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$1,900,000
Est. payment /mo
10,554 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 260006797SD
HOA Y/N No
Lot Size 10,554 Sqft
Property Sub-Type Mixed Use
Property Description
441 Tremont Street (the “Property”) is a 7-unit multifamily property located in the supply constrained Chula Vista submarket of San Diego, California. Situated in the rapidly growing Otay Town neighborhood, the Property offers convenient access to Interstate 5, Interstate 805, and State Route 905, connecting residents to employment centers throughout San Diego County, including the South Bay's expanding retail, logistics, and healthcare corridors, as well as the nearby US/Mexico border crossing at Otay Mesa. The Property consists entirely of two-bedroom, one-bathroom units averaging over 900 square feet, providing the above-average unit size that workforce housing renters in this submarket actively seek and that consistently supports stronger rent retention and lower turnover. Three of the seven units have already been fully renovated, delivering immediate income at market-rate rents and demonstrating the renovation premium achievable at the Property. The remaining four units are in original condition and represent a clear, low-risk value-add opportunity for an investor to execute the same proven renovation program and bring rents in line with the renovated comparables already in place. At stabilization, the renovated cap rate approaches 7.5%, a compelling return profile for a well-located workforce housing asset in a market where new supply remains structurally limited and renter demand is supported by a broad and diverse employment base.
Location
State CA
County San Diego
Area 91911 - Chula Vista
Zoning R2P
Interior
Fireplace No
Exterior
Total Parking Spaces 10
Others
Tax ID 62311202
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Listed by Erik Anderson Newmark of Southern California #01991182
NEARBY SCHOOL & BUSINESS
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