10 year lease on 4 year vacant Residential Care Facility in urban San Diego close to downtown

Project Category: Original Use Property

  • Summary

    10 year lease on 4 year vacant Residential Care Facility in urban San Diego close to downtown

  • Details
    Project Qualification: Original Use Property
    Non-Real Estate: Commercial Real Estate - Re-purposed Residential Care Facility
    Total Capital Required: $5,000,000
    Equity Required: $2,000,000
    Debt Required: $3,000,000
    Project Control: We own all the key property
    Timeline: 90-180 days
     Address: 1119 28th St San Diego California 92102 United States
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  • Project Narrative
    Project Narrative:

    Would not qualify as "substantially improved", but will qualify as "New Use" under Enterpise Zone definitions (see attachment below) Sales price of $5,000,000 would be 5.5% going in cap rate before leverage, with 3% annual escalations. This gives an investor the stability of a long term investment and market pricing, plus getting all deferred taxes abated in 2029 when initial term of lease is up. $1.3M of brand new interior improvements for an updated 2016 building code with a very broad and unique type of use that can go here that has a high barrier to entry without hard to get discretionary use permits.