29-Unit Garden-Style Apartment
For Sale
$8,450,000
122 3rd Avenue, Chula Vista, CA 91910
Two parcels combine detached, duplex, and apartment improvements with secured access, shared laundry, outdoor gathering areas, and on-site parking.
Property Size22,900 SF
Price / SF$368
Days on Market252
Property Features for 122 3rd Avenue
General Information
Standard status
Active
Size
22,900 SF
Total Parking Spaces
39
Property subtype
Commercial-Res Income / Com-Res Income
Additional Details
Multifamily Units
29
Amenities
secured entry
common-area laundry facilities
outdoor seating and barbecue areas
water feature
gazebo
Wall
2
6.0
9
3 on a Lot, Apartment
BBQ
3
Building Details
Construction
garden-style
Listing Agency:
Eric D. Comer, Broker
(858) 369-3083
Listed By:
Eric D Comer · License #00842230
(858) 369-3083
Source:
Compass
Added: Dec 23, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Eric D. Comer, Broker
Investment Insights
Based on property information with market context.
Bronze Door Apartments is a 29-home garden-style apartment community spanning two adjacent parcels in Chula Vista. The improvements include a detached two-bedroom, one-bath home with a single-car garage, a duplex with two additional two-bedroom, one-bath residences, and a separate 26-unit building with one- and two-bedroom floor plans. The property measures 22,900 square feet and provides 39 parking spaces, including one garage space.
Community features include secured entry, shared laundry facilities, outdoor seating, barbecue areas, a water feature, and a gazebo. Most residences have received renovations at varying finish levels. The property is positioned one block north of the Third Avenue Village District, with walkable access to shops, restaurants, local businesses, and a weekly farmers market. The Bayfront and additional retail and service options are also identified as nearby.
Community features include secured entry, shared laundry facilities, outdoor seating, barbecue areas, a water feature, and a gazebo. Most residences have received renovations at varying finish levels. The property is positioned one block north of the Third Avenue Village District, with walkable access to shops, restaurants, local businesses, and a weekly farmers market. The Bayfront and additional retail and service options are also identified as nearby.
Key Highlights
- 29 apartment homes across two adjacent parcels
- 26‑unit building with one- and two‑bedroom floor plans
- Detached 2BD/1BA home, duplex, and 1‑car garage included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$366,324
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,326,480
$7.3M
Cap Rate 7%
$5,233,200
$5.2M
Cap Rate 9%
$4,070,267
$4.1M
Market Conditions
NOI Build-Up for 22,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$695.2K $30.36/SF
− Vacancy
−$29.2K −$1.28/SF
EGI
$666.0K $29.08/SF
− OpEx
−$299.7K −$13.09/SF
NOI
$366.3K $16.00/SF
Area
Chula Vista, CA
Vacancy
4.20%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,326,480
Cap Rate 7%
$5,233,200
Cap Rate 9%
$4,070,267
Alternative Uses
Best Use
Apartment 5plus
$5.23M
$4.58M – $6.11M
NOI $366,324 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.30M
$6.39M – $8.52M
NOI $511,253 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29
Residential units
Location Intelligence
Trade Area within ½ mile
1,677
Businesses Nearby
Explore this area
Business Placement
Demographics for 91910, CA
79,613
Population
28,432
Households
2.8
Avg Household Size
38
Median Age
29%
College-Educated
84%
High-School Grad
12.6 sq mi
ZIP Area
6,318
Density / Sq Mi
$87,705
Median Household Income
$45,476
Median Earnings
$1,930
Median Rent
$676,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two parcels combine detached, duplex, and apartment improvements with secured access, shared laundry, outdoor gathering areas, and on-site parking.
Where is this apartment building located?
The property is located at 122 3rd Avenue Chula Vista, CA.
What is the asking price?
The asking price for this property is $8,450,000.
What are key features of this property?
This property features: 29 apartment homes across two adjacent parcels; 26‑unit building with one- and two‑bedroom floor plans; Detached 2BD/1BA home, duplex, and 1‑car garage included
