409 3Rd AveChula Vista, CA 91910

Property Details for 409 3Rd Ave

Property size (Sq ft)

1,768 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 1,768 square foot retail property located at 409 Third Avenue in Chula Vista, California (91910), San Diego County. The property boasts a 6.13% cap rate with a pro-forma cap rate of 8.80%, generating a current NOI of $55,200 and a pro-forma NOI of $79,200. The asking price is $900,000, translating to a price per square foot of $509.05. This multi-tenant property features two buildings situated on a 5,801 square foot lot (APN 568-420-02-00). The front building, approximately 500 square feet, is under a long-term lease to a smoke shop. The rear building, approximately 1268 square feet, houses a well-established auto repair shop operating on a month-to-month lease. The current tenant is open to signing a new lease, or the property could be utilized by a new owner for their own business. This property offers a compelling combination of stable income and significant upside potential, making it an ideal addition to any investment portfolio. The property's central Chula Vista location ensures high visibility and accessibility. The gross lease structure simplifies management, and the 100% occupancy guarantees immediate cash flow. This is a rare opportunity to acquire a well-positioned, high-performing retail property in a thriving market.

Location Insight

City

Chula Vista

County

San Diego

State

California

Latitude

32.6372

Longitude

-117.078

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