Las Cumbres Square

  • $5.4M
6120 Friars Rd, San Diego, CA 92108, USA

Las Cumbres Square

6120 Friars Rd, San Diego, CA 92108, USA
  • $5.4M

Sub listings

Title Property Type Price Beds Baths Property Size Availability Date
sqft

Description

Marketing Description
CBRE is pleased to present a unique opportunity to acquire Las Cumbres Square in the Mission Valley trade area. The investment is directly across from Riverwalk Golf Course, a future master-planned redevelopment site that will include 4,300 residential units. With a core location on Friars Road and less than 1 mile from Fashion Valley Mall, the property benefits from a high-density residential and a large daytime employment base.

Investment Highlights
Long Term NOI Growth: Currently 83% leased, the NOI is projected to increase 19.25% over the anticipated 5-year hold period due to existing below-market rents.
High Yield San Diego Asset – On a 5-year hold, CBRE projects leveraged IRR’s approaching 19.84% and a stabilized cap rate of 7.93%.
Below Market Rents – Existing rents at the site are currently below prevailing market rates, and the Planned Riverwalk redevelopment will add increased demand over the hold period.
Coveted San Diego Location – Located directly across the street from Riverwalk’s major Planned Redevelopment, a proposed 4,300 residential units.

Details

Updated on October 20, 2019 at 10:17 pm
  • Property ID: 22630
  • Price: $5.4M
  • Property Size: 12781 sqft
  • Year Built: 1978
  • Property Type: Retail
  • Property Status: For Sale
  • Price Per/Sf: 426.34
  • Last Remodel Year: 2019
  • Number of Buildings: 2
  • Number of Stories: 2
  • Tenancy: Multi
  • Cap Rate: 5.17%
  • Net Operating Income: 284,479
  • Investment Type: Stabilized

Additional details

  • Lease Type: NNN
  • Number of Tenants: 9
  • Net Rentable (sq ft): 12,701
  • Occupancy: 83%
  • Units: 11
  • Permitted Zoning: C
  • Lot Size (sq ft): 31,629
  • Parking (spaces): 63
  • APN: 436-650-29
  • Ownership: Fee Simple
  • Address 6120 Friars Rd, San Diego, CA 92108, USA
  • City San Diego
  • State/county California
  • Zip/Postal Code 92108

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Contact Information

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Pete Peterson
  • Pete Peterson
  • 855.596.7976520.318.5321

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Pete Peterson
  • Pete Peterson