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$3,400,000
Est. payment /mo
2 Beds
15 Baths
3,093 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Com-Res Income
Listing Status Active
Purchase Type For Sale
Square Footage 3,093 sqft
Price per Sqft $1,099
MLS Listing ID 260027097
Bedrooms 2
Full Baths 15
Lot Size 10,890 Sqft
Property Sub-Type Com-Res Income
Property Description
99 Broadway is a 15-unit multifamily property at the corner of D Ave and Broadway in downtown Chula Vista. Unit mix of 13 studios and two 1BR/1BA units; every unit was renovated in 2023 and converted from hotel use to multifamily. Currently 13 of 15 units occupied, with 2 vacant units (#8 and #14) ready for immediate lease-up. Current gross scheduled rent of $206,400/yr vs. $292,800/yr at market, roughly $86,400/yr (+42%) of rent upside. Offered at a 5.94% cap rate on NOI of $202,000. 3,093 SF building on a 10,890 SF (0.25 AC) lot with 11 surface parking spaces. Zoned C-3 (Broadway North) under the Chula Vista Urban Core Specific Plan. Low-maintenance property with no landscaping. Walkable, transit-served location near bus lines, shops and restaurants, with easy access to SR-54 and I-5. About 7 miles to downtown San Diego, 9 miles to the Mexican border, and close to the Gaylord / Chula Vista Bayfront development. A compelling workforce-housing investment requiring only modest capital expenditure.
Location
State CA
County San Diego
Area South Bay
Zoning C-3
Direction Corner of D Ave and Broadway in downtown Chula Vista.
Interior
Heating Wall
Cooling None
Flooring Slab
Fireplace No
Exterior
Parking Features Spaces
View Y/N No
Roof Type Composition
Total Parking Spaces 11
Building
Dwelling Type Apartment
Story 2
Others
Senior Community No
Tax ID 565-330-02-00
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
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Listed by Ron Chaquica, DRE#01246523 The Agency
Co-listed bySamuel J Rubio • The Agency
Co-listed bySamuel J Rubio • The Agency
Nearby Locations
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