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+16197010309
Century 21 Affiliated
2611 Adams Avenue, San Diego, CA 92116
- $4,495,000
- List Price
- $4,495,000
- Status
- ACTIVE
- MLS#
- NDP2608921
- Year Built
- 2025
- Lot Size
- 7,009
- Acres
- 0.16
- Lot Location
- 0-1 Unit/Acre
- Days on Market
- 8
- Property Type
- Multifamily
Property Description
NORTH PARK | SELLER FINANCING AVAILABLE. 2611 Adams Avenue is a fully renovated mixed-use income property along the highly desirable Adams Avenue Corridor. Offered at $4,495,000, the property features 10 furnished hotel suites currently operated by ownership plus a separately leased restaurant / hospitality component. Furnished suites have generated approximately $18,000/month in average historical income under current ownership. Seller is open to negotiating an approximately $15,000/month leaseback of the suite operations, with rent, term and other provisions negotiable. Restaurant is separately leased at $15,000/month under a long-term NN lease through August 2035 with 3% annual increases and additional percentage-rent potential. Fully renovated down to the studs in 2025. Prime North Park / Adams Avenue location. Approx. current 7.1% cap and $319K NOI based on current underwriting and owner-operated suite income.* Ideal 1031 exchange opportunity. Potential beer & wine license availability and owner-operator flexibility. Buyer to independently verify all financial, lease, licensing, use and property information.
Additional Information
- Pool Description
- None
- Sewer
- Public Sewer
- Attached Structure
- Attached
- Number Of Units Total
- 11
- Gross Scheduled Income
- $396,000
- Operating Expense
- 65352
Listing courtesy of Listing Agent: Eric von Bluecher (evb@lee-associates.com) from Listing Office: Lee & Associates.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.