Craftsman-Inspired Triplex with
New
For Sale
$1,900,000
249 Del Mar Ave, Chula Vista, CA 91910
Three residences offer upgraded finishes, balconies, air conditioning, and dedicated parking.
Property Size3,195 SF
Days on Market4
Property Features for 249 Del Mar Ave
General Information
Standard status
Active
Size
3,195 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
3
Additional Details
Road Access
Yes
Amenities
air conditioning
wood flooring
crown molding
upgraded trim
custom cabinetry
stainless-steel appliances
front-loading stackable washer and dryer
covered balconies
stone accents
mature water saving landscaping
Building Details
Building Size
3,195 SF
Year Built
2015
Units
3
Construction
Craftsman-inspired architecture
Listing Agency:
Coldwell Banker West
(619) 723-7751
Listed By:
Claudia Medina · License #01312931
(619) 723-7751
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 4:40AM
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 Coldwell Banker West
Investment Insights
Based on property information with market context.
This 2015-built triplex at 249 Del Mar Ave includes two 3-bedroom residences and one 2-bedroom residence. The homes feature air conditioning, wood flooring, crown molding, upgraded trim, custom cabinetry, stainless-steel appliances, and front-loading stackable washer and dryers. Covered balconies, stone accents, and water-saving landscaping complement the Craftsman-inspired exterior. Garage parking includes two 2-car garages and one 1-car garage, with additional off-street parking available.
The property occupies the corner of Del Mar Avenue and Davidson Street, two blocks from Third Avenue in Downtown Chula Vista. Third Avenue offers restaurants, coffee shops, bakeries, breweries, local businesses, community events, and a Sunday farmers market. The Chula Vista Marina and Bayfront are also nearby, with waterfront parks, shoreline walks, boating, fishing, and views across San Diego Bay.
The property occupies the corner of Del Mar Avenue and Davidson Street, two blocks from Third Avenue in Downtown Chula Vista. Third Avenue offers restaurants, coffee shops, bakeries, breweries, local businesses, community events, and a Sunday farmers market. The Chula Vista Marina and Bayfront are also nearby, with waterfront parks, shoreline walks, boating, fishing, and views across San Diego Bay.
Key Highlights
- Triplex with two 3‑bedroom residences and one 2‑bedroom residence
- Built in 2015 with Craftsman‑inspired architecture and water‑saving landscaping
- Two 3‑bedroom homes have large 2‑car garages; the 2‑bedroom home has a 1‑car garage
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
$55,105
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
2.90%
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%
$1,102,100
$1.1M
Cap Rate 7%
$787,214
$787.2K
Cap Rate 9%
$612,278
$612.3K
Market Conditions
NOI Build-Up for 3,195 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
$82.4K $25.80/SF
− Vacancy
−$3.7K −$1.16/SF
EGI
$78.7K $24.64/SF
− OpEx
−$23.6K −$7.39/SF
NOI
$55.1K $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%
$1,102,100
Cap Rate 7%
$787,214
Cap Rate 9%
$612,278
Alternative Uses
Best Use
Multifamily LT 5
$787.2K
$688.8K – $918.4K
NOI $55,105 @ 7.0% cap · market cap 2.90%
Second Best
Apartment 5plus
$730.1K
$638.9K – $851.8K
NOI $51,109 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$1.02M
$891.6K – $1.19M
NOI $71,330 @ 7.0% cap · market cap 3.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,887
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?
Triplex - Three residences offer upgraded finishes, balconies, air conditioning, and dedicated parking.
Where is this triplex located?
The property is located at 249 Del Mar Ave Chula Vista, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Triplex with two 3‑bedroom residences and one 2‑bedroom residence; Built in 2015 with Craftsman‑inspired architecture and water‑saving landscaping; Two 3‑bedroom homes have large 2‑car garages; the 2‑bedroom home has a 1‑car garage
