Description

Acquisition of this multi-unit commercial property requires the simultaneous purchase of the on-site restaurant, as both assets are held under common ownership. The property currently generates $59,000 in annual rent from three tenants. The restaurant — the fourth occupant — operates rent-free under current ownership, but carries an estimated market rent of $42,000 per year, placing potential Gross Scheduled Income at $101,000 annually. Since 2022, the owners have invested $152,000 in targeted capital improvements: $82,000 into the restaurant's outdoor party area, $24,000 upgrading tenant spaces, $18,000 renovating the on-site residence, and $28,000 enhancing parking (65 spots with plans to expand to 88, ADA in process). The property is predominantly zoned C36, with a minor boundary adjustment currently pending. The adjustment will exchange a small residential strip with the adjacent property for a comparable commercial parcel, resulting in uniform C36 zoning across the entire site. No existing structures or tenants are affected by the change. Strategically positioned along a high-traffic corridor serving popular destinations including Julian, Lake Cuyamaca, and Mount Laguna, the property benefits from consistent year-round visibility and limited direct competition in the immediate trade area. The restaurant draws a loyal, repeat clientele further supported by steady destination traffic passing through the region.