and Technical Services
- 4,886 SF
- $4.83 CAD
- Plus Electric and Cleaning
- Sep 2028
- JCKL Holdings, Inc.
- Professional, Scientific, and Technical Services
- 4,886 SF
- $4.83 CAD
- Plus Utilities and Cleaning
- Sep 2028
- Noonan Lance Boyer & Banach, LLP
- Professional, Scientific, and Technical Services
- 4,873 SF
- $4.58 CAD
- Plus Utilities and Cleaning
- Dec 2026
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Gap Intelligence | Professional, Scientific, and Technical Services | 4,886 SF | $4.83 CAD | Plus Electric and Cleaning | Sep 2028 | |
| JCKL Holdings, Inc. | Professional, Scientific, and Technical Services | 4,886 SF | $4.83 CAD | Plus Utilities and Cleaning | Sep 2028 | |
| Noonan Lance Boyer & Banach, LLP | Professional, Scientific, and Technical Services | 4,873 SF | $4.58 CAD | Plus Utilities and Cleaning | Dec 2026 |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Second generation brewery site featuring inviting tasting room and space for events Renovated in 2016; updated structure and utilities, while retaining its charming and historic facade Located in Downtown’s largest neighborhood which is home to over 700 thriving businesses Located just one block north of Petco Park which generated 3.3 million Padre’s game attendees in 2024 Neighbors include Arcade Monsters, Bub’s at the Ballpark, Tom’s Watch Bar, Another Broken Yolk and more! Great freeway ingress/egress via Hwy 163, Hwy 94, and I-5
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 701 | 3,533 SF | Office/Retail | Full Build-Out | Now |
1st Fl-Ste 701
| Size |
| 3,533 SF |
| Space Use |
| Office/Retail |
| Condition |
| Full Build-Out |
| Available |
| Now |
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1st Fl-Ste 701
| Size | 3,533 SF |
| Space Use | Office/Retail |
| Condition | Full Build-Out |
| Available | Now |
Second generation brewery site featuring inviting tasting room and space for events Renovated in 2016; updated structure and utilities, while retaining its charming and historic facade Located in Downtown’s largest neighborhood which is home to over 700 thriving businesses Located just one block north of Petco Park which generated 3.3 million Padre’s game attendees in 2024 Neighbors include Arcade Monsters, Bub’s at the Ballpark, Tom’s Watch Bar, Another Broken Yolk and more! Great freeway ingress/egress via Hwy 163, Hwy 94, and I-5
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Excellent Transit (82)
Bike Score®
Biker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 535-115-09 | Total Assessment | $12,013,974 CAD |
| Land Assessment | $5,373,256 CAD | Annual Taxes | $142,937 CAD ($7.86 CAD/SF) |
| Improvements Assessment | $6,640,718 CAD | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
535-115-09
Land Assessment
$5,373,256 CAD
Improvements Assessment
$6,640,718 CAD
Total Assessment
$12,013,974 CAD
Annual Taxes
$142,937 CAD ($7.86 CAD/SF)
Tax Year
2025
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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701 Island Ave, Downtown San Diego | 701 Island Ave
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