2300 Boswell RdChula Vista, CA 91914

Property Details for 2300 Boswell Rd

Year built

1992

Lot size

6.96 AC

Property size (Sq ft)

9,999 SF

Zone code

INDUSTRIAL (M ZONE)

Property type

Medical offices

Property subtype

Medical centers

APN

595-231-35-00

APU

5952313500

Description

This exceptional Class A office building, located at 2300 Boswell Rd, Chula Vista, CA 91914, presents a compelling investment opportunity. The 132,669 square foot, two-story building sits on a 6.95-acre lot and boasts a 91.7% occupancy rate, generating a strong net operating income (NOI) of $3,107,720, representing a 9.50% cap rate. Built in 1992 and extensively renovated in 2020, the property features a modern design and high-quality finishes. The asking price is $32,713,000, translating to $246.58 per square foot. Anchored by credit tenants including San Diego Regional Center, San Diego Credit Union, US Naval Clinic (GSA Tenant), California Medical Behavioral Health, and Coldwell Banker, the property benefits from a weighted average lease term of approximately 14.38 years. The building offers an exclusive, fully equipped conference room and 14-foot deck-to-deck slabs, allowing for flexible office layouts. Its prime location within the Eastlake master-planned community provides unparalleled access to major retail centers, including Sprout's, Trader Joe's, Target, and Lowe's, as well as Scobee Park, a seven-acre recreational area. The Eastlake office market consistently outperforms other San Diego submarkets, with low vacancy rates and strong demand, ensuring a stable and appreciating asset. Recent improvements include a $2.24 million renovation encompassing lobby upgrades, landscaping enhancements, and entrance improvements, along with the completion of over 37,800 square feet of spec suites. This property serves a large population base, approximately 1,000,000 residents within a 10-mile radius, representing 30% of San Diego's total population.

• CAP approach

  CAP return

  Valuation

  6%

  $2,095,952

  6.5%

  $1,934,724

  7%

  $1,796,530

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,618,276

  Geo Method

  $3,519,348

• Alternative Use

  Use

  Valuation

  Residential

  $2,399,058

  Hospitality

  $2,197,524

  Educational

  $1,828,315

  Medical

  $1,891,193

  Retail

  $2,844,045

Location Insight

City

Chula Vista

County

San Diego

State

California

Latitude

32.6547

Longitude

-116.966

CBSA code

41740

CBSA name

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

Property Tax & Assessments

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