Monumental Shopping Center Sold in Point Loma

February 27, 2022

Monumental Shopping Center Sold in Point Loma


By: Tony Franco, Commercial Real Estate Expert

The 10,000 square foot shopping center on the corner of Chatsworth and Voltaire Street in Point Loma across the street from Point Loma High School, has been sold for $2,195,000. The buyer, Fig Tree Real Estate LLC, paid all cash and it was a quick close of escrow. The buyer was represented by The Franco Realty Group. According to Franco, “The property sold for a 5.10% CAP Rate, which means that we are clearly in a Seller’s Market. There is a limited supply of commercial real estate for sale on the market and many buyers competing for investment opportunities.” The Franco Realty Group also has another similar shopping center for sale on Rosecrans for $2,585,000 which is around a 5% CAP Rate, an 18,000 square foot high profile retail building on Newport Avenue known as The Antique Center, and has recently sold 4836 Newport Avenue that was previously occupied by Newport Avenue Antiques and now occupied by The Belching Beaver and a wine tasting room.

Features Include:

  • Purchase Price of $2,190,000 /// 5.2% CAP Rate //// 6.4% ProForma Cap Rate
  • +/-10,000 Square Foot Building ($220/SqFt)
  • 10,448 Square Foot Lot Size ($219/SqFt)
  • 10 Different Sources of Income
  • 8 Retail & Office Units, 1 Apartment, 1 Cell Tower
  • Signalized Corner of Chatsworth & Voltaire Street
  • 9 Onsite Parking Spaces
  • Located Across the Street from Point Loma High School
  • Most Tenants were on Month to Month Lease Agreements at Close of Escrow
  • All Cash, Quick Close of Escrow
  • No Loan, No Appraisal, No Phase 1 Environmental Contingencies
  • Off Market Opportunity, Very Easy Transaction without Headaches
  • The Franco Realty Group Represented the Buyer of the Real Estate