An office building that houses San Diego Comicon at 4375 Jutland Drive is now on the market with an asking price of $14,425,000. The property offers 31,530 square feet of rentable space, which translates to approximately $457.50 per square foot.
Built in 1991, this two-story, steel-constructed building sits on a 2.86-acre lot and features a net operating income (NOI) of $1,048,088 with a cap rate of 7.27 percent, making it a potentially high-yield investment, according to the marketing documents presented by Graystone Capital Advisors, who is working on behalf of the owner, a private investor from Venice, Calif. The seller purchased the property in September 2018 for $11.8 million.
The current tenant occupies the entire space under a 15-year net lease (NNN Over Base Year) with 3.7 years remaining on the term. However, the lease does not include any options for renewal, which, depending on market conditions, may present future challenges or opportunities.
Positioned with easy access to Interstates 5 and 52, the property offers a short drive to downtown San Diego and the San Diego International Airport, making it a convenient location for businesses seeking a professional space close to the city’s core. The building provides expansive views of downtown San Diego from its west-facing balconies, enhancing the office’s appeal to high-end tenants.
Designed to be flexible, the building is currently configured for a single tenant but could easily be adapted for multi-tenant use in the future. This adaptability, combined with a parking ratio of 3.65 spaces per 1,000 square feet, ensures that the property is equipped to handle a variety of business needs. A lower-level parking garage, elevator access, and 24/7 gated security contribute to the property’s appeal, offering both convenience and safety for occupants.
The property’s landscaped grounds include a park-like setting with a picnic area, creating an inviting environment for tenants. Combined with a full window line and flexible office design, the building offers the potential for a variety of future uses, whether as a medical office, traditional office, or even a mixed-purpose space.
Graystone’s Brenton Baskin and Julius Swoslky are leading the marketing efforts on the property.
