1035 4th Ave
Chula Vista, CA 91911
Vista Pacific Apartments · Multifamily Property For Sale · 55 Units

Marcus & Millichap has been selected to exclusively market for sale Vista Pacific Villas, a 55-unit apartment complex with value-add opportunity in the city of Chula Vista, California. Built in 1981, Vista Pacific Villas offers three unique two-bedroom floor plans ranging from 870 to 940 square feet. Each unit includes amenities such as a refrigerator, dishwasher, garbage disposal, breakfast bar, balcony, ceiling fan, patio, window covers and washer/dryer hookups. Vista Pacific Villas community amenities include a barbecue area, assigned parking, courtesy patrol, on-site maintenance and management, and pet-friendly options. The property presents a significant value-add opportunity due to the strong demographics and job growth of the Chula Vista submarket. Most of this value-add opportunity would be realized with interior renovations and new common area amenities. An investor will have the opportunity to complete interior upgrades on 80 percent of the units, and benefit from recently completed exterior upgrades including exterior painting, resurfaced parking lot and upgraded landscaping. Vista Pacific Villas is a unique opportunity to acquire a true value-add opportunity in a strong apartment market. The Chula Vista–Imperial Beach submarket has an impressive average household income of $83,608, a number that is expected to increase by 15 percent in 2022 to $96,216. Average effective rent is projected to increase from $2,029 to $2,234 from 2019 to 2022, a 10 percent increase. In 2018, vacancy was at an all-time low at 3.4 percent and is projected to remain steady into 2022. Since 2010, Chula Vista has consistently held an average 2.1 percent employment growth rate, compared to the national average of 1.6 percent. Vista Pacific Villas is within 3 miles of the Chula Vista Bayfront, the largest waterfront development on the West Coast. The development will include 600,000 square feet for retail and restaurants, 220,000 square feet for mixed-used commercial, 3,000 parking spots and 2,850 hotel rooms. The project is projected to generate $1.3 billion for the regional economy in its first 20 years. Vista Pacific Villas is near Chula Vista’s best schools, retail, medical centers and largest employers. The property is within 2 miles of Chula Vista High School, Lilian J. Rice Elementary School and Hilltop Middle School. Two large medical centers, Scripps Mercy Hospital and Sharp Rees-Stealy Chula Vista Medical Center, are both within a short drive of the complex. Vista Pacific Villas is also surrounded by Chula Vista’s largest employers, including UTC Aerospace Systems, the United States Navy office and Southwestern College. Chula Vista’s most prestigious shopping centers are within 3 miles of the apartments, including the Chula Vista Center, Broadway Plaza and Terra Nova Plaza. These shopping centers boast retail options such as Macy’s, CVS, AMC, Costco, Petco, Target, Michaels, Big Lots, and Buffalo Wild Wings.