637 3Rd AveChula Vista, CA 91910

Property Details for 637 3Rd Ave

Year built

1990

Lot size

0.82 AC

Property size (Sq ft)

15,886 SF

Zone code

COMMERCIAL

Property type

Retail space

APN

573-170-28-00

APU

5731702800

Description

This exceptional 31,923-square-foot executive office building in Chula Vista, California, presents a compelling owner-user and investor opportunity. Located at 637 3rd Avenue, this two-story, 1989-built property sits on a 0.82-acre lot and boasts 11 office suites ranging from 937 to 2,472 square feet—ideal for the Chula Vista market. The building currently has 51% occupancy and offers a strong potential for increased rental income due to upcoming lease rollovers. Its prime location near downtown Chula Vista, Scripps & Sharp hospitals, and with easy access to the 5 and 805 freeways, ensures high visibility and tenant demand. The property's parking ratio is 4.25 spaces per 1,000 square feet. The asking price is $5,400,000, translating to $169.16 per square foot. This property is situated in a rapidly revitalizing area, poised to benefit significantly from the upcoming Bayfront project. The building's size and suite configurations make it an attractive option for both owner-users seeking to establish a significant presence and investors looking for a value-add opportunity with potential for substantial returns. The potential for 51% owner-user occupancy by the end of 2024 may qualify a buyer for an SBA loan. This is a rare chance to acquire a well-positioned asset in a thriving Southern California market.

• CAP approach

  CAP return

  Valuation

  6%

  $4,895,044

  6.5%

  $4,518,502

  7%

  $4,195,752

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,479,046

  Geo Method

  $14,090,316

• Alternative Use

  Use

  Valuation

  Residential

  $3,811,525

  Hospitality

  $3,491,337

  Educational

  $2,904,751

  Medical

  $3,004,650

  Retail

  $4,518,502

Location Insight

City

Chula Vista

County

San Diego

State

California

Latitude

32.6297

Longitude

-117.075

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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