2300 Boswell RdChula Vista, CA 91914

  • Healthcare properties
  • 9,999 SF
For Sale
$32,713,000 View listing

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
Healthcare properties
Property subtype
Medical offices
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
2300 Boswell Rd, Chula Vista, California

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$243,235
$6,561,876
$14,163,366
$20,725,242
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