$875,000
$937,500
6.7%For more information regarding the value of a property, please contact us for a free consultation.
49,299.44 Acres Lot
SOLD DATE : 03/07/2023
Key Details
Sold Price $875,000
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
MLS Listing ID GD22208199
Sold Date 03/07/23
HOA Y/N No
Lot Size 49299.441 Acres
Property Description
25% Ownership Interest for Sale.
Seasoned ground lease since 1977 with approximately 53 years remaining (February 2076). Lessee pays all expenses.
Nearly 40,000 sq. ft. of tenant owned buildings (5), situated on 1.56 acres of CC-3-4 zoned land.
Reversionary Interest in leasehold improvements at end of lease term.
Fair market value adjustments in monthly rent each 10 years.
Next rental adjustment will take place March 2028.
Annual rental is currently $72,000 ($288,000 x 25% = $72,000).
Favorable cap rate of 7.68%.
Location
State CA
County San Diego
Area 92173 - San Ysidro
Zoning CC-3-4
Interior
Fireplace No
Laundry None
Building
Lot Description Lot Over 40000 Sqft
Water See Remarks
Others
Tax ID 6661807200
Financing Cash
Special Listing Condition Trust
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Bought with NONE NONE • None MRML
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