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Cambridge Apartments 660 F St 41 Unit Apartment Building $10,660,000 ($260,000/Unit) 4.63% Cap Rate Chula Vista, CA 91910
EXECUTIVE SUMMARY
The offering presents the opportunity to acquire a 41-unit multifamily apartment community originally constructed in 1968, located in the City of Chula Vista, a well-established South Bay submarket of San Diego County. The property is primarily composed of one-bedroom floor plans and benefits from abundant onsite parking, gated access, a swimming pool and community laundry facilities. Approximately 50% of the units have recently been renovated to varying finish levels, including vinyl plank flooring, updated cabinet faces, quartz countertops, modern fixtures and hardware, and dual-pane vinyl windows. The remaining units provide a clear value-add opportunity through continued renovations and corresponding rent increases.
The property benefits from excellent accessibility, with direct access to Interstate 5 and proximity to public transit. The E Street Trolley Station is located approximately 0.3 miles (an eight-minute walk) from the property and is frequently serviced by the Blue Line, connecting riders to Downtown San Diego and beyond. The asset also offers future density and development upside. Zoned UC-14 with a 3.0 FAR, the site allows for up to 139,827 square feet of building area. A future owner may have the ability to develop additional units on the existing rear parking lot, subject to approvals, and construct two additional ADUs.
The property benefits from excellent accessibility, with direct access to Interstate 5 and proximity to public transit. The E Street Trolley Station is located approximately 0.3 miles (an eight-minute walk) from the property and is frequently serviced by the Blue Line, connecting riders to Downtown San Diego and beyond. The asset also offers future density and development upside. Zoned UC-14 with a 3.0 FAR, the site allows for up to 139,827 square feet of building area. A future owner may have the ability to develop additional units on the existing rear parking lot, subject to approvals, and construct two additional ADUs.
PROPERTY FACTS
| Price | $10,660,000 | Apartment Style | Low-Rise |
| Price Per Unit | $260,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.08 AC |
| Cap Rate | 4.63% | Building Size | 41,616 SF |
| Gross Rent Multiplier | 12.2 | No. Stories | 2 |
| No. Units | 41 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 1.18/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R-3 | ||
| Price | $10,660,000 |
| Price Per Unit | $260,000 |
| Sale Type | Investment |
| Cap Rate | 4.63% |
| Gross Rent Multiplier | 12.2 |
| No. Units | 41 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.08 AC |
| Building Size | 41,616 SF |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | R-3 |
AMENITIES
UNIT AMENITIES
- Balcony
- Cable Ready
- Disposal
- Microwave
- Bay Window
- Ceiling Fans
- High Speed Internet Access
- Refrigerator
- Satellite TV
- Carpet
SITE AMENITIES
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Gated
- Grill
- Laundry Service
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $1,695 | 400 |
| 1+1 | 38 | $1,764 | 630 |
| 2+2 | 2 | $1,982 | 800 |
1 1
Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 567-090-36 | Improvements Assessment | $3,201,705 |
| Land Assessment | $2,451,721 | Total Assessment | $5,653,426 |
PROPERTY TAXES
Parcel Number
567-090-36
Land Assessment
$2,451,721
Improvements Assessment
$3,201,705
Total Assessment
$5,653,426
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Cambridge Apartments | 660 F St
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