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Urban Property Group is pleased to presentThe Lincoln Hotel, a prime asset in the historic Gaslamp Quarter.
TheInvestment
DOWNTOWN SAN DIEGO IS ALIVE WITH OPPORTUNITY
The Lincoln Hotel is located in San Diego’s thriving urban center. With its prime location in one of downtown’s
busiest neighborhoods, the Gaslamp Quarter, the property is well positioned for future success.
The Gaslamp has established itself as both the playground of hip, eclectic San Diegans and as an elite urban
destination. Located between Market St and Island Ave, this building is in close proximity to the San Diego
Convention Center, Petco Park, and Campus at Horton into a 1,000,000 SF urban tech campus.
JOE BRADY [email protected]
BILL [email protected]
Two Blocks from Campus at Horton
The re-development of Horton Plaza will bring over 4,000 tech jobs to Downtown, activating the Gaslamp Quarter and bringing more residents to the area.
Fully Depreciable Asset
Investor has the ability to offset income by fully depreciating the asset over a shorter term due to being on a ground lease and in a historically designated neighborhood.
One of Fifth Avenue’s Most Desired Blocks
The Lincoln Hotel is located in the Historic Gaslamp Quarter on a prime block on 5th Avenue. The asset benefits from its high visibility on a major Downtown thoroughfare.
Historically Stable Income Stream
With the building full leased, an investor has the opportunity to capitalize on the long term lease of the new retail tenant and the upstairs residential, with fixed annual increases.
R 54
Lincoln Hotel
address
534 - 536 5th AveSan Diego, CA 92101
property type
Mixed-UseGround Floor Retail41 SRO Units
building size
parcel
leasehold interest with City of San Diego
14,503 SF
535-082-12
Terminates 11/30/2051
TheProperty
The Seller reserves the right to sell the property at anytime during the marketing period without prior notice. The property will be sold on an “as-is” basis. It is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.
Overture8 933-939 5th Ave Motto Hotel10 12
Campus at Horton9 AC Hotel 7th & Market11 13
6th & A1
7th & A2
450 B 3
The Rey Phase II4
Diega5
625 Broadway6
5th & C7
AREADEVELOPMENT A ST
B ST
BROADWAY
1ST
AV
E
5TH
AV
E
2ND
AV
E
6TH
AV
E
3RD
AV
E
7TH
AV
E
4TH
AV
E
8TH
AV
E
9TH
AV
E
G ST
MARKET ST
ISLAND AVE
E ST
F ST
C STREET - TROLLEY LINE
1
3
8
7
5
6
13
1112
9
10
2
4
thelincoln
hotel
R 76
Lincoln Hotel
FINANCIALS& TENANT SUMMARY
Suite SF % Tenant Start Expire Rent PSF, NNN CPI Annual Rent Comments
536 5th Ave. 2,200 15.2% Tacos El Cabron 04/01/21 03/31/31 $5.00 3% $132,000 Rent Starts 7/1/21, $4.73 1st yr
41 SRO Units 12,303 84.8% SRO Units $240,000 Assumes 2020 + 5%
$25,778 Additional Income
14,503 100% Total SF $397,778
Expense Reimbursements $7,342
Property Tax Reimbursement $6,000
Gross Income $411,120
Less: Residential Vacancy Factor ($7,200) 3%
Less: Payroll Expense ($50,680)
Less: General & Administrative ($18,000)
Less: Repairs & Maintenance ($21,000)
Less: Utilities ($61,750)
Less: Taxes/Fees/Insurance ($71,064)
Less: Ground Lease ($1)
NOI: $181,425
Expenses
The Lincoln Hotel consists of 2,200 sf of ground floor retail, currently occupied by Tacos El Cabron, a popular taco restaurant. Tacos El Cabron started their business with the vision to bring authentic Mexican Street Tacos to the downtown San Diego market in the heart of the Gaslamp! Their business has developed a reputation for having one of the best Adobada and Spicy Shrimp Tacos in all of San Diego, and have an amazing catering service.
The top three floors are operated exclusively as 41 low-income SRO units. These units operate under an agreement with the Tax Credit Allocation Committee and must continue to operate as such throughout the remainder of the leasehold interest. The Tax Credit Allocation Committee agreement runs coterminous with the existing ground lease.
