1035 4th Ave - Apartments FOR SALE


Chula Vista, CA 91911- Harborside
$18,100,000 USD
858-373-3166
1035 4th Ave, Chula Vista, CA for Sale
$18,100,000 USD
Apartments - FOR SALE
1/27
null | 5.47% Cap Rate

1035 4th Ave
Chula Vista, CA 91911
Harborside


HIGHLIGHTS

  • MAJOR CAPITAL IMPROVEMENTS (2019-2026) Current ownership has spent $750k on in-unit interior and community upgrades including a new roof in 2019
  • DESIRABLE UNIT MIX A low-density garden-style community comprised of 96% spacious two-bedroom floorplans averaging 894 SF
  • STRATEGIC IN-UNIT & COMMUNITY AMENITIES Include landscaped courtyard areas, BBQ and picnic spaces with pergolas, assigned parking, and dog run.
  • PROXIMITY TO THE BAYFRONT Located within two miles of the Chula Vista Bayfront Project, the largest waterfront development on the West Coast
  • IDEAL LOCATION Just two miles south of the heart of downtown Chula Vista; proximate to shopping, dining, parks, theater, and year-round entertainment
  • PROXIMITY TO EMPLOYMENT Residents enjoy convenient access to downtown San Diego, the largest Tier-1 employment center in the region

OVERVIEW

We are pleased to present Vista Pacific apartments, a newly renovated multifamily investment opportunity located in Chula Vista, California, one of south San Diego’s county’s steadily growing market. Built in 1981, Vista Pacific Apartments is a two-story garden-style community featuring spacious one- and two-bedroom floorplans averaging 894 SF. The subject property has benefited from more than $750,000 in capital improvements completed by current ownership which includes a new roof, enhanced landscaping, the addition of two ADUs, and interior unit renovations. Community amenities include landscaped courtyard areas, BBQ and picnic spaces with pergolas, assigned parking, and dog run. Interior units features include stainless-steel appliance packages, updated cabinetry, quartz countertops, in unit washer and dryer, with approximately 84% of units having been renovated and achieving premiums compared to their classic counterparts. Flooring consists of a mix of vinyl-plank flooring and carpet in select units. The units are further enhanced by air conditioning and heating with private outdoor spaces including balconies and fenced patios in select layouts. Vista Pacific Apartments is situated within an established residential neighborhood near Downtown Chula Vista surrounded by Third & Moss Shopping Center, San Diego Country Club, Plaza Chula Vista, and Chula Vista High School. Also located just 2.2 miles north is Downtown Chula Vista, a growing urban district known for its convenient access to shopping, dining, entertainment, schools, parks, and essential services. With immediate proximity to Interstate 5, Interstate 805, and State Route 54, the property offers strong connectivity to Downtown San Diego, military installations, and the region’s major employment centers throughout South San Diego County. By its very nature, Chula Vista is an ideal location with rising economic prosperity, which includes the $1.2+ billion dollar Bayfront Redevelopment Project, rapid growth in the eastern part of the city, and the reshaping of the Third Avenue Village District into Chula Vista’s new downtown core. The project components consist of premier recreational, residential, and resort destination on the San Diego Bay just minutes from the subject property. The execution of the city’s smart growth revitalization strategies, while preserving Chula Vista’s rich heritage, have added tremendous value to the 2nd largest city in San Diego County. The submarket boasts a broad geographic profile with an employment backbone supported by the logistics sector in Otay Mesa, just seven miles from Tijuana. Chula Vista also benefits from the growing Pacific Naval Fleet, with a migration of roughly 3,000 new sailors into the area with each new carrier. Vista Pacific residents are surrounded by high-quality employment opportunities, exceptional retail and recreational amenities.

FOR SALE DETAILS

PRICE

$18,100,000 USD

PRICE/SF

$361 USD /SF

# OF UNITS

57

PRICE/UNIT

$317,544

CAP RATE

5.47%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Vista Pacific Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1981

PARKING SPACES

75

LAND DETAILS

LAND ACRES

1.98 AC

LAND SF

86,249 SF

ZONING

R3, Chula Vista

APN/PARCEL ID

619-051-20

ASK ABOUT THIS PROPERTY

Christopher ZorbasInstitutional Property AdvisorsMore Info
858-373-3166

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Christopher ZorbasInstitutional Property AdvisorsMore Info
858-373-3166

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.