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701 Island Ave, Downtown San Diego 701 Island Ave 18,178 SF 100% Leased Office Building San Diego, CA 92101 $10,884,080 CAD ($598.75 CAD/SF) 6.15% Cap Rate
Investment Highlights
- OWNER/USER CAN OCCUPY FOR NET COST OF JUST $.73! Occupy 2 floors, collect rent from 2 floors, take depreciation and other deductions, get net = $.73
- 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
- “Retro Chic” property built 1925, original hardwood floors, operable windows, modernized with new TPO roof, new elevator, restrooms, & internet
- UNPARALLELED SIGN EXPOSURE! TWO BUILDING-TOP SIGN POSITIONS AVAILABLE, ONE FACING 7TH AVE AND ONE ON ISLAND AVE, PROVIDING HIGH VISIBILITY
- An owner/user can obtain desirable SBA 504 financing, downpayment of just 10%, with long-term below-market fixed rate financing
- Class A+ location in trendy East Village, blocks from Gaslamp Quarter, Petco Park, the Convention Center, restaurants, coffee shops, 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 CAN OCCUPY FOR A NET COST OF JUST $.73! For an owner/user buyer who occupies two floors and collects rent from tenants on the other two floors, the projected net cost after receiving rents, deducting expenses, and taking a depreciation deduction is projected at approx $.73 per square foot per month all-in.
For an investor, on a 10-year hold the pro forma leveraged IRR is approx 14.7% and the projected gain on investment is approx $5.6 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 CAN OCCUPY FOR A NET COST OF JUST $.73! For an owner/user buyer who occupies two floors and collects rent from tenants on the other two floors, the projected net cost after receiving rents, deducting expenses, and taking a depreciation deduction is projected at approx $.73 per square foot per month all-in.
For an investor, on a 10-year hold the pro forma leveraged IRR is approx 14.7% and the projected gain on investment is approx $5.6 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 - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$982,310
|
$54.04
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$25,828
|
$1.42
|
| Effective Gross Income |
$956,482
|
$52.62
|
| Taxes |
$139,383
|
$7.67
|
| Operating Expenses |
$147,232
|
$8.10
|
| Total Expenses |
$286,615
|
$15.77
|
| Net Operating Income |
$669,868
|
$36.85
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $982,310 |
| Annual Per SF | $54.04 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $25,828 |
| Annual Per SF | $1.42 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $956,482 |
| Annual Per SF | $52.62 |
| Taxes (CAD) | |
|---|---|
| Annual | $139,383 |
| Annual Per SF | $7.67 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $147,232 |
| Annual Per SF | $8.10 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $286,615 |
| Annual Per SF | $15.77 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $669,868 |
| Annual Per SF | $36.85 |
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
$10,884,080 CAD
Price Per SF
$598.75 CAD
Cap Rate
6.15%
NOI
$669,868 CAD
Percent Leased
100%
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
- Food Service
- Restaurant
- Security System
- Signage
- Wheelchair Accessible
- Outdoor Seating
- Air Conditioning
- Fiber Optic Internet
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Harlan Hillier Digiacco LLP
- Professional, Scientific, and Technical Services
- 4,886 SF
- $3.24 CAD
- Modified Gross
- Sep 2028
- Noonan Lance Boyer & Banach, LLP
- Public Administration
- 4,873 SF
- $5.10 CAD
- Modified Gross
- Dec 2026
- OpenBrand
- Information
- 4,886 SF
- $5.14 CAD
- Modified Gross
- Sep 2028
- Relentless Brewing
- Accommodation and Food Services
- 3,533 SF
- $4.78 CAD
- Triple Net
- Sep 2036
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Harlan Hillier Digiacco LLP | Professional, Scientific, and Technical Services | 4,886 SF | $3.24 CAD | Modified Gross | Sep 2028 | |
| Noonan Lance Boyer & Banach, LLP | Public Administration | 4,873 SF | $5.10 CAD | Modified Gross | Dec 2026 | |
| OpenBrand | Information | 4,886 SF | $5.14 CAD | Modified Gross | Sep 2028 | |
| Relentless Brewing | Accommodation and Food Services | 3,533 SF | $4.78 CAD | Triple Net | Sep 2036 |
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Exceptionally walkable
100/100
Very drivable
80/100
Strong public transit
80/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 535-115-09 | Total Assessment | $11,705,358 CAD (2025) |
| Land Assessment | $5,235,227 CAD (2025) | Annual Taxes | $139,383 CAD ($7.67 CAD/SF) |
| Improvements Assessment | $6,470,130 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
535-115-09
Land Assessment
$5,235,227 CAD (2025)
Improvements Assessment
$6,470,130 CAD (2025)
Total Assessment
$11,705,358 CAD (2025)
Annual Taxes
$139,383 CAD ($7.67 CAD/SF)
Tax Year
2026
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701 Island Ave, Downtown San Diego | 701 Island Ave
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