1st Floor
2nd - 4th Floors
9
Lincoln Hotel
R 8
SALECOMPARABLES
Avg Price PSF
$363
751-755 5th Ave
Sale Date: 10/30/20
Building SF: 6,393 SF
Sale Price: $4,870,000
Price Per SF: $762
Year Built: 1920
939-945 4th Ave
Sale Date: 9/3/19
Building SF: 23,300 SF
Sale Price: $8,200,000
Price Per SF: $349
Year Built: 1989
527-545 F St
Sale Date: 6/20/19
Building SF: 15,639 SF
Sale Price: $6,275,000
Price Per SF: $401
Year Built: 1897
2 3 4
777 5th Ave
Sale Date: 12/1/17
Building SF: 30,400 SF
Sale Price: $10,535,000
Price Per SF: $347
Year Built: 1914
422 Market St
Sale Date: 7/14/17
Building SF: 43,297 SF
Sale Price: $10,000,000
Price Per SF: $231
Year Built: 1889
411 Broadway
Sale Date: In Escrow
Building SF: 15,000 SF
Sale Price: $3,150,000
Price Per SF: $210 (Subject to ground lease)
Year Built: 1965
629-633 5th Ave
Sale Date: 6/4/18
Building SF: 6,950 SF
Sale Price: $5,160,000
Price Per SF: $742
Year Built: 1882
748-752 6th Ave
Sale Date: 2/1/18
Building SF: 6,624 SF
Sale Price: $3,075,000
Price Per SF: $464
Year Built: 1930
801-823 5th Ave / 818 6th Ave
Sale Date: 11/30/18
Building SF: 33,600 SF
Sale Price: $13,150,000
Price Per SF: $391
Year Built: 2004
6 7 8
9 10
951-955 5th Ave
Sale Date: 2/15/19
Building SF: 15,298 SF
Sale Price: $4,700,000
Price Per SF: $307
Year Built: 1904
5
1
10
31
9
7
46
8
5
2
MARKET STMARKET ST
BROADWAYBROADWAY
FOU
RTH
AV
EFO
URT
H A
VE
FIFT
H A
VE
FIFT
H A
VE
SIX
TH A
VE
SIX
TH A
VE
thelincoln
hotel
11R 10
TheNeighbors
7TH & MARKET
4TH & J
THE F11
11TH & BROADWAY
PARK & MARKET
EZABELLE
K1
thelincoln
hotel
PACIFIC HEIGHTS
THE REY7TH & A
6TH & A
DIEGA
OVERTURE
RADD
EMBARCADERO PARK
CAMPUS AT HORTON
PETCO PARK
CONVENTION CENTER
450 B ST
820 BROADWAY
CARTE HOTEL
625 BROADWAY
SPIRE
13R 12
TheLocation
America’s Finest CityGASLAMP QUARTER | DISCOVER SAN DIEGO’S URBAN SIDE
As the West Coast’s premier entertainment district, guests can immerse themselves in therich Victorian architecture and history, dine with world-renowned chefs, and dance the night away at nationally-recognized nightlife venues. Tucked tightly into 16 ½ blocks, the Gaslamp Quarter is a walkable urban playground located in Downtown San Diego adjacent to the Convention Center, Petco Park, and the Horton Plaza re-development.
And getting here is as easy as a Southern California breeze. The Gaslamp area is accessible via the freeway and several trolley and bus lines. Explore the district for yourself and find out what makes it unforgettable!
Retailers &Restaurants
100+Major Entertainment
Venues
7Blocks with nearly 100
Historic Buildings
16.5
15R 14
Campus at Horton
Campus at Horton will be one of the largest adaptive reuse and urban tech campuses in the west. Horton is intended become a hub in San Diego and Southern California for the future of business and sustainable city life.
1,000,000 SFRetail / Office / Residential
RADD
The Research and Development District is situated on more than eight acres and occupies three entire city blocks - representing the largest urban commercial waterfront site along California’s Pacific coast.
1,600,000 SFLab / Office / Retail
Symphony Outdoor Music Venue
The Shell will have a flexible seating capacity that will enable it to host between 2,000 and 10,000 attendees per event.
This outdoor music hall will be a great addition to the downtown San Diego entertainment scene, and will surely attract many festivals and concert series to take place in this incredible downtown setting.
DOWNTOWN ACTIVATED
thelincoln
hotel
©2021 Urban Property Group, Inc. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due
diligence and verification.
JOE BRADY [email protected] No. 01908072
BILL [email protected] No. 01033317
858 874 1989 upgsocal.com