376-378 Park way - 376-378 Park Way 5 Unit Apartment Building Offered at $1,549,000 at a 4.76% Cap Rate Chula Vista, CA 91910

Great location in Downtown Chula Vista. There are four 1 bed/1 bath and one 2 bed/1 bath units. The two bed unit is currently vacant and is being offered at $2,395. The property has been substantially improved since 2013 when the current owners inherited from the husband’s parents. It appears that more than $100,000 of capital improvements have been made including: re-roofed in 2014, which involved removing previous shingles, installing low profile attic vents, insulating the attic, installing dual pane windows, upgrading the west upstairs walkways, improving the west entrances to upstairs units, replacing stair railings with stronger supports and, installing three metal garage doors and adding steel frame outside doors, installation of upgraded electrical boxes and GFCIs, replaced gas lines, upgrading kitchens and bathrooms. Typically, new appliances, cabinetry, counter tops, faucets, fixtures, flooring, heaters, sinks, toilets, and vanities were added when remodels were done. Owned laundry adds convenience for tenants and extra revenue for owner. Three garages are an ADU opportunity that could add additional rental income. Garages are currently included in the unit rent.
Memorial Park, 3.8 acres, directly across the street, offers wonderful amenities including a swimming pool, an amphitheater, municipal gymnasium, open green space and restroom facilities. 
Seller can pay 2.5% for buyer's costs. Inspection will be coordinated upon accepted offer only. No previews. Please do not disturb tenants. The information contained herein has been obtained from sources believed reliable. ACI does not doubt the accuracy, but we have not verified it and make no guarantee, warranty or representations.