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Acme Capital

Pipeline/Harbor View Office

Harbor View Office

Demo
San Diego, CAMapOfficevia Amanda Torres – CBRELOI

Stage Checklist

LOI

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Overview

Demo data
Class B office building, 45,000 SF, downtown San Diego. 78% leased with 3 anchor tenants. Opportunity to lease up vacant space at market rates.

Risks

Demo data
- Office sector headwinds post-COVID - Two tenants with leases expiring in 18 months - Parking ratio below market standard

Notes

Demo data
Amanda Torres at CBRE brought this deal. Seller open to seller financing on 10% of purchase price. Toured property 3/1.

Financial Snapshot

Demo data

Purchase Price

$12,800,000

NOI

$768,000

Cap Rate

6.00%

Debt Rate

7.00%

LTV

60.00%

Projected IRR

12.10%

Lease-up assumptions: vacant space absorbed at market rates over 18 months.

Underwriting Score

Demo data59/100

59

out of 100

8 of 8 criteria scored

Location Grade

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Downtown San Diego CBD location with good transit access and strong demand from professional services tenants.

Tenant Quality

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Mix of mid-size tenants across professional services; creditworthiness is adequate but formal verification is pending.

Lease Term Remaining

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Two anchor tenants have leases expiring within 18 months, creating significant near-term rollover and re-leasing risk.

Debt Coverage Ratio

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DSCR at 78% occupancy is adequate but provides limited cushion for lease-up costs and concessions.

Cap Rate vs Threshold

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6.0% cap rate is at our threshold; successful lease-up execution will be required to justify the basis.

Market Demand

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San Diego office fundamentals are mixed; remote work trends have softened downtown Class B absorption.

Physical Condition

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Well-maintained building with a recent lobby renovation and updated HVAC systems.

Exit Strategy Clarity

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Lease-up exit is achievable but execution risk is moderate given the near-term lease expirations.

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Contacts

Demo data
Amanda TorresbrokerSource

CBRE

David Parklender

Pacific Western Bank

Decision Log

Demo data
Deal Created2 months ago

by Alex Rivera

Stage Changed2 months ago

New → Screening

by Alex Rivera

Stage Changedabout 2 months ago

Screening → LOI

by Alex Rivera

Note Updatedabout 2 months ago

by Alex Rivera

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