1041-1047 University Ave
Two Story Retail Building | Excellent Owner-User Opportunity
Marketing description
CBRE is proud to present a compelling investment opportunity in a two-story retail building located at 1041 -1047 University Avenue, San Diego, CA, located in the heart of Hillcrest, one of San Diego’s most vibrant and densely populated urban neighborhoods.
Prime Hillcrest Location: Strategically positioned in Hillcrest, a vibrant and high-traffic urban core, the property guarantees significant foot traffic and exceptional visibility.
Restaurant-Ready Space with Inviting Outdoor Patio: This exceptional opportunity offers a turnkey solution for restaurateurs, featuring a fully-equipped former restaurant space with hood system, complemented by a highly desirable and spacious outdoor patio. Capitalize on existing infrastructure while attracting customers with an al fresco dining experience, enhancing capacity and appeal in a prime location.
Owner-User Opportunity with Favorable Financing: For owner-users, the property presents an exceptional opportunity to acquire the building with only 10% down through SBA financing.
Investment highlights
PRIME RETAIL LOCATION:
Prime Hillcrest Location: Situated in the heart of Hillcrest, a vibrant and high traffic area, benefits from strong foot traffic and exceptional visibility for tenants.
Rear Off-street Parking: The site offers ±8 off street parking spaces, which is unique benefit in this urban corridor.
High Visibility & Exposure: The two-story storefront commercial building benefits from prominent street frontage and excellent visibility, maximizing exposure to potential customers.
Iconic Landmark: The historic designation adds a unique appeal, attracting desirable tenants and contributing to the building’s long-term investment potential.
OWNER-USER OR VALUE ADD INVESTOR OPPORTUNITY:
An owner-user who can capitalize on the attractive Small Business Administration (SBA) loan rates. A buyer can benefit from the low SBA rate and customize the property to suit their needs.
Existing Lestat’s Coffee Shop occupies the entire space and their lease expires 2/28/26. The seller intends to continue tenancy on month to month basis. Existing tenant could downsize if buyer would like to occupy the 2nd level. An investor can restructure the lease and occupy or lease out the remaining balance of the building.
MILLS ACT DESIGNATED HISTORIC BUILDING:
The Mills Act designation offers significant property tax savings and potential for historic preservation grants, enhancing profitability and long-term value. The building was renovated in 2010-2012 to current building codes, including seismic, ADA and Fire.
RECENTLY RENOVATED TO MODERN STANDARDS:
This property offers a move-in ready solution, having undergone comprehensive renovations between 2010-2012 to meet stringent current building codes, including seismic, ADA, and fire safety standards. Further enhancing its modern infrastructure, the building features full fire sprinklers throughout, a recently serviced elevator, and four brand-new HVAC units installed in December 2025, ensuring optimal comfort, safety, and operational efficiency for any tenant.
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