Mission View Plaza

Highlights:

• Stability with Upside
• Strong Market Fundamentals
• Mission Valley Highlights
• Conservative Acquisition Metrics
• Significant Barriers to Entry
• Recent Capital Upgrades | Remodel
• Irreplaceable Central - San Diego Location

Description:

TREMENDOUS INVESTMENT OPPORTUNITY
Current yield, credit tenancy, and no new supply.

Commercial Asset Advisors, as exclusive advisor to the Seller, is pleased to present Mission View Plaza, a four-story, 57,766 rentable square foot multi-tenant office building in Mission Valley, offered at $11,600,000, or $201 per rentable square foot, at a 9.19% capitalization rate on in-place income.

Few assets in central San Diego pair this level of current yield with this quality of credit. The building is 96% occupied, anchored by a recent eight-year lease renewal from the State of California and leased to a stable mix of government and well-qualified private tenants. It is one of the only ADA-compliant office projects south of Interstate 8 in Mission Valley, sits on 2.42 acres with 204 covered and gated parking spaces at 4.08 per 1,000 usable square feet, and has been renovated inside and out. No speculative multi-tenant office is under construction in the submarket, and the land to build it does not exist.

The pricing reflects a meaningful discount to replacement cost. In-place rents sit below market across much of the rent roll, so each rollover is an opportunity rather than a risk. And because an engineering-based cost segregation study has already been prepared at this basis, a buyer can reasonably expect a first-year tax benefit on the order of a full year of the property's net operating income.

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