Three-Unit Residential Income
For Sale
$1,549,900
353 357 Palm Ave, Chula Vista, CA 91911
Remodeled 3-unit property with a main house plus newly built 3-bedroom ADU and 1-bedroom JADU.
Property Size2,575 SF
Days on Market57
Property Features for 353 357 Palm Ave
General Information
Standard status
Active
Size
2,575 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Building Size
2,575 SF
Year Built
1948
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
(619) 392-1146
Listed By:
RJ Leal · License #01482374
(619) 392-1146
Source:
Elliman
Added: Jun 25
Changed: Aug 19
Last Checked: Aug 20 at 8:37AM
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 RJ Leal
Investment Insights
Based on property information with market context.
This 3-unit residential income property is situated on a large, low-maintenance lot. The remodeled main house offers 3 bedrooms and 2 bathrooms. The property also includes a brand-new 3-bedroom, 2-bath ADU and a new 1-bedroom, 1-bath JADU. Across the units, interior finishes feature luxury vinyl plank (LVP) flooring, white shaker cabinets, and quartz countertops.
Convenient access to I-805 and I-5 is provided. The property is offered without HOA and without Mello-Roos fees.
With three separate residences on one site and fully updated interior finishes, this setup is designed to support multi-unit occupancy in a turn-key configuration.
Convenient access to I-805 and I-5 is provided. The property is offered without HOA and without Mello-Roos fees.
With three separate residences on one site and fully updated interior finishes, this setup is designed to support multi-unit occupancy in a turn-key configuration.
Key Highlights
- 3‑unit property built in 1948 with a remodeled main house plus a newly built 3‑bedroom, 2‑bath ADU and a new 1‑bedroom, 1‑bath JADU
- Main house offers 3 bedrooms and 2 bathrooms
- All units feature modern finishes including luxury vinyl plank (LVP) flooring, white shaker cabinets, and quartz countertops
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
$44,412
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
2.87%
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%
$888,240
$888.2K
Cap Rate 7%
$634,457
$634.5K
Cap Rate 9%
$493,467
$493.5K
Market Conditions
NOI Build-Up for 2,575 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
$66.4K $25.80/SF
− Vacancy
−$3.0K −$1.16/SF
EGI
$63.4K $24.64/SF
− OpEx
−$19.0K −$7.39/SF
NOI
$44.4K $17.25/SF
Area
Chula Vista, CA
Vacancy
4.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$888,240
Cap Rate 7%
$634,457
Cap Rate 9%
$493,467
Alternative Uses
Best Use
Multifamily LT 5
$634.5K
$555.2K – $740.2K
NOI $44,412 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$588.4K
$514.9K – $686.5K
NOI $41,191 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$821.3K
$718.6K – $958.1K
NOI $57,488 @ 7.0% cap · market cap 3.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 91911, CA
85,442
Population
27,533
Households
3.1
Avg Household Size
37
Median Age
19%
College-Educated
78%
High-School Grad
12.7 sq mi
ZIP Area
6,728
Density / Sq Mi
$79,334
Median Household Income
$39,003
Median Earnings
$1,931
Median Rent
$602,000
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?
Triplex - Remodeled 3-unit property with a main house plus newly built 3-bedroom ADU and 1-bedroom JADU.
Where is this triplex located?
The property is located at 353 357 Palm Ave Chula Vista, CA.
What is the asking price?
The asking price for this property is $1,549,900.
What are key features of this property?
This property features: 3‑unit property built in 1948 with a remodeled main house plus a newly built 3‑bedroom, 2‑bath ADU and a new 1‑bedroom, 1‑bath JADU; Main house offers 3 bedrooms and 2 bathrooms; All units feature modern finishes including luxury vinyl plank (LVP) flooring, white shaker cabinets, and quartz countertops
