Closet Building For Sale in Ocean Beach Could Herald Era of High Expectations of Newport Ave. Property Owners

by on July 17, 2019 · 1 comment

in Ocean Beach

There are some commercial properties in Ocean Beach for sale on the main commercial streets;  one is on Newport Avenue and the other on Voltaire Street.

Closet Building for Sale – New Era?

The building for sale (or lease) on Newport is at 4878 and currently holds the Closet, a large storefront, selling young-women’s apparel. The building – built in 1950 – has approximately 9,500 square feet (.16 acre) – with 2,000 square feet in second floor office space.

The ad for the building states the space can be “easily demisable into smaller units.” (The ad is humorous; in one paragraph it says the property is “two blocks from the beach” and in another, it says it’s “one block from the ocean.”)

The building also coincidentally sits right next to the new Target. Or is it coincidence? (The ad clearly shows the new Target.) Do the current owners think with the alleged increase in foot traffic because of the mega-store, this is the time to sell? And what will happen to Closet with new owners?

Is there an expectation now among Newport Avenue property owners that with the new Target acting as the new anchor on upper Newport, they can raise their rents (or sell)? Is the “for sale” sign hung on the Closet building herald the beginnings a new era of high expectations by these property owners?

Will there be a wave of increased rents and buildings for sale flowing over Newport in the near future?

A similar trend occurred when Starbucks opened on Newport back in 2001. Right around that time, at least one property owner on Newport jacked up the rent he was charging to a long-time local business by 3,000 percent – forcing it to close down after 3 decades. Ever since, the same space has had 5 businesses in less than 20 years.

4878 Newport for sale

Tropical Bird Store Property

The commercial space for sale on Voltaire is at 4760 Voltaire and currently is leased to the tropical bird store. The building size is 2,330 square feet and the lot is 5,260 square feet. The property also includes a 1 bedroom – 1 bath unit and a Clear Channel Billboard. The seller’s agent states the zoning allows for “the addition of up to three new dwelling units.”

The property sits on a busy section of Voltaire and abuts a popular drive-through Mexican fastfood place, Roberto’s.

4760 Voltaire for sale

 

 

 

{ 1 comment… read it below or add one }

Avatar ZZ July 17, 2019 at 1:27 pm

The bird store has been for sale on and off for years.

A 24-hour taco drive thru that can be loud and rowdy at all hours is not really the best neighbor for a residential development.

The Newport location looks good, but $3.8 million? That’s not going to happen.

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